Wind power is expected to be a main driver of non-hydro renewables growth in the Latin American region over the next decade. The segment is forecast to add 34.7GW of capacity by 2031, growing at an average annual rate of 7.1% over the 10-year forecast period. However, the added capacity is expected to be nearly entirely from onshore projects as we expect only 850MW of offshore capacity to come online during the forecast period.
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Blue Elephant Energy (BEE), a German platform for renewable energy, the French private equity firm Antin Infrastructure Partners. BEE, which was founded in 2016, focuses on the acquisition, development, and operation of solar and wind farms throughout Europe and Latin America. Currently, the company has 1.3 GW of renewable energy capacity, which includes 13 wind projects and 67 solar assets spread across eight different countries.
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The report presents key findings and recommendations that are broadly relevant to Latin America and the Caribbean, as well as to stakeholders attempting to improve their planning processes across the world. Good practices are categorised under three main pillars: strengthening scenario development; improving scenario use; and identifying capacity-building approaches.
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EV adoption is underway in some Latin American markets for the passenger vehicle segment. The 2020 EV sales shares for passenger vehicles are scaling up in Costa Rica and Colombia at 0.6% each, and in Chile at 0.5%. Mexico and Brazil have higher EV sales but lower market shares due to their bigger market sizes. Similar to developing countries in other regions, electric passenger car uptake is still at a very early stage in the Latin America.
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A consortium comprising Macquarie Asset Management, British Columbia Investment Management Corporation (BCI) and MEAG has agreed to acquire Reden Solar. Reden Solar is being purchased from InfraVia Capital Partners and Eurazeo for €2.5 billion. With a 762 MW active portfolio and a 15 GW development pipeline, Reden Solar develops, finances, builds, and runs solar power projects in Europe and Latin America.
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Apan Energy Services, a clean energy impact investor, has partnered with PASH Global Management (PASH), a London-based energy transition investor. With this partnership, the two companies have committed to invest £1 billion in clean energy across the Caribbean and Latin America over the next five years.
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Yinson Holdings Berhad, through its wholly owned subsidiary Yinson Renewables Pte Ltd, is collaborating with Verano Capital Holdings SpA for developing renewable energy projects in Latin America. The initial pipeline will consist of 800 MW of utility scale solar projects spread across Chile, Colombia, and Peru.
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Highview Enlasa has announced its plans to develop a long duration liquid air energy storage project in Chile. This 50 MW/500 MWh (10 hours) CRYOBattery™ will be located in Diego de Almagro in the Atacama Region. It will require an estimated investment of USD $150 million.
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EDP Renewables has announced the acquisition of 628 MW of wind and solar assets under two separate deals with Atacama Energy and Lader Energy in Chile. The acquired capacity comprises a 77 MW wind farm which has a 20-year power purchase agreement and set for operation in 2023 and 551 MW of solar and wind farms, which are currently under development.
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Renewable energy auctions in Colombia were designed to complement the country’s electricity market mechanisms, which were insufficient to attract non-hydro renewable energy development on a large scale. They now provide Colombia with opportunities to diversify power supply and increase the resilience of the power sector, while also fostering investor confidence.
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REGlobal presents an extract from the Global Summary Power & Renewables by Fitch Solutions which highlights the offshore wind potential of the Black Sea, challenges in expanding South Africa’s power capacity, improving growth prospects for solar power in Malaysia and continued momentum in Chile’s renewables sector.
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Oceanus Power & Water LLC, through its subsidiary Oceanus Energia y Agua de Sudamerica SpA, has announced a cooperation agreement with EDF renewables to explore various possibilities and conditions to develop the world’s first Integrated Pump Hydro Reverse Osmosis Clean Energy System (IPHROCES) in Latin America, with a primary focus in the Andean Region.
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2020 was a turbulent year in Latin America. Few countries in the region were not touched by massive protests, political upheavals, economic woes or catastrophic storms—with the COVID-19 pandemic on top of it all. Despite this, some leaders in the region have continued to make much-needed advances to curb climate change, particularly, Chile, Colombia and Costa Rica.
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The Chilean National Energy Commission (CNE) has announced its plan to auction 2.31 TWh of renewable energy capacity in May 2021. The auction will also include the option of deploying storage systems. The final bidding terms will be issued in December 2020.
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The impact of COVID-19 will be more serious in Latin America than anywhere else in the world. To mitigate the damage and improve long-term prospects, the region needs to target a green recovery based on environmentally friendly growth and an expansion of renewable energy.
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