SOLV Energy provides engineering, procurement, and construction (EPC) services and operations and maintenance (O&M) services for utility-scale solar and battery storage projects in the U.S. SOLV's core business is acting as a lump-sum EPC contractor — it designs, procures equipment for, and builds large solar and battery storage plants, primarily those 200 MWdc and above, for project developers, independent power producers, and utilities. A typical project runs 12 to 18 months, and SOLV self-performs civil, mechanical, and electrical work rather than relying heavily on subcontractors. EPC accounts for roughly 93% of SOLV's ~$8B backlog. SOLV's O&M business — monitoring, maintaining, and repairing operating plants under long-term contracts — is smaller but recurring, covering over 21 GWdc across 150 plants. O&M contracts carry fixed annual fees for routine maintenance, with corrective repairs billed on a time-and-materials basis on top. EPC profitability hinges on margin execution: accurately pricing risk at contract signing, then controlling costs through construction. SOLV uses phased contracting (Limited Notice to Proceed agreements) to do early engineering and site investigation before locking in a fixed price, reducing the risk of costly surprises. SOLV's growth strategy focuses on gaining EPC share on large projects, expanding in battery storage, growing its higher-margin O&M business, and moving into adjacent markets like high-voltage transmission and data center construction through acquisitions.