American Securities LLC, a private equity firm, is acquiring the renewable energy division of Swinerton Builders, commonly known as Swinerton Renewable Energy (SRE), and its wholly owned subsidiary, SOLV Inc., from Swinerton Inc.
SRE has built over 7 GW of PV solar capacity in 26 states. SRE leverages proprietary technology to provide turnkey services for utility-scale solar power plants, substations, energy storage and more. It was formed in 2008 as a division of Swinerton Builders, providing solar engineering, procurement and construction (EPC) services for Swinerton’s existing commercial clients before pivoting to the utility market.
SOLV Inc. was established in 2012 to provide operations and maintenance (O&M) capabilities both in-house and to third-party plants.
This transaction will combine Swinerton’s existing EPC and O&M service groups together under one company name, SOLV Energy LLC. The present management team and employees of SRE and SOLV Inc. will transition to SOLV Energy.
“Our team is excited to transition SRE and SOLV Inc. to become a single, independent company focused on U.S. Solar and Storage Infrastructure,” says George Hershman, head of SRE and SOLV Inc. “We believe that with American Securities’ support and partnership we will continue to provide our customers with unequalled 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.”
“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,” states 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.”