Once the leading solar panel company in the world (before some scandal and bankruptcy), Suntech has regrouped and is now setting its sights on the potentially very lucrative solar markets of Brazil, Chile, and Mexico, according to recent reports.
Considering the rapid growth in solar energy development in Chile over the past few years, Suntech’s interest in that country is hardly surprising — there’s enormous potential there, and a government seeming interested in helping said development along. The interest in the Brazilian and Mexican markets is perhaps slightly less straightforward than with the Chilean one, but, nonetheless, the positives are obvious — great levels of solar insolation, relatively undeveloped (uncrowded) markets, and increasingly supportive policies.
“Chile, most notably, has grown into Latin America’s leading solar market with 400 MW of PV generation under construction,” stated Eric Luo, the CEO of Suntech. “But we see similar potential in Brazil, which is the largest electricity market in Latin America, yet derives only 1% of its electricity from solar power. We believe governments in all of these countries are moving to incentivize the growth of solar, and the demand for high-quality, durable PV modules will grow.”
Seems a fair guess. With the looming issues of fossil fuel depletion and global warming, it’s not a stretch to imagine that countries such as Chile and Brazil will start to invest more into solar energy.
“Suntech has already supplied 30 MW of modules for projects in Mexico in 2013 and we believe that attending Intersolar South America will give potential customers from across Latin America the opportunity to learn more about our new business strategy,” stated Robert Ho, sales director for North, Central, and South America.