The global automotive giant Stellantis, which manufactures Fiat, Peugeot, Citroën, Chrysler, Alfa Romeo, Jeep, Dodge, Opel and Maserati, among others, has entered the renewable energy business in Argentina. Although it has not yet formally announced it, industry sources confirmed to EconoJournal that it has agreed to enter 360 Energy, an Argentine company in the renewable sector that operates five solar parks in the NOA and is building new photovoltaic generation plants in San Juan and La Rioja. The amount of the acquisition is not yet known, but sources indicated that it would be for around 50% of the stake in the Argentine renewable company.
Stellantis, based in Amsterdam, was created in January 2021, from the merger between the Italian-American group Fiat Chrysler Automobiles and the French Groupe PSA. It is currently the world’s fourth-largest carmaker and the first in Latin America. The decision to enter the renewable energy business has to do with a global definition of the automotive giant to accelerate electrification in the energy transition in a strategic plan known as Dare Forward 2030.
Argentina and Brazil
The entry into 360 Energy will position the carmaker in the renewable sector in Argentina, where it has a production plant in Córdoba and another in El Palomar (Buenos Aires). In addition, 360 Energy and Stellantis plan to enter renewable generation in Brazil, where the carmaker also has vehicle factories. The idea would be to build a 65 MW solar plant linked to the car factories in the states of Pernambuco and Minas Gerais.
Stellantis led automotive sales in the first quarter of the year in Argentina with 36,000 units sold, representing 31.8% of the local market. In production, Stellantis also leads the Argentinean market with a year-on-year growth of 36.4% (more than 40,000 units) compared to the first three months of 2022.
Copper and electrification
As part of the electrification agenda, the multinational Stellantis had already entered the country’s mining sector in February, with the US$ 155 million acquisition of 14.2% of the Canadian company McEwen Copper, which is carrying out the Los Azules copper megaproject in the province of San Juan. According to Canadian consultancy Mining Intelligence, it is among the top 10 undeveloped copper mines in the world.
Stellantis’ goal is to secure copper supplies to accelerate electrification and lead the automotive industry, with a commitment to be carbon neutral by 2038, according to Carlos Tavares, the multinational’s global CEO, in a statement released in February.
SOURCE: econojournal.com.ar