Washington D.C. (September 7, 2022) – Ullico Infrastructure Fund (“UIF”), an infrastructure investment fund managed by affiliates of Ullico Inc. (“Ullico”), today announced an investment in Reno, Nevada-based Estuary Power (“Estuary”).
Estuary is a renewable energy company that develops, constructs, owns, and operates utility-scale renewable generation, energy storage, and related infrastructure projects. Estuary was founded by energy and infrastructure industry veteran Jill Daniel in 2013 and has a demonstrated track record of developing and delivering clean energy projects throughout the Mountain West. Estuary’s team has over 100 years of experience as developers, investors, and operators across nearly all energy industry sectors.
UIF’s investment in Estuary will advance development, construction, and long-term ownership of Estuary’s projects, and ensure that Estuary’s current and future customers and partners benefit from its long-term stability and commitment. Following the investment from UIF, Estuary remains a majority woman-owned company.
“UIF’s investment in Estuary allows us to grow a successful renewable energy business, deploy meaningful capital into high quality projects, and create proprietary opportunities for our investors,” said Rohit Syal, head of acquisitions for UIF. “UIF is delighted to partner with Estuary’s experienced team and execute on the company’s multi-gigawatt pipeline in an aligned structure.”
Edward M. Smith, President and CEO of Ullico, said, “Ullico is proud to invest in and support Estuary, continuing our momentum in the clean energy sector and furthering our commitment to the development of projects that support family-sustaining careers and local economic development.”
“The Estuary team is thrilled to partner with UIF to execute on our pipeline and own and operate our projects over a long time horizon. The investment will allow us to serve our customers and partners throughout the lifespan of each project. The principals of Estuary have a decades-long relationship with the UIF team and a shared vision of delivering creative projects which benefit our customers, communities, and workforce. Our home state of Nevada is leading the transition to clean energy, and we look forward to continuing to partner with utilities, cooperatives, innovative companies, and Tribal communities throughout the Mountain West,” said Jill Daniel, CEO of Estuary.
Norton Rose Fulbright US LLP acted as legal advisor to Ullico for the transaction. Morgan, Lewis & Bockius acted as legal advisor to Estuary for the transaction.
About Ullico
The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors, and union members. Founded over 95 years ago, the company takes a proactive approach to anticipating labor’s needs, developing innovative financial and risk solutions, and delivering value to our clients. Our products are tailored to promote financial security and stability for American workers.
Ullico Infrastructure Fund (UIF), founded in 2010, was established to assist in the construction, maintenance, and refurbishment of America’s infrastructure. UIF provides institutional investors with access to core and core+ infrastructure investments that deliver long-dated, low-volatility, and inflation-linked cash flows. As an open-ended fund with no terminal date, UIF makes long-term investments in U.S. and Canada-based infrastructure businesses that provide essential services to communities, governments, and corporations. UIF currently has approximately $5 billion in investor commitments on behalf of over 200 investors, with 23 portfolio investments across power, utilities, energy, transportation and digital infrastructure sub-sectors.
The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.
UIF (or the “Fund”) is managed by Ullico Investment Advisors, Inc. (“UIA”) and is sold through Ullico Investment Company, LLC (Member FINRA/SIPC), both subsidiaries of Ullico Inc. UIA is a registered investment adviser with the SEC under the Investment Advisers Act of 1940, as amended. UIF will only be sold to “accredited investors” as that term is defined in Regulation D of the Securities Act of 1933. Investment in infrastructure is speculative, not suitable for all investors, and should be undertaken only by experienced and sophisticated investors who are willing to bear the high risks of such an investment, which include, but are not limited to, lack of liquidity, restrictions on transferring ownership to the Fund, absence of information regarding valuation and pricing, and high fees and expenses. Potential investors in the Fund should carefully read the Confidential Private Placement Memorandum for a description of the potential risks associated with investment in the Fund.
About Estuary
Formed in 2013, Estuary Power is a renewable energy company based in Reno, Nevada that develops, constructs, owns, and operates utility-scale renewable generation, energy storage, and related infrastructure projects. Estuary works with utilities, cooperatives, industrial and commercial energy customers, Tribes, and public and private landowners to create innovative projects using creative commercial and financial structures which bring value to all stakeholders. Estuary’s team has over 100 years of experience as developers, investors, and operators across nearly all energy industry sectors. Estuary’s developments include Turquoise Nevada Solar, which serves Apple’s data center campus in Nevada and was awarded 2020 Utility Scale Project of the Year by Solar Builder Magazine. For more information, visit www.estuarypower.com.
For Estuary media inquiries, contact Michelle Loosbrock, Public Relations at 702-287-4130 or michelle@llpr.net.
Ullico Inc., the only labor-owned insurance and investment company, shared select financial and business results for its fiscal 2023 fourth quarter ended December 31, 2023 and select year-end results.
