Allco Renewable Energy to Develop $45,000,000 Solar Project in Rhode Island 

Chaska — Allco Renewable Energy Group, a major Outland shareholder, has signed a letter of intent to develop a $45,000,000, 8 MW solar energy facility in Coventry, Rhode Island on the site of a former hog farm that had been declared a federal "Superfund" site.  The Town of Coventry has agreed to give Allco a 50-year lease and the company has agreed to make payments of $200,000 a year or 4% of gross receipts to the town, whichever is greater.  Allco is also considering the installation of wind turbines at the site.

However, company officials are indicating that the state needs to pass legislation such as the Rhode Island Renewable Energy Sources Act, to make the project more economically viable.  (Source: Boston Globe, Mar. 25,'08/ Providence Journal, Mar. 26, 08)

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