Private equity firm American Securities has entered an agreement to acquire Swinerton Renewable Energy, the renewable energy division of Swinerton Builders, and wholly-owned subsidiary SOLV from Swinerton Incorporated.
Ranked the no. 1 solar contractor in the U.S. on the 2021 Top Solar Contractors list by Solar Power World, SRE has built more than 7 GW of PV solar capacity in 26 states. The renewable subsidiary provides solar engineering, procurement and construction (EPC) services for Swinerton’s existing commercial clients before pivoting to the utility market. SOLV was established in 2012 to provide operations and maintenance (O&M) services both in-house and to third-party plants.
“Our team is excited to transition SRE and SOLV Inc. to become a single, independent company focused on U.S. solar and storage infrastructure,” said George Hershman, head of SRE and SOLV. “We believe that with American Securities’ support and partnership we will continue to provide our customers with unequaled service and support. Our management team is committed to continuing to advance the growth of our renewables services and continue to lead the energy transition in the United States.”
This transaction will combine Swinerton’s existing EPC and O&M service groups under one company name, SOLV Energy. The present management team and employees of SRE and SOLV will transition to SOLV Energy.
“We are excited to partner with George and the SOLV Energy team as they continue to execute on their winning strategy to be the leading solar EPC and O&M provider in the United States,” said Kevin Penn, a managing director of American Securities. “Investing in market-leading companies servicing our country’s energy transition to renewables is a priority for American Securities, and our investment in SOLV Energy furthers our firm’s leadership in the solar energy industry. George and the talented SOLV Energy team have a strong track record of excellence in project execution, customer service, and proprietary technology in the industry and we look forward to helping them maintain this industry leadership.”
News item from American Securities