American Securities LLC, a private equity firm, has entered into an agreement to acquire Swinerton Renewable Energy, the renewable energy division of Swinerton Builders, and the wholly-owned subsidiary SOLV, Inc. from Swinerton Incorporated. The acquisition will combine Swinerton’s existing Engineering, Procurement and Construction (EPC) and Operations and Maintenance (O&M) service groups under one company named, SOLV Energy, which will primarily focus on solar and storage infrastructure in the US.
Swinerton Renewable Energy has a solar PV portfolio of over 7 GW spread across 26 states. It specialises in proprietary technology for services related to utility-scale solar power plants, substations, and energy storage, among others. This renewable energy division of Swinerton Builders was formed in 2008 to provide solar EPC services to existing clients. It was further expanded to the utility market. SOLV, Inc. was established in 2012 to provide O&M capabilities.
The transaction is in line with American Securities’ vision to become the leading solar EPC and O&M provider in the United States. It will also further the country’s energy transition towards renewable energy.
