Solar energy in Latin America

With a large portion of its land area located in tropical latitudes, Latin America has always been associated with warm weather and sunshine. In recent years, however, the popularity of this abundant natural resource has expanded far beyond tourism to include the energy sector. In line with global trends, installed solar photovoltaic capacity in Latin America and the Caribbean has increased almost a hundredfold in just under a decade and is projected to exceed 20 gigawatts in 2020. As the cost of solar installations continues to fall annually and calls for greater investment in renewable energy grow louder, there are no signs of this trend slowing.

An economic sector on the rise

When it comes to installed capacity, the solar PV industry in Latin America is led by three nations: Brazil, Mexico, and Chile. Together, they accounted for over 80 percent of the region's solar capacity in 2020, and expansion projects are already in the pipeline. Brazil's installed capacity is expected to more than double between 2020 and 2024, reaching almost 10 gigawatts last year. Mexico is projected to reach a similar capacity in the same year. Chile also had almost four gigawatts of solar PV capacity under construction as of January 2021, with other approved projects adding up to a total capacity of more than 22 gigawatts.
While these three countries dominate the current market, there is still more untapped potential in Latin America. Although Argentina still lags behind its neighbors Brazil and Chile, its solar capacity nearly quadrupled between 2018 and 2020. In Colombia, projects with a total capacity of more than 400 megawatts were under development in the first months of 2021. In the Caribbean, the Dominican Republic stands out with at least 800 megawatts of planned capacity.

Foreign investment is boosting the Latin American market

Although the development of solar energy in Latin America is strongly supported by the government to meet the region's ever-increasing electricity demand while simultaneously achieving greenhouse gas emission targets, the sector has also attracted considerable international interest. In 2019, foreign investment in solar energy in Latin America exceeded five billion US dollars, nearly quintupling in half a decade. Mexico and Chile were the leading recipients of such investment that year, accounting for almost 90 percent of the total investment value.

Solar power in Latin America

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