Ullico Infrastructure Fund (“UIF”), an infrastructure investment fund managed by Ullico Investment Advisors, Inc., today announced the acquisition of Upstate Transmission Holdings, LLC (“Upstate Transmisson”) from affiliates of New Energy Capital, North Sky Capital, and PowerBridge Investments, LLC (“PowerBridge”). Upstate Transmission is the indirect owner of the Volney-Marcy transmission line, a 66-mile high-voltage electric transmission line in New York.
“The Volney-Marcy transmission line is a valuable addition to our existing portfolio of electric transmission investments and consistent with our focus on generating stable and predictable cash flows for UIF,” said Rohit Syal, head of acquisitions for UIF. “This transaction represents our third partnership with the PowerBridge team, and we’re thrilled to further develop the relationship.”
Edward M. Smith, President and CEO of Ullico Inc. (“Ullico”), said, “The acquisition of the Volney-Marcy transmission line exhibits our commitment to investing in critical infrastructure and assets that support a resilient and reliable electric grid.”
The Volney-Marcy transmission line is leased to Niagara Mohawk Power Corporation (“Niagara Mohawk”), a subsidiary of National Grid plc, through 2043. Under the terms of the lease, Niagara Mohawk will operate and maintain the asset for the term of the lease. An affiliate of PowerBridge will support the asset management function for the investment post-close.
UIF currently has investments in the water, wastewater, telecommunications, electricity transmission, power generation, district energy, transportation, gas transmission and gas distribution sectors, and is exploring opportunities in all core sectors.
Norton Rose Fulbright US LLP acted as legal advisor to UIF for the transaction.
The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors, and union members. Founded over 95 years ago, the company takes a proactive approach to anticipating labor’s needs, developing innovative financial and risk solutions, and delivering value to our clients. Ullico’s products are tailored to promote financial security and stability for American workers.
Ullico Infrastructure Fund (UIF), founded in 2010, was established to assist in the construction, maintenance, and refurbishment of America’s infrastructure. UIF provides institutional investors with access to core and core+ infrastructure investments that deliver long-dated, low-volatility, and inflation-linked cash flows. As an open-ended fund with no terminal date, UIF makes long-term investments in U.S. and Canada-based infrastructure businesses that provide essential services to communities, governments, and corporations. As of December 31, 2022, UIF currently has approximately $5 billion in investor commitments on behalf of over 200 investors, with 23 portfolio investments across power, utilities, energy, transportation and digital infrastructure sub-sectors.
The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.
UIF (or the “Fund”) is managed by Ullico Investment Advisors, Inc. (“UIA”) and is sold through Ullico Investment Company, LLC (Member FINRA/SIPC), both subsidiaries of Ullico Inc. UIA is a registered investment adviser with the SEC under the Investment Advisers Act of 1940, as amended. UIF will only be sold to “accredited investors” as that term is defined in Regulation D of the Securities Act of 1933. 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.