FW: INFO :The Latin America Solar Market Grew 370% in 2014, Installed 625 MW

Still early days in LATAM

 

From: Carlos Arguedas [mailto:carlos.arguedas@jinkosolar.com]
Sent: Tuesday, February 3, 2015 10:34 PM
To: mbannerman@arcstarenergy.com; Brent O'Connor; cwassell@arcstarenergy.com; carguedasr@gmail.com
Subject: INFO :The Latin America Solar Market Grew 370% in 2014, Installed 625 MW

 

FYI

With the newest edition of the Latin America PV Playbook released this week, I wanted to pass along the Press Release and some key stats from Q4 and 2014. I've also started a free biweekly newsletter on Latin America solar if you want more regular updates.

 

Key findings from Q4 2014 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

Latin America is beginning another breakthrough year, solidifying its position as the fastest growing region in the history of the solar market. Check out the release below to see how the market fared in 2014. The PV Playbook is the definitive source of quarterly PV installation numbers for the entire Latin American region.

The Latin America Solar Market Grew 370% in 2014, Installed 625 MW 
GTM Research's newest report says the regional market will more than triple again in 2015.

The Latin American region, which is comprised of Mexico, Central America, South America and the Caribbean, installed 625 megawatts of solar photovoltaics (PV) in 2014, a 370 percent annual growth rate over 2013. That's according to the newly released Q4 2014 Latin America PV Playbook from GTM Research.

FIGURE: Latin America PV Installations 2013-2015E
 

Source: GTM Research Latin America PV Playbook

With its strong utility-scale market, Chile led the region in PV installations in 2014, making up more than three-quarters of the Latin American total. In the fourth quarter alone, Chile installed double the amount of Latin America's annual total in 2013.

The report ranks Mexico and Brazil in second and third, respectively.

Mexico installed 67 megawatts of PV in 2014, down from the 72 installed in 2013. However, don't count the market out. GTM Research solar analyst Adam James notes in the report, "The real opportunity for Mexico lies ahead." James cites an 84 percent growth rate through 2018 with a cumulative capacity of 3.3 gigawatts at that point.

Despite ranking third in the region this year, Brazil did not live up to expectations. The report cites net metering problems and a lack of financing as constraining the distributed generation market. Brazil installed 21 megawatts of PV in 2014, up from 19 the year prior. "Next year," writes James, "may improve with the introduction of lower-cost capital from the Brazilian Development bank (BNDES), tax breaks at the national and state level, and increased access to financing for distributed generation."

Latin America is beginning another breakthrough year, solidifying its position as the fastest growing region in the history of the solar market. GTM Research forecasts the market to install 2.1 gigawatts of PV in 2015.

For more information, download the key findings from the quarter at http://www.greentechmedia.com/research/report/latin-america-pv-playbook.

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About the Latin America PV Playbook:
Latin America is the global frontier for unsubsidized markets. Eyeing its potential, GTM Research introduced the Latin America PV Playbook, the industry's most in-depth analysis of the budding market. The PV Playbook is delivered quarterly and includes PV installation figures, forecasts, market and policy analysis and an ongoing project database.

About GTM Research:
GTM Research, a division of Greentech Media, provides critical and timely market analysis in the form of research reports, data services, advisory services and strategic consulting. GTM Research's analysis also underpins Greentech Media's webinars and live events. Our coverage spans the green energy industry including solar power, grid modernization, energy storage, energy efficiency and wind power sectors.

Media Contact:
Mike Munsell - GTM Research - munsell@gtmresearch.com, 617-500-7764