Solar Energy EPC & O&M Services sector
Strategic acquirers, private equity (buyout funds and growth funds) firms, and valuation benchmarks for Solar Energy EPC & O&M Services
1.1 - About Solar Energy EPC & O&M Services sector
Companies in this category design, build, equip, and operate utility-scale and C&I solar assets, delivering end-to-end lifecycle value from project development through operations. They provide EPC execution, domestic-content tracking hardware, remote monitoring, and performance optimization to maximize energy yield, lower LCOE, and ensure regulatory and interconnection compliance. The Solar Energy EPC & O&M Services category encompasses integrators, equipment makers, and specialized operators.
These companies deliver design-build EPC contracting, site identification and permitting, and balance-of-plant construction alongside utility-scale single‑axis solar trackers and mounting systems. They run 24/7 remote operations centers with SCADA, telemetry, and diagnostics, and perform preventive and corrective maintenance, inverter and transformer servicing, module washing, and vegetation control. Many provide performance analytics, warranty and spare-parts management, grid interconnection engineering, and financing support to de-risk commissioning and long-term operations.
Primary customers include independent power producers, regulated utilities, and commercial and industrial asset owners. By centralizing EPC execution and specialized O&M, providers deliver faster time‑to‑commissioning, higher energy yield, reduced operating costs, and improved asset reliability. They also help buyers meet domestic content and ESG requirements, optimize warranty recovery, and extend plant lifecycles through data-driven maintenance and continuous performance monitoring.
2. Buyers in the Solar Energy EPC & O&M Services sector
2.1 Top strategic acquirers of Solar Energy EPC & O&M Services companies
Ameresco
HQ: United States
Website
- Description: Provider of comprehensive engineering and construction solutions specializing in design-build delivery for energy and facility infrastructure projects, with in-house engineering, architectural, planning, estimating, procurement, construction management, quality assurance and commissioning capabilities offered under site-specific, regional and nationwide contracts, including routine, rapid-response and emergency deployments.
- Key Products:
- Design-Build Services: Integrates engineering, architecture, planning, estimating and construction under one contract, delivering energy and facility projects on schedule while coordinating all disciplines and subcontractors
- Engineering
- Procurement & Construction (EPC): Self-performs engineering, procurement and construction management across site-specific to nationwide contracts, ensuring quality assurance, safety compliance and final commissioning
- Construction Management: Manages multi-million-dollar budgets, project schedules, subcontractor communication and workplace safety, applying corrective actions and overseeing start-up of installed systems
- Rapid Response & Emergency Delivery: Mobilizes in-house teams to execute design-build projects during routine, rapid response or emergency situations, maintaining schedule, budget and quality for critical federal and civilian facilities.
- Rationale: Provider of Design-Build Services integrating engineering and construction, EPC self-performed delivery and commissioning, and Rapid Response & Emergency Delivery mobilization.
- Company type: Private company
- Employees: ●●●●●
- Total funding raised: $●●●m
- Backers: ●●●●●●●●●●
- Acquisitions: ●●
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2.2 - Strategic buyer groups for Solar Energy EPC & O&M Services sector
M&A buyer group 1: Solar Energy Tech
75 companies
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Description: Companies in this category design and deliver technology that enables planning, generation, monitoring, and optimization of solar power assets. Enterprise Solar Energy Solutions providers span hardware and software, offering PV equipment, analytics, asset management, and grid-integration tools that help customers design projects, maximize energy yield, streamline operations, and manage risk across utility-scale, commercial, and residential portfolios. They support the full lifecycle from development and engineering through operations and market participation.
Arcadia
- Type: N/A
- Employees: ●●●●●
- Description: Provider of an energy data and analytics platform offering APIs that deliver real-time utility usage, tariff and pricing information, cost modeling, and optimization recommendations, enabling businesses to uncover energy-efficiency opportunities, calculate rates, forecast solar and storage performance, and streamline energy management across the customer lifecycle.
- Key Products:
- Utility Bill & Interval Data: High-resolution utility data for energy and water usage, consolidating current and historical account and meter readings from thousands of utilities in 50+ countries for analytics and reporting
- Tariff & Energy Rate Calculator: Database of 30K+ tariffs plus an on-demand cost calculation engine that models detailed energy cost forecasts and pinpoints optimal rate structures for significant savings
- Solar & Storage Analysis: Generates accurate solar and storage calculations, forecasts and savings estimates by combining utility, interval and tariff data to support project proposals and optimization
- Enterprise Solutions Suite: Utilizes the platform’s data and calculations to provide Utility Bill Management
- Energy Procurement Advisory and Sustainability Reporting, helping companies control costs and meet decarbonization goals.
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Key Products: ████████, ████████, ████████, ████████
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Buyer group 3: ████████ ████████
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Key Products: ████████, ████████, ████████, ████████
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3. Investors and private equity firms in Solar Energy EPC & O&M Services sector
3.1 - Buyout funds in the Solar Energy EPC & O&M Services sector
2.2 - Strategic buyer groups for Solar Energy EPC & O&M Services sector
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4 - Top valuation comps for Solar Energy EPC & O&M Services companies
4.2 - Public trading comparable groups for Solar Energy EPC & O&M Services sector
Valuation benchmark group 1: Solar and Wind Project Development Companies
20 companies
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Description: Companies in this trading comparable group develop, construct, own, and operate utility‑scale solar and wind assets, often complemented by hydro and storage. They monetize generation through long‑term PPAs, feed‑in tariffs, and merchant sales, delivering predictable cash flows and asset-backed returns. They are grouped as comparables because they share capital-intensive project development models, similar revenue structures, and portfolio metrics centered on installed capacity, contracted backlog, and production output.
Adani Power
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of electricity generation, transmission, and distribution services, operating large-scale thermal and renewable energy projects in India.
- Key Products:
- Power Generation: Operation of thermal and renewable energy plants for electricity production
- Renewable Energy: Implementation of solar and wind power projects
- Power Transmission: Management and development of high-voltage transmission lines
- Power Distribution: Supply of electricity to various regions
- Energy Consulting: Advisory services for energy efficiency and management
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Revenue growth
Median
15.7%
2025E
16.0%
2026E
EBITDA margin
Median
28.2%
2025E
28.6%
2026E
Cash EBITDA margin
Median
27.6%
2025E
28.0%
2026E
EV/Revenue
Median
8.4x
2025E
6.8x
2026E
EV/EBITDA
Median
28.9x
2025E
24.4x
2026E
EV/Cash EBITDA
Median
29.0x
2025E
25.5x
2026E
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