Reuters reports that automotive manufacturer Stellantis has acquired a 49.5% stake in Argentine solar power producer 360 Energy Solar for $100m (€93.65m).
The move is part of Stellantis' strategy to increase energy self-sufficiency in its operations.
The partnership will focus on the development of new solar plants, the installation of large-scale solar storage systems and the production of hydrogen energy.
The investment is set to enhance the renewable energy capabilities at Stellantis' Ferreyra and El Palomar plants, currently powered by 360's La Rioja solar power plant.
360 Energy Solar is known for its involvement in the solar project development value chain, which includes development, technological research, marketing, construction, and operation and maintenance.
The company owns six photovoltaic plants across the San Juan, Catamarca and La Rioja provinces, with a total generating capacity of 250MW.
In October 2023, Stellantis invested $90m in Argentina Lithium & Energy, acquiring a 19.9% stake through its subsidiary Peugeot Citroen Argentina.
In December 2022, the automaker signed a power purchase agreement (PPA) with DTE Energy for 400MW of new solar development in Michigan, US.
In Europe, the company signed a PPA for 12,000 megawatt-hours (MWh) of solar power in Zaragoza, Spain, and 4,000MWh of solar power at the Mangualde manufacturing plant in Portugal.
Stellantis plans for 100% of its electricity usage at 70 office and manufacturing sites in Michigan to be solar-powered by 2026. The initiative will reduce emissions by 50% in North America and by 30% across all its manufacturing facilities.
