Ullico Inc., a labor-owned insurance and investment company based out of Washington, D.C., has agreed to invest in a portfolio of over 70 solar and wind projects located across the U.S. and owned by affiliates of Alberta Investment Management Corp. (AIMCo) and The AES Corp.
AIMCo and AES will retain a majority stake in the 1.3 GW portfolio of projects, which are managed by sPower (acquired by AIMCo and AES last year) and are contracted to sell power, capacity and renewable energy to investment-grade off-takers under long-term agreements. The transaction is expected to close shortly, following approval by the Federal Energy Regulatory Commission.
“The investment substantially scales up Ullico’s footprint in renewable energy generation assets across North America while building a partnership with a fully integrated renewable platform, as well as two like-minded investors,” comments Rohit Syal, head of acquisitions for Ullico’s infrastructure business.
An affiliate of sPower will serve as the asset manager for all of the projects and also provide operations and maintenance for the solar systems. The projects’ wind turbines will be maintained under long-term agreements with the original equipment manufacturer, GE.
This portfolio represents Ullico’s fifth investment in North American renewable energy assets.
