SEI · Solaris Energy Infrastructure, Inc.

Solaris Energy Infrastructure, Inc. announced a $1.3 billion senior notes offering by its subsidiary, Solaris Energy Infrastructure, LLC. The notes, due 2031, will be issued in a private placement under Rule 144A and Regulation S. Proceeds will be used to repay existing debt, pay fees, and fund growth capex, including expansion of its power generation fleet. The company has undergone a strategic transformation since 2024, pivoting to behind-the-meter power solutions for AI data centers. Its Power Solutions segment now contributes 76% of total segment Adjusted EBITDA, with expectations to exceed 90% by 2029. Solaris has secured three long-term contracts totaling over 2,200 MW with investment-grade technology customers, providing predictable cash flows. The company also completed acquisitions of HVMVLV and Genco Power Solutions in 2025-2026 to enhance capabilities. Management retains ~20% insider ownership, aligning incentives. The offering strengthens the balance sheet to support the growth phase, with expected availability of ~$650 million under a new credit facility. This capital raise is a key step in executing Solaris' infrastructure growth strategy.