Latin America has one of the cleanest electricity systems in the world, with roughly 65 percent of
in 2022. Thanks to its geographical location and abundant natural resources, Latin America has an enormous potential for the further deployment of renewable energy. Hydropower has historically been integral to Latin America’s energy mix, accounting for most of the region's power production. However, aligned with global trends, wind and solar will experience the highest growth in this region in the next years. As of November 2023, there were almost 460 gigawatts of prospective solar and wind projects in the region's
. Overall,
is expected to triple by 2050 if all energy and climate targets are achieved.
Solar energy outlook in Latin America
Latin America's solar photovoltaic capacity has grown rapidly in recent years.
Solar PV installations surpassed 45 gigawatts in 2022 and are
forecast to reach 175 gigawatts by 2030 in a scenario where all of the region's targets are achieved on time, an almost three-fold increase from the first year. Furthermore, considering prospective solar installations, this figure might be surpassed. As of November 2023, there were a total of 225 gigawatts of
large-scale solar projects under development in Latin America, 200 of which were in the stages of construction and pre-construction. Among renewable energy technologies, solar is expected to show the highest growth until 2030, with solar PV and concentrating solar power growing with a
compound annual rate of 18 and 42 percent, respectively.
Latin America's wind energy outlook
Wind energy is also growing rapidly in Latin America, although at a slower pace than solar. In total, some 230 gigawatts of wind power were in the region's pipeline, with roughly 130 gigawatts under construction or in the pre-construction phase. Most of these new projects will be located in Brazil, which accounts for almost 80 percent of
Latin America's prospective wind power capacity and is the leading renewable energy market in the region. Regarding offshore wind, Colombia is on track to be the first country to start operating an offshore wind farm in the region. The country has a handful of offshore projects announced and it will be among the countries with the largest
floating offshore capacity in 2030. If all climate and energy targets in Latin American countries are met on time,
onshore and offshore wind capacity is forecast to surpass 100 gigawatts by 2030.
This text provides general information. Statista assumes no
liability for the information given being complete or correct.
Due to varying update cycles, statistics can display more up-to-date
data than referenced in the text.
