Washington D.C. (June 13, 2018) – Ullico Inc. today announced the closing of its investment in a portfolio of four solar and wind power generation projects owned by affiliates of D. E. Shaw Renewable Investments, L.L.C. ("DESRI") and other investors. Additional projects are expected to be added to the portfolio through up to 2020. DESRI affiliates continue to control the projects. The wind and solar farms are all contracted to sell power, capacity and renewable energy to investment-grade off-takers under long-term agreements.
"This investment is a continuation of our strategy for the renewable energy sector to focus on highly contracted and diversified solar and wind portfolios," said Rohit Syal, head of acquisitions for Ullico's infrastructure business. "These large-scale assets derive revenue from fixed price long-term contracts with strong utility counterparties."
"Through this investment, Ullico demonstrates its commitment to projects that provide clean, low-cost energy across America," said Edward M. Smith, President and CEO of Ullico Inc. "This investment will help to fulfill future energy needs while creating jobs for skilled workers."
The portfolio is Ullico's third investment with DESRI and its affiliates. In 2013, Ullico invested in the DESRI-managed 69 MWac Kawailoa Wind Farm in Hawaii, Ullico's first investment in renewable energy. Then in 2017, Ullico invested in a 921 MWac portfolio of DESRI-controlled wind and solar generation projects spread across the US. Both investments remain important parts of Ullico's portfolio and continue to be managed by affiliates of DESRI.
"The long-term stable cash flow expected from these operating assets fits with Ullico's infrastructure fund objectives," said Jeff Murphy, portfolio manager for Ullico's infrastructure business. "This transaction enhances the quality our portfolio and continues to build upon the relationship with DESRI, a valued partner and asset manager of renewable energy projects."
"We are pleased to further expand our relationship with Ullico, a trusted investor with strong knowledge of the renewable energy sector," said Bryan Martin, Chief Executive Officer of DESRI.
Ullico Inc., through its infrastructure business, currently has investments in the water, waste water, electricity transmission, power generation, and transportation sectors and is exploring opportunities in all core sectors.
Norton Rose Fulbright acted as legal advisor to Ullico.