BUENOS AIRES (Reuters) – Automaker Stellantis said on Wednesday it will pay $100 million to acquire 49.5% of 360 Energy Solar, one of Argentina’s leading solar power producers, in a push towards making its plants more energy self-sufficient.
Stellantis, which makes and sells Citroen, Fiat and Peugeot vehicles in the South American country, said in a statement the partners will develop additional solar plants, install large-scale solar storage systems and produce hydrogen energy.
The investment will allow the automaker to boost renewable energy at its Ferreyra and El Palomar plants in the provinces of Cordoba and Buenos Aires, respectively, Stellantis said. Both facilities are powered by 360’s La Rioja solar power plant.
360 Energy owns six photovoltaic plants in the provinces of San Juan, Catamarca and La Rioja, with an installed generating capacity of more than 250 megawatts.
(Reporting by Walter Bianchi; Editing by David Alire Garcia and Richard Chang)
