Stellantis buys US$100 million stake in Argentinian 360Energy Solar

Facebook
Twitter
LinkedIn
Reddit
Email
Stellantis said that its move will help to decarbonise operations at its South American facilities. Image: Stellantis/360Energy

Netherlands-headquartered automotive manufacturer Stellantis has acquired a minority stake in Argentinian renewable energy company 360Energy Solar.

Through a US$100 million investment representing a 49.5% stake in the share capital of 360Energy, Stellantis said that its move will help ecarbonise operations at its South American facilities. In particular, the manufacturer is seeking solar PV, battery energy storage systems (BESS) and green hydrogen projects to support its operations.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Stellantis has a commitment to achieve carbon neutrality by 2038.

As part of the joint strategy between the two companies, 360Energy is already supplying clean power to Stellantis’ Argentinian production centres in Ferreyra (Córdoba) and El Palomar (Buenos Aires) from its La Rioja Solar Complex.

Including La Rioja, 360Energy has roughly 250MW of operational solar PV in Argentina, and a further 500MW of project pipeline.

Federico Sbarbi Osuna, CEO of 360Energy said: “This new path that we are embarking on together with Stellantis will allow us to accelerate our growth plans in Argentina and expand our operations to other countries in Latin America and Europe.”

Argentina’s solar market has seen increasing interest over the last year. In July 2023, the government issued a 620MW renewable energy tender which was oversubscribed with over 630MW of applications, over 500MW of which were for solar PV. In September, the government announced an agreement with ten northern provinces – known collectively as Región Norte Grande – to deploy 2.5GW of new renewable energy capacity including solar PV, small hydro, biomass and biogas. The allocated capacity in the regions ranges from 145MW to 370MW.

More recently, Chilean solar developer Verano Energy sold a 150MWp PV project in the western Argentinian region of Mendoza to an unnamed party.

Despite this recent activity, Argentina’s solar market is notably smaller than its neighbours’; energy think tank Ember said that the country had around 1.1GW of installed PV capacity as of the end of 2022.

26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

May 24, 2024
Solar project developer Recurrent Energy has secured a €674 million (US$730 million) revolving credit facility to expand its European solar and battery energy storage system (BESS) portfolio.
May 24, 2024
Ørsted has closed a US$680 million tax equity financing with JP Morgan for a solar project, alongside a solar-plus-storage project.
May 24, 2024
Indian solar installations increased by over 400% in the first quarter of 2024 to the highest quarterly deployment levels in its history.
May 23, 2024
The flurry of recent tariff changes for solar imports to the US is likely to make products from Southeast Asia less attractive to buyers, according to renewables analysis firm Clean Energy Associates (CEA).
May 22, 2024
Over 200MW of new solar PV capacity will be brought online in New Zealand following two new partnerships established in the last week.
May 22, 2024
Singapore-headquartered solar manufacturer Maxeon has received a notice of non-compliance from the Nasdaq stock exchange for failing to file its financial statements on time.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 29, 2024
11am (EDT) / 5pm (CEST)
Solar Media Events
June 4, 2024
London, UK
Upcoming Webinars
June 11, 2024
3:00 PM (BST) / 4:00 PM (CEST)
Solar Media Events
July 2, 2024
Athens, Greece