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Asset/Investment Management
allcorenewableenergy.com

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Investments

2

Portfolio Exits

1

About Allco Renewable Energy

Green VC is dedicated to supporting green and social entrepreneurs as well as those working in established organizations who are interested in environmental and social responsibility.

Allco Renewable Energy Headquarter Location

14 WALL STREET 2OTH FLOOR

New York, New York, 10005,

United States

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Latest Allco Renewable Energy News

Solar Firm Sues U.S. Interior Department Over Offshore Wind Project Approval

Jul 20, 2021

Credit; Blue Planet Studio/AdobeStock A solar energy company has sued the Department of the Interior over its approval of the nation's first major offshore wind farm, alleging that the project off the coast of Massachusetts threatens the area's fishing industry and imperiled marine life. In a complaint filed Sunday in Boston federal court, Allco Renewable Energy Ltd accuses the DOI of overlooking risks that the Vineyard Wind project could pollute nearby waters and jeopardize endangered species should the turbines fail to withstand strong hurricanes. Allco develops and invests in solar projects, making it a competitor to the planned wind farm in the renewable electricity market. DOI spokesperson Giovanni Rocco declined to comment. New Bedford, Massachusetts-based Vineyard Wind LLC, the company behind the 800-megawatt wind farm planned for development 15 miles off the coast of Martha's Vineyard, also declined to comment. New Haven, Connecticut-based Allco accuses the DOI of violating the Outer Continental Shelf Lands Act (OCSLA), arguing the Vineyard Wind farm will unreasonably interfere with some uses of coastal waters that make up the nation's outer continental shelf. Specifically, Allco says the Biden administration's approval in May of the project, which will generate electricity to power 400,000 homes in New England, ignores in its environmental review that "no offshore wind turbine that exists today can survive a Category 3 or greater Atlantic hurricane." Wind power farm operators often use specialty lubricants to maintain turbines, which the complaint warns could leak if damaged. Such "catastrophic release of oil and contaminants into the marine environment" could jeopardize already endangered sea turtles species and the Right Whale, in violation of OCSLA requirements to strike a reasonable balance between the waters' various uses, Allco said. Allco, which is represented by its senior general counsel Thomas Melone, further claims that the DOI has failed OCSLA's balancing test because commercial fishing boats will effectively have to abandon the wind farm's area due to difficulties navigating there. The current plan is for 62 wind turbines. Vineyard Wind's approval was quickly condemned by the fishing industry, which raised concerns about the project's impact on fish stocks and vessel traffic. The Biden administration has billed the Vineyard Wind project as a new domestic energy industry source that will help eliminate greenhouse gas emissions from the power sector. Vineyard Wind is a joint venture of Avangrid Inc and Copenhagen Infrastructure Partners. The case is Allco Renewable Energy Ltd v. Haaland, United States District Court District of Massachusetts, No. 1:21-cv-11171. For Allco Renewable Energy et al: Thomas Melone of Allco

Allco Renewable Energy Investments

2 Investments

Allco Renewable Energy has made 2 investments. Their latest investment was in SunEdison as part of their Series B on May 5, 2008.

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Allco Renewable Energy Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/22/2008

Series B

SunEdison

$131M

No

5/7/2008

Debt

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$99M

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10

Date

5/22/2008

5/7/2008

Round

Series B

Debt

Company

SunEdison

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Amount

$131M

$99M

New?

No

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Co-Investors

Sources

10

Allco Renewable Energy Portfolio Exits

1 Portfolio Exit

Allco Renewable Energy has 1 portfolio exit. Their latest portfolio exit was SunEdison on November 23, 2009.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/23/2009

Acquired

1

Date

11/23/2009

Exit

Acquired

Companies

Valuation

Acquirer

Sources

1

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