The research examines the renewable energy generation market in the Andean Region, which is divided into the following segments: small hydropower, biomass generation, solar photovoltaic power generation and wind power.
The region will have a significant growth due to commissioning of wind and solar photovoltaic power plants in the short term.
Driven by public competitive bidding in Peru and high-value power purchase agreements for solar PV in Ecuador, the total market will experience high growth levels until 2014. In Peru, aditional new solar PV and wind power will be commissioned by 2014, and in Ecuador solar PV installed capacity is expected to expand significantly by 2015.
Colombia has not yet defined a strategy to promote renewable energies beyond hydropower. This restraint inhibits the growth of the total market and will result in a displacement of market share in favor of solar independent power producers (IPP).
There are no geothermal plants in the region to date, despite the untapped potential. The first projects in Peru, Ecuador, and Colombia are expected to commission in 2017, leading to a market kick off in the long term.
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