CANBY, Minn., Oct. 29 /PRNewswire/ -- Outland Renewable Energy (Outland) announced today that its existing majority shareholder, Allco Renewable Energy, has agreed to invest an additional $8 million in Outland. The agreement also provides for an eventual further equity commitment of $22 million. The funds will provide the company with growth capital to execute its strategic plan.
Outland's business grew rapidly in 2010—the company now has more than 125 field technicians and nearly 1000 MW under service agreements—and is poised for further growth in 2011. "With this equity investment, Outland will continue to pursue our ambitious growth initiatives in 2011. Our employees have built an exciting organization, and this capital commitment reflects the confidence our ownership and board have in our people and strategy," said Jeffrey Buelow, Outland's CFO and CIO.
Outland was founded in 2005 and 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. I'm confident that they will continue to deliver solid long-term value to our customers and shareholders," said Tom Melone, President and CEO of Allco.
Since 2005, Outland President and COO, Steve Scott has had consistent and aggressive growth. Under Scott's leadership, Outland's highly-trained wind service technicians provide commissioning, operation, and maintenance services across the country in accordance with the ISO 9001:2008 quality management system. "This new equity investment allows Outland to build upon our current foundation and continue optimizing the performance of our customers' turbines," said Scott.
About Outland Renewable Energy
Outland Renewable Energy is an established leader in commissioning, operating, and maintaining wind energy facilities throughout the United States. The company maintains its North American headquarters in Canby, Minnesota.
For more information, visit www.outlandenergy.com.
SOURCE Outland Renewable Energy