Renewable energy firm Salka will sell its Altamont Pass-repowering wind power project, the Summit Wind Project in California, US to global investment firm Castlelake for an undisclosed price.
The 55MW Summit Wind Project comprising 27 modern turbines will replace the 569 100KW turbines of the Altamont Pass wind farm.
Located near Livermore in the Altamont Pass Wind Resource Area, the new wind farm is likely to produce over 60% of its electricity to Bay Area consumers during peak hours. Particularly, it will serve the consumers during the afternoon hours and summers when the demand for electricity is generally on the higher side.
About 100 jobs are likely to be created for the repowering project which will generate enough renewable energy to cover 29,000 households a year.
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."
After breaking ground in December 2016, the Summit repowering project is slated to be completed and become operational by the year end or by early 2018.
Salka’s sale is expected to be closed in the summer and the company will continue with its role in the development and construction of the repowering project. Castlelake, the future owner of the wind project will take over operations from it once Summit begins commercial generation of power.