Southwest Gas Holdings outlines its expected equity issuance schedule under the Great Basin project from 2026 to 2029, emphasizing minimal equity needs in 2026 and modest issuances during peak construction years.
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Please provide a year-by-year schedule of expected equity issuances (amounts) for 2026–2029 under the current Great Basin plan.
Analysis of Expected Equity Issuances for 2026–2029 under the Current Great Basin Plan
Based on the information disclosed in Southwest Gas Holdings, Inc.’s 2025 Q4 earnings call and related filings, the following key points summarize the expected equity issuance schedule and amounts associated with the Great Basin expansion project and the company’s broader capital plan from 2026 through 2029:
Total 5-year Capital Investments (2026–2030): Approximately $6.3 billion
Capital Structure Target: 50-50 debt-to-equity ratio at the Southwest Gas holding company level, supporting both the utility and Great Basin investments 123.
Equity Financing Strategy:
Credit Rating and Financial Metrics:
2026:
2027–2028:
2029:
| Year | Equity Issuance Expectation | Supporting Disclosure |
|---|---|---|
| 2026 | Minimal to none; no equity issuance needed in 2026; funded by existing ATM and holdco cash | "We do not anticipate any equity issuance needs during the year under the existing ATM program." "Fully fund stockholder dividends... while planning to infuse nearly the same amount of equity into Southwest Gas..." 3 |
| 2027 | Modest equity issuance expected; supported primarily by holdco leverage plus ATM | "We think we can utilize some pretty significant leverage capacity ... with really minimal equity needs." 4 |
| 2028 | Modest equity issuance; construction peak for Great Basin; still manageable leverage | "Capital deployment will ramp up as we move from engineering and permitting into construction in late 2027 and early 2028... Debt is expected to be funded through bond issuances, while equity through modest issuances including ATM." 14 |
| 2029 | Equity needs decline substantially due to project cash flows; no major equity raise expected | "Great Basin will have the capacity to give a pretty sizable dividend to the parent... which will help eat into whatever leverage we put on the parent." 6 |
Therefore, the expected schedule of equity issuance under the current Great Basin plan is:
| Year | Equity Issuance Expectation | Notes |
|---|---|---|
| 2026 | Minimal to none | No anticipated equity issuances; funded by cash & ATM |
| 2027 | Moderate equity issuance | Supporting ramp-up of Great Basin construction |
| 2028 | Moderate equity issuance | Peak construction year; continued modest ATM usage |
| 2029 | Minimal or no equity issuance | Project in-service; cash flow supports financing |
While exact dollar amounts per year are not disclosed, the implied equity for Great Basin (~$850 million) suggests that most equity issuances outside of 2026 will take place over 2027–2028, balanced with other utility capital needs and managed prudently via the company's financing strategy.
Sources:
1, 2, 3, 4, 5, 6, 7, 8
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