South America’s energy portfolio has seen asignificant leap on the number of renewable projects, with a large amount of capacity added across all countries in the region. The two main sectors of clean energy development have been Onshore Wind and Solar PV: since the start of 2021, 19 GW of Onshore Wind and 17.2 GW of Solar PV capacity were installed in South America. Hydropower, which is still the largest sector regarding capacity and number of assets in the region, is seeing its importance being continuously diminished as it hasn’t seen relevant start-ups in recent years.
Alongside traditional renewable energy sectors, other new technology transition facilities are seeing their first commissioned assets in South America. Recent years saw start-ups for carbon capture, energy storage and hydrogen plants. Between the three, battery storage facilities are the most developed often being co-located within renewable assets, such as Solar PV plants. The number of energy transition initiatives are expected to grow within the next few years, as countries are seeing the introduction of new policies that incentivise their development. An example of this is the recently approved Brazil’s hydrogen legal framework with the Law 14,948/2024 and Chile’s Green Hydrogen Action Plan.
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