Stellantis, the automaker behind renowned brands like Citroen, Fiat, and Peugeot, has announced a significant move towards sustainability by acquiring 49.5% of Argentina’s leading solar power producer, 360 Energy Solar, for USD 100 million.
Driving sustainability with solar power
In a bid to enhance the sustainability of its operations, Stellantis has taken a strategic step towards renewable energy. By partnering with 360 Energy Solar, the company aims to bolster its energy, self-sufficiency and reduce its carbon footprint.
Expansion of solar infrastructure
The collaboration between Stellantis and 360 Energy Solar will involve the development of additional solar plants across Argentina. These plants will not only generate clean energy but also incorporate large-scale solar storage systems and facilitate the production of hydrogen energy.
Empowering plant operations
Stellantis plans to utilise the investment to ramp up renewable energy usage at its Ferreyra and El Palomar plants located in the provinces of Cordoba and Buenos Aires, respectively. These facilities will benefit from the renewable energy generated by 360’s La Rioja solar power plant.
360 Energy Solar’s portfolio
360 Energy Solar boasts an impressive portfolio, with ownership of six photovoltaic plants spread across the provinces of San Juan, Catamarca, and La Rioja. These plants collectively possess an installed generating capacity exceeding 250 megawatts.
Why invest in solar power?
The decision by Stellantis to invest in solar power aligns with a broader trend within the automotive industry towards sustainability and environmental responsibility. By harnessing solar energy, Stellantis aims to:
- Reduce environmental impact: Solar power is a clean and renewable energy source that produces minimal greenhouse gas emissions, thus helping Stellantis mitigate its environmental impact and contribute to combating climate change.
- Enhance energy security: By diversifying its energy sources and investing in solar power, Stellantis can reduce its reliance on traditional energy grids, ensuring a more stable and secure energy supply for its manufacturing operations.
- Cost savings: While the initial investment in solar infrastructure may be substantial, the long-term benefits include significant cost savings on energy bills. By generating its electricity from solar power, Stellantis can potentially reduce its operational expenses over time.
- Fulfil corporate social responsibility: As consumers increasingly demand sustainable products and practices, investing in solar power allows Stellantis to demonstrate its commitment to corporate social responsibility, and appeal to environmentally-conscious customers.
Stellantis’ partnership with 360 Energy Solar marks a significant milestone in the automotive industry’s transition towards sustainability. By embracing solar power, Stellantis not only aims to reduce its environmental footprint but also sets a precedent for other manufacturers to follow suit in the pursuit of a greener and more sustainable future.