Washington, D.C. (June 11, 2013) — Ullico Inc. today announced it has closed its second infrastructure investment and its first in the energy sector. Through its infrastructure business, the company acquired a minority stake in an operating wind farm in the United States.
The wind farm is operated by a leading renewable energy developer under a long-term contract and has an attractive 20-year power purchase agreement with an investment grade utility. The project company has also entered into long-term contracts for operations, maintenance and warranty services with the wind turbine supplier.
“We are excited to be enhancing our portfolio with investment in this wind farm,” said Edward M. Smith, president and CEO of Ullico Inc. "Wind energy is an important foundation of clean electricity in the United States and Ullico is proud to be investing in this area.”
“The investment's long-term contractual revenue and expense streams along with the underlying hard assets fit very well with Ullico's investment approach for infrastructure,” said Joseph R. Linehan, president of Ullico Investment Advisors Inc. “The wind farm is complementary to our first investment in a water and wastewater utility concession in Rialto, California.”
For more than 85 years, Ullico, the only labor-owned insurance and investment company, has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees, businesses and investments. The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, Inc.; Ullico Investment Company, Inc.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.
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