Page 32 - ESJ – ENERGY STORAGE JOURNAL

EES SOUTH AMERICA

TURBULENT POWER SYSTEM BREEDS

SOLAR+STORAGE OPPORTUNITIES

THE FUTURE IS BRIGHT FOR LATIN AMERICA’S SOLAR INDUSTRY, NOW IT'S
ENERGY STORAGE'S TIME TO SHINE IN THIS RAPIDLY EXPANDING MARKET.

Market analysts are bullish about Latin America’s solar market source, with the region expected to account for more 10% of
development, with growing populations, unstable grids and an global solar demand by 2022. Today it has more than 7 GW of
abundance of renewable power — particularly solar — making solar PV installed across the area, with an additional 46 GW ex-
the region an attractive emerging market. pected to be developed in the next three years; industry analysts
Solar has become the area’s fastest growing power generation Navigant Research predicts 21 GW of wind and 15 GW of solar
will be added by the close of next year.
A report in 2017 by the World Bank Group stated there was
around 1 GW of energy storage in the region, albeit 95% of that
capacity was from pumped hydro in Argentina. However, the bat-
tery storage market is growing, with large scale systems by AES
Energy Storage and Altairnano in Chile and El Salvador adding
42 MW of storage capacity.
The Energy Storage Trends and Opportunities in Emerging Mar-
kets report by the International Finance Corporation noted Chile,
Mexico and Brazil had emerged as the most attractive markets
in the region, helped by significant resources and supportive
governments.
Relatively stable and transparent regulatory framework for
renewables in these countries, along with longer-term power
purchase agreements and contracts, have provided the stability
STORAGE-DEFINED STORAGE MARKET: REVENUE SHARE (%) BY REGION, GLOBAL,
2017 for major foreign investors and developers to enter the market.
While similar contract structures could pave the way for energy
Source: Mordor Intelligence
storage, stated the report.

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