Renewable energy company Salka has signed a purchase and sale agreement with private investment firm Castlelake for an in-development wind farm in the east San Francisco Bay Area at California.
The project, known as Summit Wind Project, is scheduled to repower a former Altamont Pass wind farm by substituting 569 one-hundred-kilowatt turbines with 27 modern turbines.
After completion, the project is estimated to generate 60% more power during peak hours for Bay Area consumers.
Salka CEO Jiddu Tapia said: “Salka specialises 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.”
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By GlobalDataThe Summit Project received conditional use permit in January last year and construction started in last December.
The project is expected to get completed and start operations by the end of this year or early next year.
The wind farm, which is strategically located near to base load, will provide clean power to nearly 29,000 homes annually.
Located in the Altamont Pass Wind Resource Area near Livermore, this prospective 55-megawatt wind farm is just 35 miles outside Oakland and 45 miles from San Francisco.
The project will also create nearly 100 jobs.
The purchase and sale transaction is expected to close in this summer.
Salka will continue to manage the development and construction of the project until it commences commercial operations, at which point funds managed by Castlelake will own and operate the wind farm.
