Solar EPC provider Swinerton Renewable Energy acquired by private equity firm


Swinerton Renewable Energy has built more than 7GW of solar PV capacity in 26 US states. Image: Swinerton Renewable Energy via Twitter.

Private equity firm American Securities has secured a deal to acquire US solar engineering, procurement and construction (EPC) provider Swinerton Renewable Energy and its operations and maintenance (O&M) subsidiary SOLV from Swinerton Incorporated.

The transaction will combine Swinerton’s EPC and O&M groups together under one name, SOLV Energy, with the present management team of both transitioning to the combined business.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Formed in 2008 to provide solar EPC services for Swinerton’s commercial clients before pivoting to the utility-scale market, Swinerton Renewable Energy has to date built more than 7GW of solar PV capacity in 26 US states. Its SOLV division was established in 2012 to carry out O&M capabilities both in-house and for third-party plants.

“Our team is excited to transition SRE and SOLV Inc. to become a single, independent company focused on US solar and storage infrastructure,” said George Hershman, head of SRE and SOLV.

Among the solar farms that Swinerton has worked on in recent months are the 331MWdc Prospero 2 plant in Texas and the 200MW Prairie Wolf project in Illinois.

For New York-based American Securities, the deal sees the firm further expand its portfolio of solar EPC providers following its acquisition of CS Energy earlier this year.

Consolidation in the US solar sector has continued throughout 2021, with PV and storage systems developer Cypress Creek Renewables acquired by private equity firm EQT in July, while engineering and procurement provider Blattner was bought by Quanta Services earlier this month in a deal worth US$2.7 billion.

Corporate funding in the global solar sector reached US$13.5 billion in H1 2021, an almost threefold increase year-on-year, according to consultancy Mercom Capital Group, which highlighted the diversification of oil and gas companies into renewables. One such deal this year has seen Repsol acquire a 40% stake in US solar and storage project developer Hecate Energy.

3 October 2023
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 3-4 October 2023 is our first PV CellTech conference dedicated to the U.S. manufacturing sector. The event will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 May 2024
Understanding the PV module supply to the U.S. market in 2024 & 2025. The conference gathers together developers, independent power producers and module suppliers to the U.S. solar market as well as EPCs, banks, investors, technical advisory and testing & certification specialists.

Read Next

Subscribe to Newsletter

Most Read

Upcoming Events