Before the new crown epidemic hit and became a major factor influencing the economy of the Western Hemisphere, 2019 South American clean energy investment and installed capacity expansion both set new records. Chile and Brazil's investment in clean energy has rebounded sharply, and the former's investment reached a record high. Mexico has benefited from the previous bids, and it is in a leading position in the newly installed wind power and photovoltaic power generation scale, and the Argentine market has a similar performance. In addition to the impact of the epidemic, Mexico and Argentina are also facing economic and regulatory resistance. In 2020, the development of the photovoltaic market, including the solar mounting system industry, may slow down. With the strong increase in the installed capacity of renewable energy power generation in South America this year, it is expected that the new wind power and photovoltaic installations will peak in 2020, and then gradually enter the platform period.
The installed capacity of new wind power and solar mounting systems in South America hit a new high in 2019. Among them, driven by the photovoltaic boom, Mexico ’s newly installed photovoltaic installations accounted for 40% of the newly installed photovoltaic installations in South America. While both Mexico and Argentina have reached new highs, Brazil's new installed capacity has declined for two consecutive years.
In 2019, new investment in clean energy in South America increased by 47% year-on-year. New projects put into production in Brazil and Chile in the next three years were financed, leading investment growth.
In addition to the impact of the epidemic, the prospect of new installations in the next three years is optimistic with the support of the previous bidding option. However, because only Brazil and Chile plan to carry out reverse bidding for power purchase agreements in 2020, the size of reserve projects after 2022 may be reduced.
As the impact of the epidemic on South America becomes more and more obvious, BNEF will re-evaluate the prediction of clean energy investment and deployment in Latin America in the near future.
a set of data
$ 18.3 bn
Scale of new investment in clean energy in South America in 2019
7.7GW
New installed capacity of wind power and photovoltaics in South America in 2019
26GW
Before the outbreak, BNEF forecasted the scale of newly installed wind power and photovoltaic installations in South America
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