Inovateus Solar LLC, a privately held midwest solar project developer, has announced a significant investment by private equity firm Middleburg Capital Development.
MCD’s ownership investment will enableInovateusto expand its solar development operations beyond the midwest and to provide customers with expanded services and project financing opportunities.
As part of theagreement, MCD’s CEO Timothy F. Sutherland has been appointed asInovateus’ board chairman.Inovateusco-founder T.J.Kanczuzewskiwill remain CEO.
MCD isaLoudoun-based private equity firm founded in 2012 with assets under management in technologies, data sectors, manufacturing, and distribution.BeforeMCD, 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.
Inovateushas led the installation and financing of more than 453MW of utility, commercial, educational, and municipal solar projects.