Latin America Solar Market Grew 370% In 2014

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New figures released by GTM Research show that the Latin America solar PV market grew by 370% in 2014, installing a total of 625 MW.

Latin America comprises Mexico, Central America, South America, and the Caribbean, a number of regions that have each been making big inroads in renewable energy generation.

Latin America PV Installations 2013-2015E (estimated)

The regional Latin America leader was Chile, making up more than three-quarters of the Latin America total. As an example, in the fourth quarter of 2014 alone, Chile installed double the amount of Latin America’s annual solar PV total in 2013.

Mexico and Brazil filled out the top three spots, second and third (respectively).

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The Latin America region has regularly been touted as one of the new hot-spots for renewable energy growth — especially solar.

Figures provided by NPD Solarbuzz back in September projected 9 GW of solar PV to be installed over the next five years in Latin America and the Caribbean.

Latin America and Caribbean Five-Year Cumulative Demand Forecast by Project Status

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A few months later, a report published by the Worldwatch Institute found that renewable energy growth in Latin America and the Caribbean could address significant economic, social, and environmental challenges.

“Our goal was to prepare a concise and comprehensive report on the current status of, and powerful drivers for, renewable energy in the LAC region,” says Alexander Ochs, Worldwatch’s Director of Climate and Energy and the project leader.

“We identify key technology, market, and policy barriers, as well as concrete instruments to overcome them. Because of the region’s high vulnerability to extreme weather events, we specifically address the energy sector’s climate change adaptation needs. And we provide a clear set of recommendations to multilateral banks for how to best fulfil their important role in supporting renewable energy development and deployment.”

GTM’s research seems to back up the importance of the Latin America region, predicting another “breakthrough year” for the region, “solidifying its position as the fastest growing region in the history of the solar market.”

The report, published moments ago, predicted the market to install 2.1 GW of PV in 2015. Key findings from the Q4 2014 Latin America PV Playbook include:

• 625 MW of PV were installed in Latin America in 2014, representing 370% annual growth over 2013
• The largest regional markets for solar in 2014 were Chile, Mexico and Brazil
• GTM Research expects the region to install 2.1 GW in 2015, a 237% annual growth over 2014

• The largest markets in 2015 are expected to be Chile, Honduras and Mexico
• The total PV project pipeline for Latin America now exceeds 30 GW