Outland Shareholder Invests Additional $8M
Canby-based Outland Renewable Energy announced Friday that its majority shareholder, Allco Renewable Energy, has agreed to invest an additional $8 million in the company, which Outland will use to execute its strategic plan.
New York-based Allco Renewable Energy has also committed to invest another $22 million in the future.
Outland didn't specify how the funds will help it carry out its strategic plan. Monday afternoon phone calls to Jeffrey Buelow-Outland's chief financial officer and chief information officer-and President and Chief Operating Officer Steve Scott were not immediately returned.
Founded in 2005, Outland develops, owns, operates, and maintains commercial renewable energy projects in partnership with landowners, rural communities, and municipalities.
Outland received an initial investment from Allco in 2007. In addition to its majority ownership of Outland, Allco invests in and arranges financing for renewable energy projects.
“I'm proud of the entire team at Outland and their accomplishments so far,” Tom Melone, President and CEO of Allco, said in a statement. “I'm confident that they will continue to deliver solid long-term value to our customers and shareholders.”