Why Latin America Will Be A Tough Solar Market To Crack
By Ucilia Wang
Latin America is a shining, promising solar market that will be a lot more difficult to crack.
That’s because Latin America doesn’t have the same levels of generous government incentives that subsidize project costs or guarantee high prices for solar electricity in countries such as Germany, United States, Japan and China, said Adam James, a solar analyst at GTM Research, during a webinar on Thursday.
The global solar industry has grown tremendously in the past decade as a result of policies for promoting clean energy generation and reducing carbon footprint. In Japan’s case, a strong desire to reduce its reliance on nuclear power after the Fukushima disaster in 2011 also has turned it into a booming market for solar.
“Unsubsidized markets grow and develop instead of just explode,” James said. “What we are seeing (in Latin America) is a steady growth as developers move from doing mostly off-grid projects to on-grid projects.”
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