Ullico, a privately held insurance and financial services holding company, completed the acquisition of a 35% stake in AES Southland Energy, a 1.4 GW portfolio of two combined-cycle gas generation assets and two battery energy storage assets located in Southern California and Arizona, from AES, an electric power distribution company. Financial terms were not disclosed. "Southland is a unique portfolio with increasing criticality to the Southern California power market and electric grid, as the region transitions towards a renewable energy future. This is a core infrastructure asset that provides predictable availability-based cash flows and an opportunity to expand our partnership with AES, a world class power company," Rohit Syal, Ullico head of acquisitions for infrastructure business.