Private firm acquires Swinerton Renewable Energy and SOLV
Private equity firm US securities has entered into an agreement to acquire Swinerton Renewable Energy, the renewable energy division of Swinerton Builders, and a wholly owned subsidiary SOLV from Swinerton Incorporated.
Ranked No. 1 Solar Contractor in the US on the 2021 Top Solar Contractors List by World of solar energy, SRE has built more than 7 GW of solar PV capacity in 26 states. The renewable energy subsidiary provides solar engineering, procurement and construction (EPC) services for existing Swinerton commercial customers before entering the utility market. SOLV was founded in 2012 to provide operational and maintenance (O&M) services, both in-house and to third-party factories.
“Our team is excited to transform SRE and SOLV Inc. into 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 can continue to provide unparalleled service and support to our customers. Our management team is committed to continuing to drive the growth of our renewable energy services and to continue to lead the energy transition in the United States.”
This transaction will bring together Swinerton’s existing EPC and O&M service groups under a single company name, SOLV Energy. The current management team and employees of SRE and SOLV will transfer to SOLV Energie.
“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 EPC and O&M provider of solar energy in the United States,” said Kevin Penn. , director of American Securities. “Investing in market-leading companies that support our nation’s energy transition to renewables is a priority for American Securities, and our investment in SOLV Energy furthers our company’s leadership in the solar 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 release from American Securities