Power infrastructure provider Solv Energy Inc. hit the public markets Wednesday after raising nearly $513 million in its initial public offering.

San Diego, California-based Solv Energy sold 20.5 million shares for $25 apiece, raising $512.5 million in total. The company began trading on the Nasdaq on Wednesday under ticker symbol MWH.

Weil Gotshal & Manges LLP represented the company, while Latham & Watkins LLP advised the underwriters.

Solv Energy provides infrastructure services, including engineering, procurement, construction, testing, commissioning, operations, maintenance, and repowering, to the power industry, according to a filing with the U.S. Securities and Exchange Commission. It also offers large-scale repair and emergency response services, the filing said.

"Demand for new generation capacity and related infrastructure services is growing rapidly in the United States," the company said in its filing. "The combination of growth in the number and capacity of data centers, manufacturing reshoring, increasing use of HVAC caused by more extreme weather, electrification of industrial processes, and retirement of existing coal-fired generation facilities are resulting in rapid load growth that cannot be met by existing generation capacity."

Since 2008, Solv Energy has built more than 500 power plants that produce 20 gigawatts of power. Further, it provides operations and maintenance services to 146 operating power plants, representing over 18 gigawatts of generating capacity, the filing said.

According to the SEC filing, the company says it is the second-largest solar contractor in the country based on its 2024 revenues, and the seventh-largest contractor in power overall.

Solv Energy was formerly known as Swinerton Renewable Energy until private equity shop American Securities acquired it in 2021 and completed a rebrand of the company. American Securities remains Solv Energy's controlling shareholder.

The company granted its underwriters a 30-day option to purchase up to an additional 3.075 million shares of its Class A common stock at the initial public offering price. The offering is expected to close Thursday.

The Weil team advising Solv Energy includes Alexander Lynch and Ashley Butler.

The Latham team advising the underwriters includes Marc Jaffe and Erika Weinberg.