Brazil’s investments in PV sector likely to exceed $7.8 billion in 2024

The new investments in the PV sector in Brazil can exceed BRL 38.9 billion ($7.8 billion) in 2024.

This forecast was made by the Brazilian solar energy association Absolar.

According to the association, there could be an installation of more than 9.3 GW of solar capacity in 2024. It means that the capacity will reach a cumulative total of over 45.5 GW. This number is more than 26% from 36.1 GW at present.

Absolar is of view that solar capacity is expected to maintain the same level as witnessed last year in 2022 and this year.

Ronaldo Koloszuk, president of the board of directors of Absolar, and Rodrigo Sauaia, the CEO of Absolar are of the view that the increased solar capacity will contribute to the social, economic, and environmental development of Brazil.

Meanwhile, the PV sector is likely to generate more than 281.6 thousand new jobs next year. This means that there will be additional revenue for the state budget.