Renewable energy markets are getting ready to boom in Latin America, says Greentech Media. Recent auctions saw solar outcompete all other technologies in the region; solar walked away with 20% of the offered capacity in Chile, 63% in Brazil, 40% in Peru, and 72% in Mexico. In 2017, GTM expects Mexico to install 2 GW, accounting for nearly half of all installations in the entire Latin America region that year.
Latin America is on track to install 2.2 GW of solar PV in 2016, according to new figures from GTM Research. Also from that research, GTM found that Chili is leading solar PV in the region at more than 8 times its closest competitor – Mexico. Both Mexico and Brazil, however, are predicted to install more solar PV in 2017, and surpass Chile’s cumulative capacity sometime in 2018.
In 2016, Chile is set to acquire 30% of the regional demand, followed hot on its heels by Mexico with 29%, and Brazil with 14%. Although struggling with an economic downturn Brazil’s 3 GW pipeline is impressive, but is weakened by falling electricity demand and cancellation of several transmission projects. Overall, Latin America is expected to grow 55% in 2016, installing up to 2.2 GW, and attracting ever-increasing shares of global demand, before it peaks in 2018 at 9.3%.