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September 6 (Renewables Now) - Colombia is expected to increase its installed renewable energy capacity fivefold by 2030, but the country will still boost its coal-fired generation capacity for base-load power, a new report by data and analytics company GlobalData says.
The installed renewables capacity is to rise to a 14% share in 2025 and a 21% share in 2030, from 2% in 2018. GlobalData forecasts that the renewable energy capacity will increase at a compound annual growth rate (CAGR) of 24.4% to reach 5.9 GW due to favourable government policies and announced auctions.
Alongside renewables, Colombia’s coal-based capacity is also slated to rise in 2018-2030. GlobalData’s report on Colombia’s power market outlook states that the coal-fired capacity will increase by 43% to 2.4 GW in 2030, while gas-fired power will account for 14% of the total.
Of all renewables, onshore wind is expected to skyrocket – from 19.5 MW in 2018 to 3.4 GW in 2030. Solar photovoltaic (PV) capacity will grow at 23% CAGR to reach 1.7 GW in 2030 from 172.6 MW in 2019.
Installed geothermal capacity, presently non-existent in the country, is expected to grow at 15% CAGR to 50 MW by 2024 and 115 MW in 2030.
With its generation and transmission expansion plan 2015-2029, Colombia will presumably be capable of integrating high volumes of new renewables. GlobalData estimates that the anticipated grid expansion and modernisation will bring significant investments and is likely to pave the way for new markets for energy storage and energy efficiency systems.