Leading Companies in the Latin America Renewable Energy Market Landscape

The Latin America renewable energy market reached a capacity of more than 300.8 gigawatts in 2023. The market is projected to grow at a CAGR of 4.1% in the forecast period of 2024-2032 to reach a capacity of more than 431.9 gigawatts by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by the government aim to achieve carbon neutrality by 2050.

Latin America is one of the regions that receives the highest solar radiation globally, making it a hub for solar energy and photovoltaic systems. Between 2015 and 2022, the region increased its renewable capacity by 51%, reaching 64% generation from renewable sources in 2022. By 2050, the region’s renewable energy supply is projected to triple, aiding the demand for renewable energy capacity installation.

By 2030, the Latin America region has aimed to significantly reduce greenhouse gas (GHG) emissions and become net zero by 2050. In Latin America, hydropower is by far the most important renewable energy source. According to BMI (2024), 16 hydropower accounts for more than 50% of energy in seven Latin American markets, with forecasts ranging from 99.7% in Paraguay to 27.5% in Chile in 2024.

Government investments further drive the Latin America renewable energy market growth. In 2023, the Latin America and Caribbean governments planned to invest about USD 20 billion in annual financing in their NDCs to meet climate and energy transition goals.

In October 2024, the Brazilian Development Bank granted a USD 110.7 million (EUR 100 million) loan to support the construction of a 422-MWp solar complex. The financing is projected to be used by vehicle company Irapuru Holding SA to build the Irapuru Solar Complex. The project is part of the Janauba Solar Complex and will expand the total capacity of the asset to 1.6 GWp.

Figure: Mix of Renewable Energy Installed Capacity (%) in Latin America, 2050(E)

Top 5 Renewable Energy Companies in Latin America:

Ingenostrum S.L.

The company is a leading global company in the renewable energy sector, specialising in the engineering and comprehensive development of large-generation plants. It also offers consulting services and support to clients in decision-making, based on a deep understanding of the entire energy cycle. The company’s key services include regulatory and commercial knowledge of electricity markets, generation and management of green energy, legalisation of projects and environmental studies, risk analysis and M&A, and development of projects related to innovative technologies.

Enel Green Power S.p.A

Enel is one of the world’s leading renewable energy companies, playing a key role in the energy transition. Enel manages more than 1,300 power plants on five continents with assets in operation or under construction in 19 countries. It has about 64 GW of installed renewable capacity from a mix of renewable resources, including wind, solar, hydroelectric, and geothermal. The company’s business development strategy is based on sustainability and on technological and geographic diversification.

Gauss Energy

The company stands as a global leader in project development in the energy sector, leading the charge in building a more sustainable economy. Gauss is currently in charge of the flagship Aura Solar Initiative, which consists of more than 130 MWp of large-scale PV and energy storage (BESS) facilities throughout Mexico and Central America.

First Solar, Inc.

First Solar is a leading American solar technology company specialising in the design, manufacturing, and distribution of advanced thin-film photovoltaic (PV) modules. By 2026, the company’s total nameplate capacity is projected to reach 25 GW with a research and development investment of USD 1.5 billion. The company differentiates itself through its use of Cadmium Telluride (CadTel) thin film technology, offering high energy yield and a low carbon footprint compared to conventional silicon-based panels.  

Atlas Renewable Energy

Atlas is Latin America's largest privately-owned renewables independent power producer (IPP) and one of the world's fastest-growing renewable energy companies. The company is supported by Global Infrastructure Partners (GIP), a leading infrastructure fund manager with a renewable energy portfolio of over 19 GW of operating and construction capacity globally. It adheres to strict standards in the development, construction, and operation of large-scale renewable energy projects across all regions of operation.