Stellantis to invest USD 100m in Argentinian solar firm 360 Energy

Stellantis NV (EPA:STLAP) will invest USD 100 million (EUR 93.6m) to buy a 49.5% stake in Argentinian solar power company 360 Energy Solar SA, making a step towards achieving its energy autonomy goal, the Amsterdam-based automaker said on Thursday.

Solar electricity plays a substantial role in Stellantis's plan to reduce the carbon footprint of its production facilities in South America and worldwide, the automaker said.

Stellantis, which aims to achieve carbon neutrality by 2038, intends to develop jointly with 360 Energy solar parks in different production plants. As part of their joint energy strategy, the two companies also envisage power storage and hydrogen production facilities.

Stellantis said that its Argentinian production sites in Ferreyra and El Palomar are already powered by renewable energy generated by 360 Energy’s solar complex in La Rioja, western Argentina.

Currently, 360 Energy operates six solar plants in the Argentine provinces of San Juan, Catamarca, and La Rioja with an installed capacity of over 250 MWp. Additionally, the company is working on projects in various stages of development with a combined capacity of 500 MWp.

(USD 1 = EUR 0.936)

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