Automobile producer Stellantis has agreed to take a position $100 million in a 49.5% stake in Argentina’s 360 Power Photo voltaic. The 2 events plan to develop new photo voltaic crops, set up large-scale storage techniques, and produce hydrogen power.
Automaker Stellantis stated it is going to purchase a 49.5% stake in Argentine PV energy producer 360 Power Photo voltaic via a $100 million funding.
Stellantis stated the 2 events will develop new photo voltaic crops, set up large-scale storage techniques, and produce hydrogen power.
Work will start by increasing renewable power at Stellantis’ Ferreyra and El Palomar crops within the Argentine provinces of Cordoba and Buenos Aires, that are each powered by 360 Power Photo voltaic’s La Rioja PV plant.
Stellantis makes and sells Citroen, Fiat and Peugeot autos in Argentina. The corporate stated the funding represents an necessary step towards its purpose of power autonomy, as it really works to realize carbon neutrality by 2038.
“Our purpose of providing clear, protected and inexpensive mobility challenges us to rethink each a part of our operations and the infrastructure that helps us,” stated Emanuele Cappellano, the president of Stellantis for South America. “A sustainable electrical mobility ecosystem isn’t attainable with out out there clear power.”
360 Power Photo voltaic at present owns six PV crops within the provinces of San Juan, Catamarca and La Rioja, with an put in producing capability of greater than 250 MW. It stated it has one other 500 MWp of initiatives within the pipeline in Argentina.
“We’re satisfied that photo voltaic power will lead the worldwide power transition,” stated 360 Power CEO Federico Sbarbi Osuna. “This new path that we’re embarking on along with Stellantis will enable us to speed up our progress plans in Argentina and increase our operations to different international locations in Latin America and Europe, consolidating ourselves as a number one participant within the power transition.”
In December 2022, Stellantis signed what was then the second-largest company energy buy settlement in US historical past, to acquire 400 MW of latest photo voltaic within the state of Michigan.
Earlier this yr, pv journal reported that Argentina had hit 1.36 GW of PV capability by the tip of 2023.
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