Solar Firm Expanding After Recent Investment

Solar Firm Expanding After Recent Investment

Inovateus Solar LLC, a privately held Midwest solar project developer for utilities, businesses, municipalities, and education, has announced a significant investment by private equity firm Middleburg Capital Development (MCD). MCD’s ownership investment will enable Inovateus to further expand its solar development operations beyond the Midwest and to provide its customers with expanded services and project financing opportunities. The partnership brings more solar energy independence to clients for many decades ahead.

As part of the agreement, MCD’s CEO Timothy F. Sutherland has been appointed as Inovateus’ Chairman of the board of directors. Inovateus co-founder TJ Kanczuzewski will remain as Inovateus’ CEO.

MCD is a Virginia-based private equity firm founded in 2012 with assets under management in technologies, data sectors, manufacturing, and distribution. Before MCD, Mr. Sutherland founded and served as CEO and Chairman of Pace Global Energy Services, a global energy consulting and management firm acquired by Siemens Industries in 2011. While serving as CEO of Pace Global, Mr. Sutherland maintained long-term relationships in the international and U.S. manufacturing, financial, and energy sectors. His expertise and experience will help to optimize Inovateus’ operations and business development in new industries and U.S. regions.

With its new investment and leadership, Inovateus plans to scale its operations, offer customers more project financing options, and increase its ownership in the solar and energy storage assets that the company develops. Currently, Inovateus has led the installation and financing of over 453 MW of utility, commercial, educational, and municipal solar projects built and under development in the Midwest, mid-Atlantic, and the Southeastern United States.

TJ Kanczuzewski, co-founder and CEO of Inovateus, stated: “Since the beginning of his engagement with Inovateus, Tim has brought unbounded energy, commitment and experience to Inovateus as we commence deploying a more scalable and sustainable business strategy in solar development and project financing, while contributing to our ethic of global sustainability.”

Mr. Sutherland commented: “Inovateus possesses a unique set of vertically integrated skills sets including, project identification, development, construction, financing, and operation and maintenance capabilities that are second to none. The truly integrated nature of these functions is unique in the industry and are well suited to meet the needs of a growing demand for clean solar power in the United States. I am grateful for the opportunity to work with this dedicated group of innovative and talented people as we take a leadership role in ensuring solar energy continues to be recognized as a clean, reliable and affordable source of energy for our country.”

Category Business Buzz