Latin America: A Clean Energy Investment Bright Spot In 2012 Latin America was a bright spot amid an overall decline in global renewable energy financing in 2012. Four countries experienced triple-digit clean energy investment growth:
- Mexico’s total new financial investments in clean energy for 2012 reached $1.9 billion, up 595% year over year;
- New financial investments in clean energy totaled $1 billion, up 313% from $246 million in 2011;
- Uruguay’s total new investments in clean energy reached $105 million, a 285% year-over-year increase;
- Total clean energy investments in Peru reached $643 million, a 176% increase from $233 million in 2011.
Turning to 2012, LatAm-Caribbean investments in clean energy sectors, biomass and waste attracted the most capital ($822.34 million), biofuels followed ($539.47 million), and geothermal ranked third ($76.69 million), BNEF found.
“The increased investments in non-Brazil Latin America was driven by increased activity by the Inter-American Development Bank,” Maria Gabriela da Rocha Oliveira, BNEF’s head of Latin America Research and Analysis, was quoted in a press release. “Additionally, European players, both project developers and manufacturers, have become more active in the region given grim conditions at home.”
Added Carlos St. James, president of the Latin American & Caribbean Council on Renewable Energy (LAC-CORE) and CEO of VOLA Investments LLC:
“As investments in clean energy declined in 2012 due to the ongoing financial crisis, the sector was actually growing in most of Latin America. This is a huge boon for clean energy finance and the region, which we expect to continue to grow. The most exciting trend is that this has moved beyond Brazil, with other countries now seeing amazing growth and potential.”
Organized by ACORE (American Council on Renewable Energy), REFF-LAC is being held at the Four Seasons Hotel in Miami April 30 – May 1.