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Solar energy in Latin America - Statistics & Facts

With a large share of its land area located in tropical latitudes, Latin America has historically been associated with warm weather and sunshine. In recent years, however, this abundant natural resource saw its popularity expand far beyond tourism, and into the energy sector. Aligned with global trends, the installed solar photovoltaic capacity in Latin America and the Caribbean has increased nearly a hundredfold in just under one decade, surpassing 20 gigawatts in 2020. With the cost of solar installations annually decreasing and the cry for more investment in renewable energies growing louder, this tendency shows no signs of slowing down.

A sector in expansion

When it comes to installed capacity, the solar PV sector in Latin America is led by three nations – namely Brazil, Mexico, and Chile. Combined, they accounted for over 80 percent of the region’s solar capacity in 2020, and expansion projects are already on the pipeline. The installed capacity in Brazil was forecast to more than double between 2020 and 2024, reaching nearly 10 gigawatts in the latter year. By that same year, Mexico was expected to reach a similar capacity. Likewise, additions of nearly four gigawatts to Chile’s solar PV capacity were already under construction as of January 2021, with further approved projects adding up to a combined capacity of more than 22 gigawatts.

While these three countries dominate the current market, there is even more potential to be explored in Latin America. Although still lagging behind its neighbors Brazil and Chile, Argentina’s solar capacity nearly quadrupled between 2018 and 2020. Meanwhile, in Colombia, projects with a combined capacity of more than 400 megawatts were in development in the first months of 2021. Within the Caribbean, the Dominican Republic stands out, with at least 800 megawatts of capacity planned.

Foreign investment fueling the Latin American market

Although the development of solar power has received a fair amount of government support in Latin America, as part of the strategy to supply the ever-increasing demand for electricity in the region while still reaching greenhouse gases emission targets, the segment has additionally attracted a lot of international interest. In 2019, foreign investments in solar energy in Latin America surpassed five billion U.S. dollars, nearly quintupling in half a decade. Mexico and Chile were the leading recipient countries of such investments that year, accounting combined for nearly 90 percent of the investment value.

Key figures

The most important key figures provide you with a compact summary of the topic of "Solar power in Latin America" and take you straight to the corresponding statistics.

Solar power generation

  • Mexico
    12.4 TW.h
  • Brazil
    6.7 TW.h
  • Chile
    6.3 TW.h
  • Argentina
    0.8 TW.h

Foreign investments

  • Mexico
    2.65bn USD
  • Chile
    1.82bn USD
  • Argentina
    0.23bn USD
  • Brazil
    0.17bn USD

Costs

Interesting statistics

In the following 5 chapters, you will quickly find the {amountStatistics} most important statistics relating to "Solar power in Latin America".

Solar power in Latin America

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Solar energy in Latin America - Statistics & Facts

With a large share of its land area located in tropical latitudes, Latin America has historically been associated with warm weather and sunshine. In recent years, however, this abundant natural resource saw its popularity expand far beyond tourism, and into the energy sector. Aligned with global trends, the installed solar photovoltaic capacity in Latin America and the Caribbean has increased nearly a hundredfold in just under one decade, surpassing 20 gigawatts in 2020. With the cost of solar installations annually decreasing and the cry for more investment in renewable energies growing louder, this tendency shows no signs of slowing down.

A sector in expansion

When it comes to installed capacity, the solar PV sector in Latin America is led by three nations – namely Brazil, Mexico, and Chile. Combined, they accounted for over 80 percent of the region’s solar capacity in 2020, and expansion projects are already on the pipeline. The installed capacity in Brazil was forecast to more than double between 2020 and 2024, reaching nearly 10 gigawatts in the latter year. By that same year, Mexico was expected to reach a similar capacity. Likewise, additions of nearly four gigawatts to Chile’s solar PV capacity were already under construction as of January 2021, with further approved projects adding up to a combined capacity of more than 22 gigawatts.

While these three countries dominate the current market, there is even more potential to be explored in Latin America. Although still lagging behind its neighbors Brazil and Chile, Argentina’s solar capacity nearly quadrupled between 2018 and 2020. Meanwhile, in Colombia, projects with a combined capacity of more than 400 megawatts were in development in the first months of 2021. Within the Caribbean, the Dominican Republic stands out, with at least 800 megawatts of capacity planned.

Foreign investment fueling the Latin American market

Although the development of solar power has received a fair amount of government support in Latin America, as part of the strategy to supply the ever-increasing demand for electricity in the region while still reaching greenhouse gases emission targets, the segment has additionally attracted a lot of international interest. In 2019, foreign investments in solar energy in Latin America surpassed five billion U.S. dollars, nearly quintupling in half a decade. Mexico and Chile were the leading recipient countries of such investments that year, accounting combined for nearly 90 percent of the investment value.

Interesting statistics

In the following 5 chapters, you will quickly find the {amountStatistics} most important statistics relating to "Solar power in Latin America".

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