Solar energy in Latin America

Because a large portion of the land area lies at tropical latitudes, Latin America has always been associated with warm weather and sunshine. However, in recent years, the popularity of this abundant natural resource has expanded well beyond tourism to 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 will exceed 20 gigawatts in 2020. As the cost of solar installations declines annually and the call for more investment in renewable energy grows louder, there is no sign of this trend slowing down.

An economic sector on the rise

When it comes to the installed capacity, the solar PV economic branch in Latin America is listed by three nations – namely Brazil, Mexico and Chile. Together they made up over 80 percent of solar capacity in the region in 2020, and expansion projects are already in the pipeline. The installed capacity in Brazil will probably be more than double between 2020 and 2024 and almost 10 gigawatts last year. Mexico is to achieve a similar capacity in the same year. Also in Chile, almost four gigawatts of solar PV capacity were under construction in January 2021, and other approved projects add up to a total capacity of more than 22 gigawatt.
While these three countries dominate the current market, there is even more potential in Latin America that needs to be developed. Although Argentina is still behind his neighbors Brazil and Chile, his solar capacity has almost quadrupled between 2018 and 2020. In Colombia, projects with a total capacity of more than 400 megawatts were in development in the first months of 2021. In the Caribbean, the Dominican Republic stands out with at least 800 megawatts of planned performance.

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 ever-increasing demand for electricity in the region while meeting greenhouse gas emission targets, the segment has additionally attracted a lot of international interest. In 2019, foreign investment in solar energy in Latin America exceeded $5 billion, increasing nearly fivefold in half a decade. Mexico and Chile were the leading recipients of such investments this year, together accounting for almost 90 percent of the investment value.

Solar power in Latin America

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