PASADENA, CA--(Marketwired - Oct 22, 2013) - Coronal Management, LLC (Coronal) and Panasonic Eco Solutions North America (Panasonic Eco Solutions) have expanded their exclusive financing platform to include Ullico Inc. (Ullico), a labor-owned insurance and investment company. Ullico has made a $50 million commitment in the form of sponsorship equity to the platform, further increasing Coronal's capacity to provide take-out financing for new or operating solar projects.
The first project to be completed under the expanded platform is a 16.2 megawatt (MW) portfolio of CREST (California Renewable Energy Small Tariff) projects recently acquired from Macquarie Capital. The portfolio consists of nine projects located in Tulare and Kings Counties in Central California and will be completed by mid-2014 with interconnection to Southern California Edison's grid.
"We are very excited about working with both Coronal and Panasonic Eco Solutions to build a portfolio of long-term solar assets," said Edward M. Smith, president and CEO of Ullico Inc. "The combination of these two leading organizations provides Ullico ideal access to this important energy market."
Jeff Murphy, managing director, Infrastructure Investments, Ullico Investment Advisors, Inc., added, "The investment's long-term contractual revenue and expense streams, along with the underlying hard assets, fit very well with Ullico's investment approach for infrastructure."
Through the expanded platform, the team expects to close a number of similar transactions estimated at up to an additional 100 MWs. "We are very pleased to welcome Ullico to our financing platform," said Jonathan Jaffrey, CEO of Coronal. "Partnering with Ullico not only strengthens our financing capacity but also provides us with more than 85 years of labor relationships as well."
Jamie Evans, head of U.S. Eco Solutions at Panasonic, added, "We are extremely pleased to have the opportunity to work with Ullico Inc. Their addition to the platform further strengthens our ability to provide solar solutions to the underserved commercial, industrial, municipal and small utility (CIMSU) markets."
About Coronal Management, LLC
Coronal Management is an alternative energy firm that develops, finances, builds, operates and maintains solar PV projects for institutions, corporations and non-profit organizations throughout the US, Canada and Puerto Rico. The Coronal team, which brings more than 80 collective years of successful asset and investment management experience and a strong record of solar project development, has been recognized by the White House Office of Innovation and Civic Participation as thought leaders in the solar industry.
Coronal and Panasonic Eco Solutions North America have established a strategic relationship to deliver the first truly comprehensive end-to-end solution to facilitate the development and commercialization of solar PV projects between 250 kW and 20 MW in the commercial, industrial, municipal and small utility (CIMSU) markets from inception to commercial operation, services include construction and equity financing, to engineering, procurement and construction (EPC) and the operations and maintenance (O&M) of the systems. For additional information, please visit www.Coronalmanagement.com.
About Panasonic Eco Solutions North America
Panasonic Eco Solutions North America is a division of Panasonic Corporation of North America, the principal North American subsidiary of Panasonic Corporation. The company develops and provides customized and integrated technology-based energy solutions for customers in both the public and private sector.
Panasonic is pledged to practice prudent, sustainable use of the earth's natural resources and protect our environment. In Interbrand's 2013 Annual "Best Global Green Brands" report, the Panasonic brand ranked number four, the highest ranked electronics brand in the report. (http://www.interbrand.com/en/best-global-brands/Best-Global-Green-Brands/2013/Best-Global-Green-Brands-2013.aspx). As part of its continuing sustainability efforts, Panasonic Corporation of North America this year relocated its headquarters to a new facility built to meet LEED certification standards, adjacent to Newark Penn Station in Newark, NJ. Learn more about Panasonic at www.panasonic.com. Follow Panasonic on Twitter @panasonicdirect; additional company information for media is available at www.panasonic.com/pressroom.
About Ullico Inc.
For more than 85 years, Ullico, the only labor-owned insurance and investment company, has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees, businesses and investments. The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, Inc.; Ullico Investment Company, Inc.; and Ullico Investment Advisors, Inc. For additional information, visit http://www.ullico.com.