Ullico invests in 135 MW hydroelectric power portfolio

Ullico has announced that it has closed a US$50 million financing of the Eagle Creek Renewable Energy Hydroelectric power portfolio, expanding on a prior financing Ullico completed in 2015.

Eagle Creek currently owns and operates 46 hydroelectric facilities in Illinois, Michigan, Minnesota, New York, New Jersey, New Hampshire, Wisconsin, Maine, Massachusetts and Vermont. The financing was made available through the Ullico Infrastructure Fund.

Eagle Creek's hydroelectric plants provide clean, renewable energy to residents and businesses in the Midwest, Northeast and New England regions. The majority of the portfolio's energy output is sold to credit-worthy entities through long-term power purchase agreements. Eagle Creek intends to use the proceeds of Ullico's mezzanine financing to continue to both acquire and construct hydroelectric assets throughout the United States.

Ullico's financing ensures that Eagle Creek will continue to employ unionized labor in its major maintenance and construction activities. Eagle Creek recently completed two new plants in Vermont using unionized contractors.

Ullico, through its infrastructure business, currently has investments in the utility and energy sectors and is exploring opportunities in all core sectors including transportation and social infrastructure.

Rohit Syal, head of acquisitions for Ullico's infrastructure investments, said:

"This is a creatively structured transaction that provides Ullico with an expanded foothold in the highly desirable hydroelectric generation sector while offering Eagle Creek a competitive capital solution to grow its portfolio of hydro projects."

Jeff Murphy, portfolio manager for Ullico's infrastructure investments, stated:

"As zero-fuel cost base load power generation, hydro represents a core asset, and the Eagle Creek financing is a compelling investment for the Ullico infrastructure portfolio."

Edward M. Smith, president and CEO of Ullico Inc. added:

"Through its investment in Eagle Creek, Ullico has broadened its infrastructure investment footprint to several states and regions that have long been important to the labor movement. Ullico is proud to be teamed up with Eagle Creek to expand its portfolio."