Latin America’s wind and solar market to double by 2027

Latin America’s wind and solar market is likely to double by 2027, as investment in renewable energies has increased sharply in over the past decade.

According to a report “Latin American Successes in the Energy Transition,” measures are being taken and momentum is being generated towards exponential change in our energy systems.

“Some countries are moving forward by taking significant steps towards decarbonization while also building new industries and creating jobs, reducing dependence on energy imports and protecting consumers from volatile fossil fuel prices,” it stated.

The report focused on Brazil, Chile and Uruguay, but also included progress in Mexico, Guatemala, Costa Rica and Colombia, among other countries.

“More than $15 billion in investment has been allocated each year, totaling almost $167 billion over the past decade. This number is mainly driven by wind and solar investment,” the report stated.

As per the study, non-hydro renewable energy represents more than 30% of installed capacity in seven countries in the region while there are some 320 wind and solar projects in the pipeline. Out of these, 200 projects are in pre-construction or construction phase.

To be noted, renewable energy investment in the region provided 100 GW of wind and solar capacity in 2022.

The study was released as part of “Latin America and the Caribbean Climate Week.”