SOLV Energy raises $512.5 million in US IPO

Feb 10 (Reuters) - Solar and battery storage firm SOLV Energy priced its U.S. initial public offering within its indicated range at $25 per share, raising $512.5 million on Tuesday.

The San Diego, California-based company sold 20.5 million shares at $25 apiece, compared with its marketed range of $22 to $25 apiece per share. The IPO valued SOLV at about $5 billion.

Twelve firms have raised about $5 billion via IPOs so far in 2026 but a sharp selloff in U.S. software and data-services stocks last week has made investors selective about new offerings.

SOLV will join a set of publicly traded renewable‑infrastructure companies, including First Solar FSLR.O, Quanta Services PWR.N and MasTec MTZ.N, which also operate across solar construction, engineering, procurement and construction.

Founded in 2008, SOLV Energy provides construction, operation and maintenance services for large‑scale solar and battery storage projects.

It had a total backlog of about $8 billion as of December 2025, driven primarily by engineering and construction contracts.

Jefferies and J.P. Morgan are the joint lead book-running managers for the offering. SOLV Energy will list on the Nasdaq under the symbol "MWH."