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Latin America surpasses 4GW solar capacity
Time:2016-11-12 Hits:

The Latin America region had installed 1.8GW of solar PV by the end of the third quarter this year, already up 400MW from 1.4GW in 2015, according to GTM Research’s Latin America PV Playbook for Q3 2016.

This brings the region's cumulative total to more than 4GW with much of this deployment in Chile, a country that is expected to surpass 2GW by the end of this year.

The industry has progressed well, driven by auctions in Mexico and Chile where solar played a key role and tariffs continued to decline in line with trends across the rest of the world. Argentina had an “impressive breakout year” with auctions making way for 300MW of solar under the RenovAR programme. Moreover, national and regional development banks have established lines of credit in Argentina as project risk has been decreased by ratings agency Fitch.

Latin America is now expected to account for 3.4% of the global PV market this year, with this percentage significantly rising in 2017 and 2018 once the auctioned projects start to come online. Annual capacity additions are expected to double to nearly 4.1GW next year, up from 1.9GW in 2016.

Utility-scale solar is beating other forms of alternative energy on price in Brazil, Chile and Mexico, while international players are making significant investments in the region as they foresee high rates of return at present. The main challenges continue to be economic and currency risks as well as policy hindrances to project completions.

 

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