SOLV Energy, a company that provides construction, operation, and maintenance services for large-scale solar and battery storage projects, has announced the closing of its $589 million initial public offering (IPO), consisting of 23,575,000 shares of Class A common stock priced at $25 per share.
The shares started trading on the Nasdaq Global Select Market on February 11, 2026, under the ticker symbol “MWH.”
The closing includes the exercise in full by the underwriters of their option to purchase 3,075,000 additional shares at the initial public offering price, minus underwriting discounts and commissions. All of the shares were offered by the company.
Jefferies and J.P. Morgan acted as joint lead book-running managers for the offering. KeyBanc Capital Markets, TD Cowen, UBS Investment Bank, Baird, Evercore ISI, Guggenheim Securities, Wolfe | Nomura Alliance, CIBC Capital Markets and Roth Capital Partners acted as bookrunners for the offering. Academy Securities acted as co-manager for the offering.
To expand the company’s capabilities in the transmission and distribution sector, SOLV Energy acquired Spartan Infrastructure, a high-voltage (HV) transmission contractor based in Mesa, Arizona. The two companies have partnered on several major solar projects in the Southwestern, South Central, and Mountain West regions of the U.S.
SOLV Energy has also expanded its national reach with the integration of CS Energy, a solar EPC in the Northeast and Mid-Atlantic regions. The company also acquired SDI, a national foundational drilling and pile installation specialist for solar and T&D projects, in January 2025.
Public market financing in the solar sector in 2025 totaled $2.6 billion, 13% lower than the $3 billion raised in 2024. Nine companies went public in 2025, bringing in $926 million, compared to the same number of companies that raised $1.3 billion in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
