- Published: 20 May 2015 20 May 2015
Brazil will spearhead renewable energy additions in South America to 2017, with the country’s cumulative installed capacity expanding from 19.8GW in 2013 to over 32.9 GW by 2017, representing a Compound Annual Growth Rate (CAGR) of 4.17%, according to research and consulting firm GlobalData.
The company’s latest report, South American Countries Showing Attractive Growth in the Renewable Energy Sector, also states that Chile will see the fastest increase in renewables over the forecast period, with cumulative installed capacity rising from just 1.06 GW in 2013 to 5.37 GW by 2017, at an impressive CAGR of 50.12%. Brazil is looking to increase power generation from renewable energy sources and is aiming for 10% of its annual generation to come from these sources by 2020. While biomass accounted for the largest share of Brazil’s renewable energy mix with 50.1% in 2014, wind power capacity is expected to become the new leading sector with a 41.4% share in 2017, up from 27.3% in 2014, according to GlobalData. Meanwhile, renewables are expected to see the largest growth in Chile’s overall power sector, with the country beginning to harness its significant potential in solar, wind and geothermal power. Wind accounted for the largest share of 39.9% in 2014, followed by biomass with 22.2% and solar with 19.2%. With 16 new solar photovoltaic projects planned in Chile this year alone, solar power capacity is expected to become the new leader with 47.6% in 2017, as wind power slips to second with a 34.7% share.