SAN DIEGO--(BUSINESS WIRE)--Salka Corp., led by a veteran development executive and backed by leading global investors, announces a partnership which seeks to piece together well-balanced renewable energy portfolios by acquiring, developing and constructing wind and solar projects throughout North America.
Launched earlier this month, Salka will be led by Jiddu Tapia, who most recently was the chief development officer for North American wind development at global wind energy leader Gamesa Technology Corp. While there, Tapia oversaw the development and construction of five wind farms totaling 518 megawatts and spearheaded several industry milestones, including the sale of a portfolio of wind farms to Algonquin Power & Utilities Corp. that utilized synthetic power purchase agreements to secure financing.
“I’m very excited to partner with investors who recognize that the best days of this industry are yet to come, and I’m delighted to continue my work under an even more agile and flexible structure that will further facilitate the pace of execution for renewable energy projects,” said Tapia, who will serve as Salka’s Chief Executive Officer.
Salka is focusing immediately on renewable energy projects in the United States, where market conditions are staged perfectly to begin building a robust pipeline. However, the company’s experience in Canada and other parts of the Americas leave it well positioned to look for opportunities in these markets as well. Salka’s core team of executives and professionals has worked closely together in a variety of markets for more than a decade.
To provide funding for projects, Salka has formed a strategic partnership with an investment vehicle comprising leading global investors.
“We have reviewed a vast amount of opportunities globally and that makes us particularly excited to enter into this strategic partnership with a pioneering executive as accomplished and innovative as Jiddu Tapia,” said Vishesh Kumar, General Partner at Wofi Capital, an investment firm backed by a Gulf-based family office of ultra-high net worth investors. “An experienced, cohesive development team with a proven track record of success like Salka’s allows our investors to combine the safety of dollar-denominated real assets in these turbulent times with highly attractive absolute and risk-adjusted returns.”
Tapia said the nature of the financial backing Salka has secured makes the company nimble, allowing it to consider purchasing projects that are already operating or projects that are in development phases, or any other combination.
“Evolution in solar but especially wind technology --- where wind energy pricing is now competitive with natural gas electric generation energy pricing in many parts of the United States, combined with favorable market and financing conditions --- have created substantial opportunities for experienced development teams to assemble renewable energy portfolios that represent a well-balanced investment in the North American energy sector,” Tapia said.
Over the last decade, Tapia and his executive teams have led development and asset management groups for some of the most successful renewable energy organizations in North America, establishing a proven track record of success by securing $2.8 billion in revenue; developing, constructing and financing 11 different utility-scale renewable energy facilities; and managing 1.2 Gigawatts of operating renewable energy assets.
For more information, visit www.salkaenergy.com.