(SeeNews) - Sep 29, 2014 - The Latin America and Caribbean (LAC) region’s solar photovoltaic (PV) project pipeline has surpassed 22 GW across various phases and NPD Solarbuzz expects to see 9 GW completed in the next five years.
The market analytics company pointed out that Brazil, Chile and Mexico are the main growth drivers but the rest of the countries in the region also offer good solar investment opportunities. Already, there are 1 GW of solar plants under construction and 5 GW of permitted and construction-ready projects.
“Many countries across the LAC region have the potential to develop into major solar PV markets in the future,” said Michael Barker, senior analyst at NPD Solarbuzz. He explains in the "Emerging PV Markets Report: Latin America & Caribbean" that the combination of great solar irradiation and high power prices in the region make solar PV deployment a good fit.
For several years, the LAC PV market has evolved significantly from its earlier state where demand came mainly from small-scale and off-grid applications. Brazil, Chile and Mexico, in particular, have already embraced solar energy as a source able to meet their large-scale utility power requirements.
With all that said, it is not surprising that experienced renewable energy companies from around the globe are drawing plans for projects in the LAC region. NPD Solarbuzz’s list of LAC-involved global players includes US-based First Solar Inc (NASDAQ:FSLR) and SunPower (NASDAQ:SPWR), Ireland-based Mainstream Renewable Power, Enel Green Power (BIT:EGPW) from Italy and Spanish company Solaria Energia y Medio Ambiente (MCE:SLR). The researcher noted that the involvement of experienced firms boosts the likelihood that the projects in the pipeline will "ultimately" be executed.