SOLV Energy (MWH) Registration Filing summary

Company overview and business model

• Leading provider of infrastructure services to the power industry, specializing in utility-scale solar and battery storage EPC and O&M services, with over 500 power plants built and 18 GW under management as of September 30, 2025.

• Lifecycle approach integrates engineering, procurement, construction, operations, maintenance, and repowering, creating recurring revenue and long-term customer relationships.

• Customers include project developers, independent power producers, and utilities; projects typically executed via LNTP agreements followed by lump-sum EPC contracts.

• Headquartered in San Diego, CA, with 2,300 employees and operations in 40 states.

• Recent acquisitions include CS Energy (October 2024), SDI (January 2025), and Spartan Infrastructure (June 2025), expanding capabilities and geographic reach.

Financial performance and metrics

• Revenue for the year ended December 31, 2025 estimated between $2.46B and $2.50B, up 33–35% from $1.85B in 2024.

• Gross profit for 2025 estimated at $457M–$470M (18.6–18.8% margin), up from $259M (14.0%) in 2024.

• Net income attributable to controlling interests for 2025 estimated at $148M–$156M, up from $9.9M in 2024.

• Adjusted EBITDA for 2025 expected at $335M–$346M, up from $165M in 2024.

• Backlog as of September 30, 2025 was $6.7B, with 93% EPC and 7% O&M services.

• Strong free cash flow generation, with $122.7M net cash from operations in the first nine months of 2025.

Use of proceeds and capital allocation

• Net proceeds of ~$454M from the IPO (at $23.50/share midpoint) to be used to purchase LLC Interests from SOLV Energy Holdings LLC.

• SOLV Energy Holdings LLC will use proceeds to repay ~$402.2M of term loan debt, with the remainder for general corporate purposes, including growth initiatives and potential M&A.