GTM Research: Honduras to overtake Mexico as Latin America’s second-largest solar PV market in 2015; Chile to install 1 GW

Top Latin America country markets 2014-2015E. Source: GTM Research Latin America PV Playbook

Top Latin America country markets 2014-2015E. Source: GTM Research Latin America PV Playbook

In the latest edition of the ”Latin America PV Playbook”, GTM Research (Boston, MA, U.S.) forecasts Honduras to install 460 megawatts of solar photovoltaic (PV) generation capacity in 2015. This puts Honduras second in the rankings, behind perennial PV market leader Chile, which is expected to install 1 gigawatt in 2015.
Mexico, Latin's America's No. 2 installer in 2014, will be bumped into third place, according to GTM Research.

Courtesy: GTM Research
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With 349 megawatts of utility-scale PV projects under construction despite concerns about country risk, Honduras has emerged as Latin America's 2015 surprise story, GTM research notes. There is incentive to quickly finish projects in the Central American nation, as the first 300 megawatts of projects to connect by July qualify for a bonus tariff of USD 155 per megawatt-hour.

“The first quarter of 2015 has been a testament to the kind of dynamic conditions we’ve come to expect from Latin America,” comments GTM Research solar analyst Adam James.

“Near-term growth is expected in Honduras as several large-scale projects are slated to be completed in the second quarter, whereas solar development in Mexico has largely been pushed back to 2016 with changes to tariffs, regulatory, and financing risk.”

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