Summary Latin America: The next growth point for photovoltaics, countries such as Chile, Brazil and Mexico will provide opportunities for solar energy development. According to IHS's solar PV market outlook report, Latin America will become an important PV market in the next few years, driven by some growth factors.
Latin America: The next growth point for photovoltaics, countries such as Chile, Brazil and Mexico will provide opportunities for solar energy development. According to IHS's solar PV market outlook report, Latin America will become an important PV market in the next few years, driven by some growth factors, which may cause the region to shift heavily from crude oil to renewable solar energy.
In eight key markets in Latin America, the overall installed capacity is expected to be 5.3 GW in 2012-2016, with Chile accounting for 60%. Mexico ranks second, with an expected 16%, followed by Brazil with 15%. Other countries with prominent PV development in the region include the Dominican Republic, Argentina, Jamaica, Ecuador and Peru.
Driven by a number of factors, Latin America is becoming an attractive area for developing solar energy. Industrial and commercial electricity prices are too high, local renewable energy is abundant, and electricity demand is expected to increase by 26%. These factors are beneficial to solar energy development activities. As a result, the region is attracting more and more interest from PV companies. In the rapidly changing PV market, companies are looking for opportunities to maintain and increase solar shipments.
In some countries, solar energy is growing faster than other countries. For example, Chile is a large part of the expected installed capacity and is at the forefront. Developers expect to use resources through large projects to meet the booming mining industry's demand for electricity.
Brazil is the largest country in Latin America. After the dramatic expansion of the wind energy industry, people are concerned about the possibility of developing solar energy in the country. In the near term, there may be best opportunities to develop photovoltaics in the commercial sector.
Many other places are also very active for photovoltaics. Countries such as the Dominican Republic, Jamaica and Ecuador that rely heavily on oil power generation, as well as other markets such as Cuba and Honduras, have a combined PV installation capacity of nearly 200 MW in announced projects. From the perspective of solar bidding, the solar industry activities in Ecuador and Argentina are also prominent.
However, there are still some challenges that need to be overcome. Despite the increase in development projects announced by many countries, only 10% of Latin American solar projects have identified electricity buyers, indicating that many projects are immature. Projects are also expected to lack major goals and incentives, whether from government or other official agencies. therefore. Although the prospects for photovoltaic development are very good, as solar energy projects are difficult to compete with lower-cost wind power and hydropower in some markets, the recent development of photovoltaics will show a gradual and decentralized trend.
Of the current planned development projects, 11 are from Spain, and the country has experienced technology suppliers and developers such as T-Solar, OPDE, Isofoton and Ingenostrum. Global renewable energy companies such as AES, Element Power and Mainstream are also eyeing solar development opportunities in the region. The main financing institution is the Inter-American Development Bank, and banks in Europe, the Americas and Asia have also worked with local developers to support the development of solar energy in the region. A more detailed list of manufacturers and their preferred solar technologies, operating areas and capacities can be found in the IHS iSuppli report, which is the basis of this report.
In the most risky markets, insuring against sovereign risk can be a significant cost, with insurance premiums of up to $5 million for 20MW projects. This highlights the importance of multilateral financing.
Most of the solar supply chain is located in Mexico and is supplied to North America. Overall, Latin America currently has approximately 1.4 GW of solar manufacturing capacity, and two plants are planned to be built – in Argentina and Brazil, respectively, possibly adding more than 130 MW to announced capacity projects.
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