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Ullico Bulletin

Ullico Invests in Hydroelectric Power Portfolio

Eagle Creek project is Ullico's latest infrastructure investment

Ullico completed a $20 million financing for the Eagle Creek Renewable Energy Hydroelectric power portfolio. Eagle Creek currently owns and operates 47 hydroelectric facilities in Illinois, Michigan, Minnesota, New York, New Jersey, New Hampshire, Wisconsin, Maine and is constructing two new facilities in Vermont.



Eagle Creek's hydroelectric plants provide clean, renewable energy to residents and businesses in the Midwest, Northeast and New England regions. The majority of the portfolio's energy output is sold to credit-worthy entities through long-term power purchase agreements. Ullico is investing as a mezzanine lender. Eagle Creek intends to use the proceeds of Ullico's investment to continue to acquire hydroelectric assets throughout the United States.

"This is a creatively structured transaction that provides Ullico with a foothold into the highly desirable hydroelectric generation sector while offering Eagle Creek a competitive capital solution to grow its portfolio of hydro projects," said Rohit Syal, head of acquisitions for Ullico's infrastructure investments.

"As zero-fuel cost base load power generation, hydro represents a core, low risk infrastructure asset, and the Eagle Creek financing is a compelling investment for the Ullico infrastructure portfolio," said Jeff Murphy, portfolio manager for Ullico's infrastructure investments.

Ullico's investment ensures that Eagle Creek will continue to employ unionized labor in its major maintenance and construction activities. Eagle Creek is currently constructing two new plants in Vermont using unionized contractors.

"Through this investment, Ullico is broadening its infrastructure investment footprint to several new states and regions that have long been important to the labor movement," said Edward M. Smith, president and CEO of Ullico Inc. "Ullico is proud to be teaming up with Eagle Creek to expand its portfolio."

Ullico Inc., through its infrastructure business, currently has investments in the utility and energy sectors and is exploring opportunities in all core sectors including transportation and social infrastructure.

Ballard Spahr represented Ullico as Lender's Counsel, and Chadbourne & Parke represented Eagle Creek in the transaction.

The Ullico Infrastructure Fund and the units issued will not be registered under the Securities Act of 1933, as amended, the Investment Company Act of 1940, as amended, or under state securities laws. 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.



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