SOUTH BEND, Ind. (Feb. 18, 2022) — Inovateus Solar, a privately held solar project developer and Engineering, Procurement & Construction (EPC) firm for commercial, municipal, and utility scale solar power projects, has announced a material investment by Galway Sustainable Capital (Galway). Galway’s investment will enhance Inovateus’ development resources, construction capabilities and project financing capacity. This investment will fully integrate Inovateus’ service offering to include origination, development, EPC, financing, and project ownership. Inovateus intends to further enhance its dominant position in the Midwest and will now more actively expand its clean energy services across other geographic markets in the US.
Galway is a specialty finance company that deploys capital to accelerate sustainable solutions. It invests in companies that save energy, reduce greenhouse gas emissions, increase resilience, and expand opportunity. Through its wholly owned renewable energy subsidiary, Sterling Power Opportunities, Galway has established solar development and finance experience that further positions Inovateus for immediate growth.
Inovateus has led the installation and financing of over 500 MW of utility, commercial, educational, and municipal solar projects nationally. With Galway’s partnership, Inovateus plans to scale its EPC operations, offer customers more project financing options, and increase its ownership in the solar and energy storage assets that the company develops.
Executive Chairman of Inovateus, Tim Sutherland, stated, “While Galway’s vision of creating reliable, clean power-generating solar assets aligns with Inovateus’ mission, Galway also brings decades of expertise and a reputation in the industry that will further enhance Inovateus’ brand and make our company the most vertically integrated solar firm in the country.”
Rich Haddon, President of Sterling Power and Operating Director for Galway, stated, “Not only does Inovateus provide additional development opportunities for us to deploy capital, they also provide an EPC operation that has succeeded for 14 years. We see tremendous synergy in leveraging our financing capacity with the highly experienced solar platform represented by Inovateus.” Jennifer von Bismarck, CEO of Galway, added, “We are excited about Inovateus’ ability to scale solar deployment and also to offer renewable energy solutions to other companies across our portfolio.”