Solar market in Latin America could grow by up to 30.8 GW per year by 2026, a report has estimated. In this, Brazil could emerge as the leading country.
According to SolarPower Europe’s “Global Market Outlook for Solar Power 2022-26” report, the PV capacity additions grew by 44% in Latin America, totaling 9.6 GW in 2021. It saw a cumulative capacity of more than 30 GW.
The report stated that Brazil could be one of the top five global markets in the next five years. The report estimated that it could achieve 54 GW total solar capacity by 2026.
This year alone, until last month, Brazil had surpassed 15 GW of total installed solar, out of which 5 GW was added in 2021 alone.
According to the report, "Distributed-generation systems account for 10 GW of installed capacity, and large-scale solar PV power plants for 5 GW."
As per Rodrigo Lopes Suaia, the CEO of ABSOLAR, energy storage might also grow in Brazil. He was quoted, “Electricity tariffs increased by 20% to 25% in the past year, overcoming an inflation rate of 10%. These payments will remain competitive for end-consumers to choose solar.”
He shared that ABSOLAR is working with a focus on regulation and legislation, taxation, access to financing, and technical norms.
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