Deal Creates Partnership with Panasonic Eco Solutions and Coronal Management
Washington, D.C. (November 14, 2013) — Ullico Inc. recently announced a $50 million commitment to finance new or operating solar energy projects through a partnership with Panasonic Eco Solutions North America (Panasonic) and Coronal Management, LLC (Coronal). The first project to be completed under the agreement is a 16.2 megawatt portfolio of CREST (California Renewable Energy Small Tariff) projects in Tulare and Kings Counties in Central California. The two projects are set for a mid-2014 completion with interconnection to Southern California Edison's energy grid.
The Ullico Infrastructure Fund, L.P. will serve as the long-term majority asset owner with Panasonic and Coronal holding minority stakes. Ullico Inc. subsidiary Ullico Investment Advisors, Inc. established the fund in 2012 and seeks investment opportunities in the construction, maintenance, refurbishment and operation of the nation's infrastructure.
“Ullico believes that labor has an important role to play in the development and management of renewable energy infrastructure. Partnering with industry leaders Coronal and Panasonic gives labor the opportunity to invest in solar energy with experienced partners,” said Edward M. Smith, president and CEO of Ullico Inc.
“As with our real estate investments, our core objective is to provide sound returns for our investors,” Smith continued. “The fund is committed to its belief that the use of union labor in these projects adds value to the investors. In turn, the creation of jobs generates more revenue for union pension funds. It's a circle of life.”
Over the last year, Ullico completed its first two infrastructure investment transactions. The first of these investments will make critical capital improvements to the water and wastewater infrastructure of Rialto, California with Ullico serving as the majority owner of the facility. For the second infrastructure deal, Ullico acquired a minority stake in an operating wind farm in the United States.
“The partnership with Panasonic and Coronal fits very well in our investment approach for infrastructure which has focused on building a portfolio of assets which are diverse and possess long-term contractual revenue and expense streams,” said Jeff Murphy, managing director, Infrastructure Investments, Ullico Investment Advisors, Inc.
Investment products available through Ullico Investment Company Inc. are made available to properly qualified institutional and accredited investors only.
About Ullico Inc.
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.
About Coronal Management, LLC
Coronal Management is an alternative energy firm that develops, finances, builds, operates and maintains solar PV projects for institutions, corporations and non-profit organizations throughout the US, Canada and Puerto Rico. The Coronal team, which brings more than 80 collective years of successful asset and investment management experience and a strong record of solar project development, has been recognized by the White House Office of Innovation and Civic Participation as thought leaders in the solar industry.
Coronal and Panasonic Eco Solutions North America have established a strategic relationship to deliver the first truly comprehensive end-to-end solution to facilitate the development and commercialization of solar PV projects between 250 kW and 20 MW in the commercial, industrial, municipal and small utility (CIMSU) markets from inception to commercial operation, services include construction and equity financing, to engineering, procurement and construction (EPC) and the operations and maintenance (O&M) of the systems. For additional information, please visit www.Coronalmanagement.com.
About Panasonic Eco Solutions North America
Panasonic Eco Solutions North America is a division of Panasonic Corporation of North America, the principal North American subsidiary of Panasonic Corporation. The company develops and provides customized and integrated technology-based energy solutions for customers in both the public and private sector.
Panasonic is pledged to practice prudent, sustainable use of the earth's natural resources and protect our environment. In Interbrand's 2013 Annual “Best Global Green Brands” report, the Panasonic brand ranked number four, the highest ranked electronics brand in the report. (http://www.interbrand.com/en/best-global-brands/Best-Global-Green-Brands/2013/Best-Global-Green-Brands-2013.aspx). As part of its continuing sustainability efforts, Panasonic Corporation of North America this year relocated its headquarters to a new facility built to meet LEED certification standards, adjacent to Newark Penn Station in Newark, NJ. Learn more about Panasonic at www.panasonic.com. Follow Panasonic on Twitter @panasonicdirect; additional company information for media is available at www.panasonic.com/pressroom.