In 2021, the installed capacity of new solar energy and wind energy in Latin America is expected to break 10GW
After the 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 for the first time.
By 2023, the more extensive recovery will make the newly added total installed capacity reach about 30GW, thus making the cumulative capacity of wind and solar energy in the current public utilities reach 48GW, increasing by two-thirds.
The record growth is due to the fact that last year's pandemic slowed down the development of projects, inhibited the development of activities, and the net increase dropped sharply, breaking the growth for four consecutive years. The turmoil in Mexico's regulatory agencies has exacerbated this situation.
In the next three years, the fate of the four major markets in Latin America will be very different. It is expected that Brazil and Chile will have strong development momentum, and the delayed delivery of projects will strengthen the pipeline of projects already auctioned and related to bilateral power purchase agreements in each country. On the other hand, activities in Mexico and Argentina may be further weakened.
