Ullico Invests $396.5 Million in Real Estate Projects in Q4 2022
The loans will finance construction projects in Honolulu, Philadelphia, San Francisco, and Seattle, and all construction will be built with union labor.
March 24, 2022
Washington, D.C. (March 24, 2022)— Ullico Inc.’s infrastructure fund announced on February 28, 2022 its participation in a consortium supporting the winning bid submitted by Invenergy Wind Offshore, LLC to secure one of six offshore leases awarded in the New York Bight Auction. Invenergy Wind Offshore, LLC, a development entity led by project sponsors Invenergy and energyRe, was named provisional winner for an 83,976-acre area of seabed by the U.S. Bureau of Ocean Energy Management (BOEM).
The winning bid of $645 million secured lease OCS-A 0542, one of the largest awarded in the New York Bight offshore wind lease sale. The project sponsors bring together decades of expertise in development, engineering, and construction of large-scale renewable generation projects. Invenergy will serve as lead developer of the project. The consortium of investors including the sponsors, Blackstone Infrastructure Partners (NYSE: BX), CDPQ, FirstLight Power, and Ullico Infrastructure Fund (UIF) will provide funding for the project.
Rohit Syal, head of acquisitions for UIF, commented, “Ullico’s partnership with Invenergy, energyRe, and the investor group represents a significant and rare opportunity for UIF to diversify its clean energy investments and enter the offshore wind sector, which we view as a critical component of the nation’s future energy supply mix and a key area of focus for our labor stakeholders.”
“Ullico is excited to partner with Invenergy, energyRe, and the investor consortium on the successful pursuit and development of the New York Bight lease area,” said Edward M. Smith, President and CEO of Ullico Inc. (“Ullico”) “The investment demonstrates Ullico’s commitment to support the development of projects that provide clean, sustainable energy across North America and creating jobs for skilled union workers.”
“For more than twenty years, Invenergy has leveraged our deep technical expertise to lead the renewable energy transition in the United States and around the world,” said Michael Polsky, Invenergy Founder and CEO. “The U.S. offshore market is the next frontier in the clean energy revolution, and we are proud to have the opportunity to increase American competitiveness in the global offshore market as we build a sustainable world.”
“energyRe is at the forefront of the global clean energy revolution, and we are proud to bring our decades of industry leadership to the fight for a more resilient future,” said Jeff Blau, Chairman of energyRe. “Our all-American, all-renewable enterprise is ready to deliver reliable clean energy directly to our communities and ignite economic opportunity and job creation in the fast-growing green economy.”
Norton Rose Fulbright US LLP is acting as UIF’s legal counsel for the project.
For more than 90 years, Ullico has provided financial and insurance products and services to meet the needs of union employers and employees. In 2010, Ullico launched an investment fund to assist in the construction, maintenance and refurbishment of America’s infrastructure. The fund currently has over $4 billion in investor commitments on behalf of over 200 investors, with 21 portfolio investments across water, wastewater, telecommunications, electricity transmission, power generation, transportation and gas transmission sub-sectors and is exploring opportunities in all infrastructure related sub-sectors.
From insurance products that protect union members, leaders and employers, to investments in building and infrastructure projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. Family of Companies includes: The Union Labor Life Insurance Company; Ullico Casualty Group, LLC; Ullico Investment Company, LLC (Member FINRA/SIPC); and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com .
Ullico Infrastructure Tax-Exempt Fund, LP and Ullico Infrastructure Taxable Fund, LP:
The Ullico Infrastructure Tax-Exempt Fund, LP and the Ullico Infrastructure Taxable Fund, LP (together “Ullico Infrastructure Fund” or “UIF”) are Delaware limited partnerships designed to permit qualified institutional purchasers to invest in core infrastructure investments located in the United States and Canada. UIF 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. UIF is being offered and sold in reliance on the exemption from the securities registration requirements of the Securities Act set forth in Regulation D (the “Rule”). UIF will only be sold to “accredited investors” as that term is defined under the Rule. The portfolio consists primarily of private equity and debt investments in infrastructure companies located in the United States and Canada. 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.
Ullico Investment Advisors, Inc. (“UIA”) is a registered investment adviser with the United States Securities and Exchange Commission (“SEC”) in accordance with the Investment Advisers Act of 1940, as amended. Ullico Investment Advisors, Inc. has two majority owned subsidiaries: Ullico Infrastructure Management Company, LLC and UIA Investment Management, LLC. Both are Relying Advisers in reliance upon the SEC staff’s no-action letter to the American Bar Association dated January 18, 2012. The firm’s full list of composite and pooled fund descriptions is available upon request.
Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas, Europe and Asia. Invenergy’s home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Spain, Japan, Poland, and Scotland.
Invenergy and its affiliated companies have successfully developed more than 30,000 megawatts of projects that are in operation, construction or contracted, including wind, solar, and natural gas power generation and advanced energy storage projects. Learn about Invenergy at Invenergy.com. Invenergy.com .
energyRe, LLC is a leading, independent clean energy company with offices in New York and Houston. energyRe is focused on solving complex challenges and providing clean energy solutions. The executive management team at energyRe is comprised of former executives of EDP Renewables, one of the most prolific developers of renewable energy in North America. The team has developed and built more than 8,800 MW of wind, solar and storage facilities in the United States, Canada, and Mexico. Other members of the team have expertise in infrastructure, engineering, and development, having led the development of $60 billion in projects – including Hudson Yards and the Deutsche Bank Center in New York City. energyRe’s founding investors include principals of Related Companies, the nation’s most prominent privately-owned real estate firm and one of the country’s largest creators and preservationists of affordable housing. energyRe is guided by the values of community engagement, government partnership, and a demonstrated commitment to sustainability.
Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As of December 31, 2021, CDPQ’s net assets totaled CAD 419.8 billion. For more information, visit cdpq.com cdpq.com , follow us on Twitter or consult our Facebook or LinkedIn pages.
FirstLight Power (FirstLight) is a leading clean power producer and energy storage company in New England with a portfolio that includes nearly 1,400 megawatts of pumped-hydro storage, battery storage, hydroelectric generation, and solar generation – the largest clean energy generation portfolio in New England today. Based in Burlington, MA, with operating offices in Northfield, MA and New Milford, CT, FirstLight provides stewardship of and recreational access to 14,000 acres of land and waters along the Connecticut, Housatonic, Shetucket, Still, and Quinebaug Rivers. To learn more, visit www.firstlightpower.com.