American Securities to acquire Swinerton’s Renewable Energy Division
Post date: 27/09/2021 - 12:40
U.S. private equity firm American Securities LLC acquired the Renewable Energy division of Swinerton Builders, commonly known as Swinerton Renewable Energy (SRE), and wholly-owned subsidiary SOLV, Inc. from Swinerton Incorporated. Financial terms of the transaction were not disclosed.
SRE has built over seven gigawatts of PV solar capacity in 26 states. 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.
Based in New York with an office in Shanghai, American Securities invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. American Securities and its affiliates have more than $25 billion under management.