Spinnaker Energy Acquires Solar Power and Wind Energy Development Assets of Martifer Renewable Electricity

Spinnaker Energy, a La Jolla, California-based renewable energy investment and project maturation company, declared that it has acquired Martifer Renewable Electricity’s wind and solar thermal power development assets.

The collection of assets was originally acquired through a partnership between Martifer Group , Spinnaker and Clean Energy Ventures. In the partnership Spinnaker functioned as a partner for the North American Development.

The development assets acquired by Spinnaker Energy include a 107 MW solar thermal and biomass project located in central California and a 600 MW wind generation project in South Texas. The South Texas wind power project is placed around 50,000 acres of leased land in Jim Hogg, Duval, Webb and Zapata counties. The company is planning to develop the project in stages. The first phase of the 172 MW project is anticipated to go on stream in 2012

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. Spinnaker has chosen Alyra Renewable Energy Finance to advice the company on the transaction.