According to the IHS company's solar photovoltaic market outlook report, driven by some growth factors, Latin America will become an important photovoltaic market in the next few years, which may shift the region from relying heavily on crude oil to renewable solar energy.
In the eight important markets in Latin America, the total installed capacity in 2012-2016 is expected to be 5.3GW, and Chile will account for 60% of them. Mexico ranks second in size and is expected to account for 16%, followed by Brazil with 15%. Other countries with relatively prominent photovoltaic development in the region include the Dominican Republic, Argentina, Jamaica, Ecuador and Peru, as shown in Figure 3.
Figure 3: Latin America's estimated PV installed capacity, broken down by country (estimated total installed capacity of 5.3 GW)
Driven by some factors, Latin America is becoming an attractive area for the development of solar energy. Industrial and commercial electricity prices are too high, local renewable energy is abundant, and electricity demand is expected to increase by 26%. These factors are conducive to solar energy development activities. Therefore, the region has attracted more and more interest from photovoltaic companies. In the rapidly changing photovoltaic market, companies are looking for opportunities everywhere to maintain and increase solar shipments.
Some countries have developed solar energy faster than others. For example, Chile accounts for a large portion of the expected installed capacity and is at the forefront. Developers expect to use resources through large-scale projects to meet the power needs of the prosperous mining industry.
Brazil is the largest country in Latin America. After the wind energy industry has expanded significantly, people are concerned about the possibility of developing solar energy in the country. In the near future, there may be the best opportunity to develop photovoltaics in the commercial sector.
Many other places are also very active in photovoltaics. Countries such as the Dominican Republic, Jamaica and Ecuador, which rely heavily on oil for power generation, as well as other markets such as Cuba and Honduras, have announced that the total installed photovoltaic capacity is close to 200MW. From the perspective of solar tenders, the solar industry activities in Ecuador and Argentina are also prominent.
However, there are still some challenges to overcome. Despite the increase in development projects announced by many countries, only 10% of Latin American solar projects have identified electricity buyers, indicating that many projects are not mature. The project is also expected to lack major goals and incentives, whether from the government or other official agencies. therefore. Although the prospects for photovoltaic development are very good, due to the difficulty of solar projects in some markets to compete with lower-cost wind and hydropower, the recent development of photovoltaics will show a gradual and decentralized trend.
Of the current planned development projects, 11 are from Spain, which has experienced technology suppliers and developers such as T-Solar, OPDE, Isofoton and Ingenostrum. Global renewable energy manufacturers such as AES, Element Power and Mainstream are also eyeing solar development opportunities in the region. The main financing institution is the Inter-American Development Bank. Banks in Europe, the Americas and Asia also cooperate with local developers to support the development of solar energy in the region. In the IHS iSuppli report, you can find a more detailed list of manufacturers and their preferred solar technology, operating regions and capacity, these data are the basis of this report.
In the market with the highest risk, insuring against sovereign risk may be a relatively large cost, with insurance premiums of up to US $ 5 million for 20MW projects. This highlights the importance of multilateral financing.
Most of the solar energy supply chain is located in Mexico and supplies North America. Overall, Latin America currently has about 1.4GW of solar manufacturing capacity, and two plants are planned to be built-in Argentina and Brazil, respectively, and may add an additional 130MW to the announced capacity projects.
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