Analytics firm GlobalData predicts that Brazil’s renewable energy capacity will top 60GW by 2030, growing by a compound annual rate of 6% during the period.
Total renewable capacity in the country in 2018 was totalled 31GW in 2018.
GlobalData says the growth will largely be due to increased renewable energy auctions, and government-led smart metering programme, tax incentives, renewable energy targets, and grid access policies that encourage participation.
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Renewable energy is expected to make up 18% of the country’s grid, second to thermal generation, as solar photovoltaic and onshore wind are expected to grow at a compound annual growth rate (CAGR) of 14% and 6% respectively.
Arkapal Sil, Power Industry Analyst at GlobalData, said: “The connection of over 25,000 power systems, mostly solar photovoltaic systems to the Brazilian grid in mid-2018 under the net metering scheme, further underpins the renewable growth pattern over the forecast period.
“The main challenges for Brazil’s power sector are its over-dependence on cheap hydropower for baseload capacity and lack of a robust power grid infrastructure.”