Argentina is on track to become Latin America’s most attractive renewable energy market, as the country sets its sights on 20% renewables by 2025 – according to a recent report, launched by BNamericas. The report, “Get in while you can: The time for Argentine renewables is now”, details how other markets in the region are currently less viable for investors.
The report outlines that a combination of market-friendly reforms carried out by the nation’s current government and falling renewable energy prices are contributing to the Argentina’s attractiveness for clean energy investors.
Argentina has declared 2017 as the ‘Renewable Energy Year’ and is looking to increase awareness about the advantages of renewable energy and the important of sustainability.
The country has committed to increase the share of renewables in the nation’s power mix to 20% by 2025, with another target set at 8% by the end of 2017. To achieve these targets, a series of renewable energy auctions are expected to take place over the next few years. The government is expected to auction 10 GW of renewable energy capacity by 2025.
In October 2016, the government issued 1.1 GW of renewable energy projects through a competitive auction – including 400 MW of solar power capacity. The auction – which also included wind energy, bioenergy, and small hydro power projects – attracted bids for 6,366 MW of capacity. A further 516 MW of solar PV capacity was allocated in an auction a month later.
Latin America as a whole has seen significant investment in renewable energy in recent years, most notably in hydropower but the tide is now turning in favour of other renewable sources including wind and solar – according to IRENA’s report, “Renewable Energy Market Analysis: Latin America”, issued recently.
Source: Climate Action