(Guest Article by Sherley Alaba): The life on planet earth runs through various forms of energy. Mankind has been searching for a way to conserve energy that is clean and environmental friendly. With the help of solar panels, renewable energy has become a possibility It finally looks like that in Latin America this form of energy is gaining popularity. Europe, which was once seen as the leader in the photovoltaic market, has seen a decline in the industry this year. On the opposite side, Latin America’s renewable energy proposition has benefitted the countries immensely and has doubled the investment in the energy sector.
Photovoltaic projects have put Latin American countries in line for receiving a total of 2.7 gig watts (GW) in the coming future. This project is said to have been put in motion, however, each country in the region has separate dates of its inauguration. From 2014 to 2015, mergers and acquisitions have increased by $2.9 billion. With the ever growing population in this part of the world, the requirements for renewable clean energy have also amplified.
Country Case Studies
The global market has seen the progress of three countries considerably in the year of 2016 namely Mexico, Chile and Brazil. These 3 countries have managed to be in the top 10 of countries dominated the energy sector, while Argentina can be counted as a dark horse, which now ranks at number 18, therefore increasing its rank by a huge leap.
In Mexico alone, an $11 billion project has been started which will put solar panels on the top of Mexico City’s International airport. This project is to be executed by 2019 and will be able to deliver energy to the entire airport.
Similarly, Chile is putting forth a project that will generate 100 megawatts of solar powered electricity. This production will then benefit Santiago’s underground railway network, which also happens to be the second largest subway in the vicinity. If all goes well, then this station will be the only one in the world to be run by solar-powered energy completely. The Chilean auction garnered $29.10/Mwah for photovoltaic energy which was the lowest cost to be awarded.
Regional Third Party Activity
The International Renewable Energy Agency (IRENA) have the latest statistics on the progression of the countries that are using renewable power generation and energy which are present in Latin America and Caribbean region. The fact that the companies are getting higher returns on their investments in the energy sector has spiked the interest of organizations. This, in turn, has helped to grow the energy sector even more.
The success of these projects has provided employment opportunities to many recently graduated students, especially those who have majored in engineering. Combining the country’s youth and resources is the best way to plan your progress as a country. Mexico and Chile have proven that they are capable of having renewable energy by following a carefully orchestrated plan all the while saving time. Following suit, Argentina will also be reaching to the point if it continues on that pace. All it needs is proper caution and optimism.
Sherley Alaba is an undergraduate student. She loves to write about the top trends in finance and lifestyle. Follow. @SherleyAlaba for more updates