Ullico Inc agrees to acquire 1.3 GW renewable energy assets in the USA
Ullico Inc has agreed to invest in a portfolio of over 70 solar and wind power generation projects located all over the United States and owned by affiliates of Alberta Investment Management Corporation (AIMCo) and The AES Corporation (AES), who will retain a majority stake in the portfolio.
The wind and solar farms are managed by FTP Power (sPower) and are contracted to sell power, capacity and renewable energy to investment-grade off-takers under long-term agreements.
An affiliate of sPower will serve as the asset manager for all the projects along with conducting operations and maintenance for the solar projects. The projects' wind turbines will be maintained under long-term agreements with original equipment manufacturer, General Electric.
Barclays acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to sPower. Norton Rose Fulbright acted as legal advisor to Ullico.
The transaction is expected to close shortly following approval by FERC.
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