Firm first wants to erect offshore masts to measure wind strength

Allco Renewable Energy Group made official its plans to develop up to four offshore wind projects in Rhode Island at sites including two south of Little Compton.

Although it filed preliminary applications with the Rhode Island Coastal Resources Management Council on Nov. 21, the firm did not publicly announce its intentions until Monday, Nov. 26.

"Because of Governor Carcieri's laudable commitment to developing renewable energy resources through wind power, we believe Rhode Island could be the first state to successfully develop an offshore wind farm in the United States," said Jim Wavle, managing director of Allco Renewable Energy Group. "We are committed to a community-based approach and have successfully worked with communities to develop renewable energy resources throughout the United States.

"We're excited to help make Governor Carcieri's vision of meeting 15 percent of Rhode Island's energy needs through the development of wind power resources in Rhode Island a reality," Mr. Wavle added. "In particular, the offshore wind project proposed by Allco south of Block Island could make the island the first community in the nation wholly-powered by wind energy which will significantly reduce electric rates for island residents."

Four of the permit applications submitted to the CRMC request permission to place meteorological masts in four of the offshore districts identified in the governor's wind siting study. The masts would analyze winds strengths for at least a year and a half before. The other four permit applications submitted relate to the actual building of wind projects in each of those areas. CRMC has begun the process of determining the information that would be needed to complete the permitting of wind farms in Rhode Island's coastal waters.

Allco says its approach assumes that Rhode Island would receive revenue from the project, either through revenue participation, joint ownership or a combination of both.

The firm also said thaty it recognizes that an offshore wind energy project "must be harmoniously integrated with existing environmental, recreational and commercial uses," and would address all concerns during the process..

About Allco

Allco is a New York-based private investment banking firm that specializes in renewable energy project development. The firm said that it, with its affiliated companies, is developing and investing in solar, wind and other renewable energy projects across the United States. Allco holds a controlling interest in Outland Renewable Energy based in Chaska, Minnesota, which is currently developing 14,000 megawatts of wind projects throughout the United States.

Outland says it has provided communities with the opportunity to invest in and be owners of, the projects in which they are involved. Outland has pioneered the local ownership model with its community based wind projects in the Midwestern United States. Allco also assists communities that desire ownership of renewable energy projects through the Clean Renewable Energy Bond (CREB) program.

Allco is a principal shareholder in SunEdison which is the largest solar integrator in the United States, and a major shareholder in GroSolar, a New England regional solar installer.