Wood Mackenzie reports South America to add 160 GW solar PV by 2034

The report by Wood Mackenzie showed Brazil and Chile led South America's solar growth, with 78% of installations shifting toward hybrid projects.

By Prudhvi Rani 08 Mar 2025 in Business Bytes

New Update

South America’s solar growth surged with PPAs, hybrid projects, and policy shifts driving expansion, Wood Mackenzie reported. Image Credit/Source:Kelly/Pexels

Wood Mackenzie's report predicted that South America would add 160 GW (DC) of new solar capacity between 2025 and 2034. This growth would be driven by rising energy demand and economic factors. Brazil and Chile were expected to lead, accounting for 78% of installations, with nearly half coming from small-scale projects under 5 MW (DC). Solar additions had peaked in 2024, with mature markets slowing due to transmission issues, higher curtailment, and rising costs. Brazil faced energy oversupply, higher import taxes, and transmission challenges, but growth continued through PPAs and distributed generation. Chile dealt with grid constraints, shifting focus to hybrid projects. Argentina's corporate renewable PPAs supported growth, while Colombia and Peru relied on regulated auctions. In the long run, Brazil, Chile, and Colombia were positioned to benefit from green hydrogen demand, which would help expand solar energy in the region.

#BrazilSolar #WoodMackenzie #SolarPV #SouthAmerica

Advertisment {'id': '67cc83d5b9efbc243861727f', 'source_name': 'WoodMackenzie', 'source_link': 'https://www.woodmac.com/press-releases/2024-press-releases/south-america-to-add-160-gw-of-solar-pv-capacity-by-2034-says-wood-mackenzie/', 'contact_name': '\tMark Thomton', 'contact_email': '[email protected]'}

Advertisment

Scan to join our channel