Latin America, a huge global PV market

With high insolation levels and growing demand, Latin America is positioned to become one of the most attractive regions on the planet for solar development. According to the latest edition of the Latin America PV Playbook published by GTM Research, the Latin American region installed 207 MW in Q1 of 2015 for a total cumulative market of 912 MW including 66 utility-scale solar plants. This represents a growth of 223% compared to 2014, but figures are 25% down on the last quarter.

In line with data published by GTM Research, 2.2 GW of solar PV energy is expected to be installed in the region in 2015, half of which will be in Chile. Central America is also on the up where Guatemala already has 55 MW in operation and Honduras is expected to pass Mexico as the second largest market this year. Over 2015-2020, a total of 21 GW of PV energy will be installed in Latin America.

The projects portfolio in Latin America amounts to 34 GW, surpassing the pipelines of the USA and Japan. This portfolio is distributed as follows: 25 GW in projects have been announced (29% down on the previous quarter and 63% more compared with the same period of the previous year), 6.8 GW in contracted projects (7% up on the previous quarter and 1,825% up on the same period of last year), 1.9 GW under construction (316% up on last quarter and 2,014% more than the same period last year). Read more…

Article published in: FuturENERGY May 2015