San Diego, CA
Amid rising energy demand and global unrest, this San Diego renewables company says it’s in a good spot
After 18 years of carving out a national niche in the energy infrastructure sector, San Diego-based SOLV Energy became a public company on Feb. 11, closing out its initial public offering and trading on the NASDAQ Global Select Market.
“You’re always a little nervous because you feel like you’re throwing a big party and you don’t know who’s going to show up,” founder and CEO George Hershman said.
It turned out that there was no reason to worry, as investors gobbled up 20.5 million shares of Class A common stock at an IPO price of $25 per share for the company that’s built more than 500 solar and battery energy storage projects across the country — and has constructed, operates and maintains 150 of its own utility-scale solar and battery facilities.
“I think the strength of our investors and the support of our business was strong,” Hershman said during an interview at SOLV Energy’s headquarters in Rancho Bernardo.
The company boasts a market cap of about $5.85 billion and despite stock market jitters caused by the twists and turns with the war in Iran, SOLV Energy stock has more than held its own. It closed the trading day last Friday at $31.66 per share.
“I think investors are looking at the stability of renewables as a real way to hedge against the volatility of fossil fuels” in the wake of the hostilities, Hershman said.
But regardless of what eventually happens near-term in the Middle East, it’s widely accepted that energy demand is poised to take a dramatic leap in the U.S.
Some analysts foresee domestic electricity consumption swelling 25% in the next four years — and continuing to rise well into the next decade — due to a combination of factors, most notably the growth of data centers feeding artificial intelligence.
SOLV Energy executives believe their company is in the right place at the right time.
“We’ve never seen that kind of energy demand in the U.S. so a company like ours is well-positioned to provide that generation and service,” Hershman said. “We’re sitting in a good spot to continue to grow and capture a lot of that market opportunity … I think the investor community understands that energy demand is real.”
Legislation dubbed the “One Big Beautiful Bill” that passed on Capitol Hill and was signed into law last summer by President Donald Trump cracked down on the 30% federal tax credit on solar and wind power. But a safe harbor provision for utility-scale projects is in place until July 4, and those that meet a “begin construction” deadline have as late as 2030 to receive the credit.
“It really didn’t create much of an impact on our business,” Hershman said. “Energy demand is what is driving our market now, not tax incentives.”
Microsoft is in the process of resurrecting one of the nuclear power units at Three Mile Island to provide electricity to fuel its AI data centers. Some tech titans are casting their eyes on natural gas plants for the same reason.
But Hershman says SOLV Energy has an advantage.
“A gas plant is going to take you seven to 10 years to build. A nuclear plant is going to take you a few decades to build, at best,” he said. But a solar and storage plant “can be deployed and be sending megawatt-hours to the grid in 12 to 18 months.”
But what about the fact that renewable energy sources are intermittent — that is, solar does not produce electricity when the sun is not shining and batteries typically run for about four hours? And what about concerns of battery fires?
Hershman said “long-duration battery (systems) are coming” and technological advancements are leading to more fire-resistant battery chemistries.
“We’re going to have to make sure that we do it safely, first and foremost, and technology is going to be a big part of that,” he said. “But the reality is, we’re going to have to meet this load somehow.”
Before its IPO, SOLV Energy was a private company, created as a division of commercial construction company Swinerton in 2008. Since 2022, SOLV has been owned by American Securities, a private equities firm.
SOLV’s national workforce is made up of about 2,600 employees, with more than 150 based in the San Diego area.
The company’s ticker symbol is MWH, which is appropriate for an energy company since that’s an acronym for “megawatt hours.”
San Diego, CA
Del Mar enacts new attendance rules for board, commission, committee members
The Del Mar City Council approved an ordinance May 5 adopting attendance requirements for city commission, board and committee members due to “recent meeting attendance issues.”
The goal of the ordinance is to address “provisions that are somewhat ambiguous and subjective making them difficult to implement consistently.” A Committee Efficiencies Taskforce consisting of Mayor Tracy Martinez and Councilmember Terry Gaasterland were evaluating the issue.
The new rules are scheduled to go into effect on June 4.
“The purpose of establishing committee attendance requirements is to ensure committees function effectively with consistent member attendance and to have a fair and consistent method for handling absences, while recognizing that members may occasionally be absent due to illness or other circumstances beyond their control,” according to a council agenda report.
Previous rules said that if a commission, board or committee member reached three absences within a 12-month period, their term was vacated, according to the report.
“This procedural change will help eliminate redundancy with the Council Policy and give the Council more flexibility to amend attendance requirements in response to the City’s changing needs,” according to the agenda report.
San Diego, CA
This budget season, San Diego asked the public to take a first-ever survey. It faced some limitations.
As Mayor Todd Gloria has prepared his budget proposal for the next year, the city says its leadership has factored in a range of considerations for what to prioritize — including the results of a recent survey that led San Diego residents to give their own input.
The survey, which launched in February and closed Friday, asked San Diegans to weigh in on which city services they care most about and which ones they would feel comfortable reducing, especially as the city faces a $146 million deficit for the coming fiscal year.
It was the first time the city conducted a budget survey. But the survey, built by the city’s Performance & Analytics Department, faced some limitations.
There was no set limit to how many times a person could take it, although residents were asked to respond just once. It was technically possible for people outside the city to respond, though they weren’t supposed to. And the city only offered it in two languages, English and Spanish.
Some community members questioned how the results could accurately represent city residents and their different needs.
“Survey data can sometimes be taken as the word, but it’s not necessarily always reflective of what the full community is saying,” said Erin Hogeboom, director of San Diego for Every Child, when the budget’s first draft was released last month.
The budget the mayor proposed last month included cuts to several services, including $11 million from arts and culture and reductions to funding for parks, libraries and youth services. He is set to release his revised budget next Wednesday.
The city closed the survey on Friday. It will share a final report of the responses with the mayor early next week before the revised budget is released, said city spokesperson Nicole Darling.
By the time it closed, the survey received more than 13,000 responses from across the city, and just over 12,000 respondents included their council district. The largest share of responses, at about 2,600, came from District 3 — which covers the neighborhoods around Balboa Park and downtown. It was followed by Districts 2, 7 and 1.
The fewest responses came in District 8, which includes Barrio Logan, Grant Hill, Shelltown, San Ysidro and Otay Mesa, at 572.
Respondents were asked about which city services they most want to protect. They could also identify city services — from parks and open space to homeless programs to graffiti removal — that they would feel comfortable reducing, on a scale of very unacceptable to very acceptable.
The latest results through Wednesday show respondents are most concerned about poor street and sidewalk conditions, homelessness and housing costs. They want to protect street repairs and resurfacing, police and fire-rescue services from funding cuts, according to the city’s survey data.
Responses show that the biggest share of survey takers — 40% — prefer to see a mix of some service cuts and some new revenue to address the city’s financial crisis. Slightly fewer, 37%, said they preferred eliminating some city programs to preserve others.
Over 70% said they wanted to see new revenue come from hotel or tourism taxes. Just 15% said they want new revenue to come from additional parking fees.
The priorities recorded in the survey, centered around the city’s core services, haven’t changed in the months that the survey has remained open, Darling said.
But Bob Lehman, executive director of San Diego Art Matters, says he feels that the survey guided takers toward certain responses and didn’t provide enough context about the impacts of cuts.
The bulk of the questions listed groups of city services that survey takers could rate on whether or not they thought cutting funding for that service would be acceptable.
“It kind of shapes what your response is, when core services are listed alongside arts and culture,” Lehman said. “Without any context, people are nudged towards protecting the obvious essentials.”
The city says the groups of categories were random and that there was no limit to how many times the survey taker could select one of the ratings on the scale for those questions.
Mark Baldassare, survey director at the Public Policy Institute of California, said it’s a good sign that the city has asked for feedback from the public, especially when big financial decisions must be made. But he stresses that analyzing the survey should go beyond the top-line results.
“You have to be careful that it’s going to be representative and … that you’re looking at different age groups, different income groups and different parts of the city, to make sure that you’re not missing any important details about how city services need to be delivered in times when the budget is in stress,” he said.
The city’s survey included optional demographic questions, including a respondent’s age, income level and race and gender. But Darling says the survey wasn’t meant to be a “statistically representative sample, but rather a snapshot of resident perspectives.”
Most of the survey questions were optional. The only required response was a respondent’s ZIP code, though the survey could be submitted with a ZIP code outside of the city limits. In late April, the city said that fewer than 1% of responses were invalid or from outside the city’s ZIP codes.
On its webpage, the city asked respondents to take the survey only once — but there was no way to prevent them from submitting a response multiple times, which the city acknowledges was a limitation.
The city says the survey is just one of several factors informing the mayor’s budget decisions — with others including legal obligations, economic conditions, departmental needs and the city’s responsibility to maintain services like public safety, infrastructure and homelessness response.
“The survey is one tool to understand how residents are thinking about tradeoffs in a difficult budget year,” spokesperson Joya Patel said. “It does not drive decisions on its own.”
San Diego, CA
Opposition scouting report: San Diego FC
San Diego FC are currently mired in an eight-game winless run in which they’ve collected just three points. But this is still largely the same team that looked dominant both last year and in the early stages of this season. To help us make sense of that, we asked Dmitry Ansimov of SDFC Nation to provide this scouting report:
Notable injuries
Jeppe Tverskov, the heart of SDFC midfield is most likely out until after the World Cup due to a leg injury he suffered on April 25 in a 1–0 loss to the Portland Timbers. Goalkeeper CJ Santos has also been ruled out after a collisionwith.
Team form
The team has been in dismal form. Winless in their last seven and having lost five straight, they finally got a point at home when they tied LAFC’s rotated squad due to their CCC matchup against Toluca. However, SDFC was leading 2–0 and squandered points on a last-minute equalizer at home. Ever since the loss at Toluca, SDFC has not been the same. Toluca exemplified a gameplan that worked well to break down the SDFC high-possession, play-out-of-the-back style and MLS teams followed. Head coach Mikey Varas refuses to change tactics and lives and dies by his 4–3–3 system which makes the team very predictable. SDFC has squandered decisive late goals in back-to-back matches.
Key players
The key players to watch for are Marcus Ingvartsen, who’s found his form this season at the 9. After being out most of last season, Ingvartsen is leading the team in goals scored (7). He’s been clinical in the air and on the ground. The other player to watch for is Anders Dreyer. Dreyer is having a good season again, leading the team in goals+assists (10). Last season’s league MVP candidate is not quite where he was last year, but remains the pillar in SDFC’s attack. Defensively — Manu Duah and Luca Bombino. Duah (CB) just got his first call-up to the Ghana national team and has been fantastic this season. SDFC has seen the difference of when he’s on and when he’s off the field (due to the couple of red cards he’s received this season due to sloppy challenges). Luca Bombino patrols the LB position where he’s been extremely effective. Breaking into the team last year, Bombino has been a regular starter for SDFC since. He’s dealt with an injury that forced him out of two matches – when he came back last match, SDFC looked much better on defense, further clarifying how important he is to the team.]
One thing opposing fans should know
If San Diego wants to get a result, they’ll need to be far more clinical in the final third and far more composed in the closing moments of the match. Possession alone won’t be enough; turning control into goals is the next step. More than anything, this match is about mentality. SDFC has shown they can go toe-to-toe with top teams, but now they need to prove they can finish the job—especially away from home in a tough environment like Seattle. If they can build on the positives from the LAFC performance, stay disciplined defensively, and avoid the late-game lapses that have cost them points, this could be the moment their season finally turns back in the right direction.
Projected lineup
4–3–3: Furree; Bombino, Duah, McVey, Verhoeven; Vazuez, Godoy, Valakari; Morgan, Ingvartsen, Dreyer.
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