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The Latin America renewable energy market is driven by the stable growth in hydro and biomass energy in the region. Latin America also receives excellent solar radiation, along with offering lower solar project costs as compared to the other areas due to the domestically available solar technologies, making it an extremely attractive investment. Many countries, including Brazil, Chile, Peru, and Uruguay, are investing in the wind capacity to extend their energy portfolio. The growing awareness among the masses about the environmental issues inflicted by the consumption of conventional energy, including coal, fossil fuel, and others, has increased the preference for renewable energy projects. Renewable energy is generated from naturally replenishing sources; that is, they do not deplete in a human's lifetime, for example, wind, biomass, solar, and hydropower, among others. The energy extracted from renewable energy is used to generate electricity and further used in air and water cooling, or heating, and other energy services.
In December 2018, Scatec Solar, along with Equinor (NYSE: EQNR) and Apodi Par, started commercial operations of their 162 MW Apodi Solar in Brazil. Scatec and Equinor also plan on expanding their operations to other parts of Latin America like Argentina. This development is expected to boost the renewable energy market in Latin America, especially in the solar power sector.
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Ingenostrum S.L., Enel Green Power S.p.A, Gauss energy, First Solar, Inc., and Atlas Renewable Energy, among others, are the key players in the Latin America renewable energy market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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