STOA, an investment fund specialised in infrastructure projects in developing and emerging countries, and Voltalia, an international player in renewable energies, have announced that STOA is acquiring a 33% equity stake in Ventos Serra do Mel III (VSM 3), Voltalia’s 152 MW greenfield wind farm, located in Rio Grande do Norte, Brazil.
This transaction is the outcome of very positive discussions initiated in June 2019 with STOA and is another confirmation of the attractiveness of Voltalia’s assets in the Serra Branca wind-and-solar cluster, the world’s largest. It also highlights Voltalia’s value creation strategy centred around the development of renewable assets. For this new wind plant, currently under construction, Voltalia has secured a 20-year power sale contract with CEMIG, a Brazilian public utility.
STOA is a top-tier French investment player specialised in infrastructure projects in developing and emerging countries. This first project for STOA in Latin America follows previous investments closed in countries including South Africa, Cameroon, Gabon, Malawi, Pakistan and India, for a total commitment of €232 million in less than three years. From STOA’s CEO perspective, Charles-Henri Malécot, “This partnership with Voltalia contributes to the portfolio’s geographical diversification beyond the priority given to Africa and establishes STOA as a long-term investor in Latin America. After a hydroelectric project in Cameroon and a wind farm platform in India, both currently under construction, the VSM 3 wind farm project reinforces STOA’s durable commitment for renewable energy projects in emerging countries.”
“This success confirms our capacity to originate and execute deals closely to the ground, thanks to team members and advisors well acquainted with the Brazilian market specificities”, commented Marie-Laure Mazaud, Deputy CEO of STOA.
“We are very pleased to welcome STOA, a top-tier French investment player, as one of our long-term partners. This partnership is a good illustration of our strategy which aims at developing a large volume of competitive projects with the idea of onboarding third-party investors, through long-term partnerships or sales”, commented Sébastien Clerc, CEO of Voltalia.
The new VSM 3 wind farm will be equipped with 3.5 MW Siemens Gamesa turbines. DoisA will provide services related to civil works, and SETA and WEG will work on the electrical balance of plant. The first wind turbines are expected to be completed during 4Q20 with full operation to be reached in 2Q21. The expected climate benefits are very significant – around 90 000 t of equivalent CO2 avoided per year. Following the closing of the transaction, the plant is 57% owned by Voltalia, 33% by STOA, and the remaining 10% by a local partner.
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