Spinnaker Energy Acquires 707 MW Wind, Solar Development Assets

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Spinnaker Energy LLC, a sustainable energy investment and project development company based in La Jolla, Calif., has acquired the wind and solar thermal power development assets of Martifer Renewable Electricity LLC. The portfolio of assets was originally developed through a joint venture between Martifer Group SGPS SA, Clean Energy Ventures LLC and Spinnaker, in which Spinnaker acted as the North American development partner.

The assets acquired and under development include 600 MW of wind power projects in south Texas and a 107 MW solar thermal/biomass project in central California.

The south Texas wind projects are located on approximately 50,000 leased acres in Zapata, Webb, Duval and Jim Hogg counties. The project will be developed in phases, with the first 172 MW expected to be operational in 2012. Spinnaker is currently in discussions with potential off-takers.

Alyra Renewable Energy Finance LLC acted as the exclusive adviser to Spinnaker regarding the transaction.

SOURCE: Spinnaker Energy LLC

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