The project is currently under construction and scheduled to come online in the first half of 2022. SSM1&2 is backed by five power sales contracts with an average duration of 16 years. SSM1&2 is a part of the Serra Branca cluster.
Serra Branca cluster is developed by Voltalia and is in the Brazilian state of Rio Grande do Norte, is the largest wind and solar cluster with a potential capacity of 2.4 GW.
Voltalia is the controlling shareholder of a significant part of the projects located in the region, with the other projects divested to partners.
In September 2020, STOA had acquired a 33% stake in VSM3 (Ventos Serra do Mel III), a 152 MW wind power project backed by a 20-year power sales contract with CEMIG, a Brazilian state-owned electricity company.
Voltalia provides all or part of the services associated with the development, construction, and maintenance of the divested or retained plants, with 1.2 GW of operating assets and 500 MW under construction, and 700 MW under development.
“The consolidation of our partnership with Voltalia on SSM1&2 solar plant confirms the relevance of STOA’s investment thesis: providing long-term equity stakes at asset level to our industrial partners and supporting them on all project’s phases”, told Marie-Laure Mazaud, CEO of STOA.
According to Mercom’s Q4 2021 solar funding and M&A report, in 2021 more than 69 GW solar projects were acquired compared to 40 GW in 2020.