The World's #1 Renewable Energy Network for News, Information, and Companies.
Untitled Document

Latin America Report: Emerging Markets Are Hot Spots for Solar Development

At Solar Power International 2012 in Orlando, Fla., panelists from the Outbound from America to Latin America session sat down to continue the conversation in the Solar Central booth on the show floor. Watch the entire discussion on video below.

Latin America holds huge potential for solar energy due to its high electricity prices, blooming middle class and vast solar resources. The panel discusses a range of topics from hot markets to financing opportunities. Below are some notable quotes from the discussion:

“We have always seen more opportunity in emerging regions just because there is a lot going on in areas that have not been covered compared to developed markets. It is interesting to watch these Latin American markets grow because they are not being driven by incentives like feed-in tariffs or grants. They are being driven by high insolation and high electricity prices, and when you put those two things together you can really make some good returns on solar PV and it makes it a really economic solution.” Michael Barker, NPD Solarbuzz 

“The greatest opportunity is for companies that start financing their solar projects. In Mexico people do not want to invest in their own systems. The deal now is to find financing or leasing options, which will bring the product to the market faster.” Luis Cejudo, SolarNgreen 

“The Caribbean has a lot of potential and Chile has a lot of buzz with a multi-gigawatt pipeline going in right now. But even the markets that people aren’t talking about as much [have huge potential]: Brazil and Mexico have burgeoning GDPs and a growing middle class, high electricity prices, and a real need to cut down on those things.” Michael Barker, NPD Solarbuzz 

“Brazil has a very well-developed financial market. What needs to happen for good financing is that the solar companies need to be more active in teaching the financial institutions how to do it. We still have high rates but I think because solar is predictable in terms of generaotion it is a good investment for those institutions. As soon as the industry grows a bit more it will be easier for them to track its record and they will invest in solar, too.” Jose Colaferro, Blue Sol Solar Energy 

“Local banks are afraid at the beginning, but they will provide extended terms to people that they trust. To others, they have enough financial guarantees so that they can work out some extended payment terms.” Elias Behar, SolarWorld Americas

“In the next 5-10 years Mexico will have solar gardens — an area of land filled out with multiple arrays. From 5-10 years I believe Mexico will have the ability and legislation that it will be a feasible project, and we'll be able to use that electricity in other states. We have one utility company so you would be able to use solar electricity from the state of Sonora to the state of Veracruz — far away.”  Carlos Flores, Conermex


Costa Rica Promotes Geothermal to Offset Fluctuations in Rainfall: Hydropower accounts for about 78 percent of Costa Rica’s electricity, but an unstable rainy season has affected hydro production. The government is looking to develop geothermal projects, and other renewables, to steady the power load and help combat climate change. According to recent studies, Costa Rica has nine viable areas for geothermal development with the potential to produce up to 1,100 megawatts.

Brazil Doubling Sugar-Cane Biomass Research Plan to $988 Million: Brazil's national development bank (BNDES) and research-financing agency Finep have nearly doubled their original investment to $998 million for biomass research ventures through 2014. Dow Chemical and DuPont are among several companies that have passed initial approval to move ahead with research. 

IDB Approves $76 Million Loan to Finance 74-MW Wind Farm in Mexico's Oaxaca: Mexico plans to take advantage of the "La Ventosa" region of Oaxaca, which has some of the best wind resources in the world. With 37 turbines, the Bii Nee Stipa II is expected to produce 278 GWh annually. 


Brazil Pinning Economic Recovery on Tax Reforms: Brazil hopes to spark its economy by reducing power rates as much as 16.2 percent through lowering utility production costs by up to 28 percent. In order to achieve these reductions, officials hope to renew 73 power concessions that are set to expire between 2015 and 2017, which are equivalent to about 22 megawatts of power generation, 85,000 km of transmission lines, and 35 percent of consumer market distributors. 

LAP Weighs Chile IPO to Raise $400 Million for Wind Farms: Latin America Power is considering an initial public offering to raise $400 million for wind projects and hydroelectric dams in Chile, Peru, and Panama. It plans to generate 1 gigawatt of power with the projects, and hopes to come to the aid of the electricity-strained countries. 

Montserrat Initiates Environmental Assessment for Geothermal Project: The government of the Caribbean island of Montserrat has invited Atom Solutions to conduct an “environmental and social impact assessment” for the development of geothermal energy on the island. Drilling will take about four months while an impact assessment lasts three weeks. Officials will decide how to move forward after this time period. 


If you are an industry expert and would like to be a contributor for, please contact us at so we can show you how to get started.

Lead image: Opportunity sign via Shutterstock

Untitled Document

Get All the Renewable Energy World News Delivered to Your Inbox - FREE!

Subscribe to Renewable Energy World Magazine and our award-winning e-Newsletter to stay up to date on current news and industry trends.

 Subscribe Now


US Senate Democrats Unveil Energy Bill That Restores PTC and Extends ITC

Brian Eckhouse, Bloomberg Senate Democrats unveiled a bill that would provide more tax credits for renewable energy while killing some tax ince...

US, China Solar PV Players Team Up, Invest $100MM in Chile, Uruguay and Japan

Andrew Burger Private equity infrastructure specialist Hudson Clean Energy Partners and Hong Kong-based independent power producer ...

CEO Gilles: Challenge in Geothermal is to 'Level Playing Field' with Wind, Solar

Jennifer Delony The current challenge for the geothermal energy industry is what U.S. Geothermal CEO Dennis Gilles calls “leveling th...

NRG Energy to Form Renewable Unit, Sell Wind Assets to Yieldco

Mark Chediak and Matthew Monks, Bloomberg NRG Energy Inc., the worst-performing member of the S&P 500 Utilities Index this year, said it will form a renewa...


Customized Energy Solutions Executes Agreement with the Massachusetts Clean Energy Center (“MassCEC”) and the Massachusetts Department of Energy Resources (“DOER”) for Important Energy Storage Study

Customized Energy Solutions (CES) has entered into agreements with Massachusetts Clean ...

New Officers and Board Members Announced by IREC

A new slate of officers was elected by IREC's board of directors at its recent annual m... Welcomes Jennifer Delony as Associate Editor

PennWell Corporation is pleased to announce that Jennifer Delony has joined the company...

CleanTX Releases New White Paper on the Future of Texas Solar in Texas

We love this new White Paper from our clean energy partners CleanTX


Renewable Energy Starts to Makes Fossil Fuel More Expensive

by Chris Meehan A new report out from Bloomberg New Energy Finance (BNEF) found an interesti...

Hawaii: World’s First Hydrogen Economy?

Can Hawaii become the world’s first renewable energy/hydrogen economy? Hawaii’s small size, isolation ...
energy efficiency

Beyond the Trend: Maximizing the Impact of Your Energy Efficiency Solution

A revolution is happening in the energy sector. From the new regulations pushed out earlier this summer by the EPA’s ...

Northeast States Create Cap-and-Trade Program for Greenhouse Gas Emissions

Northeast states have worked together for several decades to address air quality issues and, more recently, climate c...


Renewable Energy World's network editors help deliver the most comprehensive news coverage of the renewable energy industries. Based in the U.S. and the UK, the team is comprised of editors from Pennwell Corporation's myriad of publications that ...


Volume 18, Issue 4


To register for our free
e-Newsletters, subscribe today:


Tweet the Editors! @jennrunyon



Successfully Integrating Solar: A Proactive Approach

•      What does the increasing solar penetrati...

Canadian Solar Inverters Webinar

Canadian Solar is proud to be hosting two free webinars in October! The ...

Doing Business in Europe – in partnership with GWEC, the Global Win...

There is now 128.8 GW of installed wind energy capacity in the EU (appro...


How To Speak, How To Listen

As sales professionals, effective communication is paramount to our succ...

The Grab Bag Rides Again

Pregame When I was sports editor for the college newspaper, I wrote a co...

Get In The Habit

We all develop habits throughout our lives. Sometimes they’re bene...


Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now