Labor-owned insurance and investment company Ullico Inc. has closed $50 million in financing for the Eagle Creek Renewable Energy hydropower portfolio.
This expands on a prior financing Ullico completed in 2015.
The financing was made available through the Ullico Infrastructure Fund. Eagle Creek intends to use the proceeds of Ullico’s mezzanine financing to continue to both acquire and construct hydroelectric assets throughout the U.S., according to a Ullico press release.
Eagle Creek owns and operates 47 small hydroelectric facilities with a total capacity of 135 MW in Illinois, Michigan, Minnesota, New York, New Jersey, New Hampshire, Wisconsin, Maine, Massachusetts and Vermont. And the company is constructing new power stations at the Ball Mountain and Townshend dams on the West River in Vermont. The facilities, which combined Eagle Creek calls the Blue Heron project. will add a total of 3.12 MW of capacity to the company’s portfolio.
The company also bought four small hydro plants in Tennessee from Verso Corp.
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. “Through its investment in Eagle Creek, Ullico has broadened its infrastructure investment footprint to several states and regions that have long been important to the labor movement,” said Edward M. Smith, president and chief executive officer of Ullico. “Ullico is proud to be teamed up with Eagle Creek to expand its portfolio.”