Market Report

Solar PV dynamics in Latin America 2021

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Latin America will install 11.3 GWdc of solar PV capacity in 2021 for a total of 71.9 GWdc by 2026, driven by commercial and industrial clients in the free market (mainly in Brazil and Chile), as auctions take a less meaningful role for procurement. Brazil will be the main driver of new installed capacity, accounting for 46% of the region’s new build this year, followed by Chile (23%) and Mexico (18%). Short and mid-term headwinds limit the region's full realization of solar PV's potential, which range from regulatory changes, to Covid-related setbacks, to infrastructure availability.

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