New solar installed capacity in Latin America is expected to break 10GW in 2021
After a difficult 2020, wind and solar energy will develop rapidly in Latin America this year. According to Bloomberg New Energy Finance, the new installed capacity will exceed 10 (GW) Solar Panel System For Home for the first time.
By 2023, a broader recovery will bring the newly added total installed capacity to approximately 30GW, thereby bringing the current utility-scale wind and solar cumulative capacity to 48GW, an increase of two-thirds.
The record growth was due to the pandemic last year that slowed down the pace of project development and inhibited the development of activities. The net increase has dropped sharply, breaking the four consecutive years of growth. The turmoil in Mexico's regulatory agencies has exacerbated this situation.
In the next three years, the fortunes of the four major markets in Latin America will be very different. Brazil and Chile are expected to have a strong momentum of development, and the delayed delivery of projects will strengthen each country’s already auctioned and bilateral power purchase agreement-related project pipelines. On the other hand, activities in Mexico and Argentina may weaken further.
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