Led by large-scale PV installations such as Etrions 70 MW project completed in the Atacama Desert late last year, Chile accounted for more than three quarters of Latin Americas total installed PV capacity in 2014.
Mexico was a distant second, installing just 67 MW in 2014, compared to 72 MW a year earlier. The real opportunity for Mexico lies ahead, writes GTM Research analyst Adam James in the report, Q4 2014 Latin America PV Playbook. James points to 84% annual growth in Mexico through 2018, with its market reaching a cumulative capacity of 3.3 GW by then.
Brazil ranked third in Latin America but installed only 21 MW, an increase of just 2 MW from 2013, according to the report.
Next year may improve with the introduction of lower-cost capital from the Brazilian Development bank (BNDES), tax breaks at the national and state level, and increased access to financing for distributed generation, writes Jones.
GTM Research forecasts Latin Americas annual PV market to grow another 237% in 2015, again led by Chile. The regions PV project development pipeline exceeds 30 GW, notes the report.