GTM Research identifies six countries leading the Latin American PV market.

BOSTON, MA – (October 1, 2014) Solar firms have been streaming into the small, but rapidly growing Latin American PV market looking diversify portfolios, hedge risk, and to take advantage of the region's high insolation. According to this quarter's Latin America PV Playbook from GTM Research, the region will install 805 megawatts in 2014 and 2.3 gigawatts in 2015.

With over 22 gigawatts of projects in Latin America's growing pipeline, the market is ripe with opportunity. In the past quarter alone, 2.9 gigawatts of projects were announced, 224 megawatts of contracts were secured, and an additional 87 megawatts of PV went into construction.

Chile currently leads the region with an anticipated 308 megawatts of PV coming on-line by the end of the year. The country is home to some of the largest utility-scale projects in the region and has nearly a gigawatt of projects under construction. The report cites SunEdison as the leading developer in the country and labels Enel Green Power as the "developer to watch" with 169 megawatts under construction in Chile.

In Mexico, this past quarter's Energy Reform legislation has created a competitive wholesale market for solar energy. According to the report, "the new framework provides for issuance and trading of Clean Energy Certificates to ensure power suppliers and qualified consumers meet the mandate for 35 percent of generation in 2024 to come from clean energy. In addition to the opening of a bilateral market, the legislation also provides for building transmission from high insolation areas in the north to high population areas in the south."

"Passage of the historic Energy Reform legislation will have a transformative effect on the Mexican electricity market, and could be a huge boon for the solar industry," said GTM Research solar analyst Adam James. "Positive signs for solar development are the creation of a competitive wholesale market for generation -- including a bilateral market, issuance of certificates to ensure the country meets its aggressive clean energy target, and building transmission from the high insolation northern states to higher population southern states. While our forecast for 2014 is 97 MW, the change in fundamentals from Energy Reform has improved the long-term outlook for solar and we expect 3.2 gigawatts to be installed out to 2018."

Brazil added solar energy to an upcoming power auction in which it will compete against other power sources to supply the nation's reserve margin. The auction will "spur demand" for utility-scale solar construction through 2017. Brazil is expected to install 51 megawatts of PV this year and 110 in 2015.

The GTM Research report forecasts Honduras to install 72 megawatts this year and 225 in 2015. Other markets that will help drive Latin American PV growth through 2015 and beyond include Uruguay and Ecuador.

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GTM Research, a division of Greentech Media, provides critical and timely market analysis in the form of research reports, data services, advisory services and strategic consulting. GTM Research's analyses also underpin Greentech Media's webinars and live events. Our coverage spans the green energy industry including solar power, grid modernization, energy storage, energy efficiency and wind power sectors.