Salka, Castlelake sign purchase and sale agreement for California wind farm

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Salka, Castlelake sign purchase and sale agreement for California wind farm

Salka LLC has announced the execution of a purchase and sale agreement for an in-development wind farm in the east San Francisco Bay Area called the Summit Wind Project.

The agreement was signed with Castlelake, L.P., a private investment firm, on behalf of the funds it manages. The project will repower a former Altamont Pass wind farm by replacing 569 one-hundred-kilowatt turbines with 27 modern turbines. The project is expected to generate more than 60 percent of its power during peak hours for Bay Area consumers.

Salka CEO Jiddu Tapia said:

"Salka specializes in delivering innovative solutions to unique development and financing challenges that renewable energy projects face today. Repowering the Altamont Pass wind farm will have a profound impact on the Alameda County economy. Not only will the redevelopment process create local jobs, but the energy produced at the site will provide an affordable, dependable way for the east San Francisco Bay Area to meet its expanding power needs for generations to come."

The Summit repowering project received its conditional use permit in January 2016, and broke ground in December 2016, with completion and operation planned for late 2017 or early 2018. Among the chief benefits of the wind farm is its proximity to base load. Located in the Altamont Pass Wind Resource Area near Livermore, Calif., the planned 55 MW wind farm is just 35 miles outside Oakland and 45 miles outside San Francisco. Once completed with 27 state-of-the-art wind turbines, the wind farm will generate more than 60 percent of its power for the Bay Area during peak hours, including the afternoon and high-demand summer months.

Repowering the wind farm will create approximately 100 jobs and produce enough clean energy on average to power about 29,000 homes per year. The purchase and sale transaction is expected to close in the summer. Salka will continue to manage the development and construction of the project until it achieves commercial operations, at which point funds managed by Castlelake will own and operate the wind farm. The wind farm is Salka's latest renewable energy project but its first wind farm sale.

List of country news

Country news

  • March 23, 2017

    Arconic sells 210-MW Yadkin hydropower project

    Arconic has announced its receipt of a portion of the proceeds from the sale of the Yadkin Hydroelectric Project to Cube Hydro Carolinas by Alcoa Power Generating Inc., a subsidiary of Alcoa Corporation.

    Read more
  • March 21, 2017

    3i launches North American infrastructure platform

    3i announced the launch of its North American infrastructure business. Establishing a local team in the US will position 3i to access attractive infrastructure investment opportunities throughout North America.

    Read more
  • March 21, 2017

    Iberdrola wins bid to build offshore wind farm in North Carolina

    U.S. Bureau of Ocean Energy Management’s (BOEM) declared Avangrid Renewables, a subsidiary of Iberdrola, as the preliminary winner of the auction for 122,405 acres off the coast of Kitty Hawk, N.C., for development as an offshore wind energy facility.

    Read more
  • March 20, 2017

    Copenhagen Infrastructure Partners initiates fundraising process for third fund

    Copenhagen Infrastructure Partners (CIP) has initiated the fundraising process for its new fund, Copenhagen Infrastructure III, which will now be open for investor subscription.

    Read more
  • March 20, 2017

    Sunnova Secures $80 Million of Tax Equity Commitments

    Sunnova Energy Corporation, a residential solar service provider in the U.S., has announced it has obtained US$80 million in tax equity funding commitments from U.S. Bancorp Community Development Corporation (USBCDC) which will enable the development of new residential solar projects with a total value of more than US$200 million.

    Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.