Various countries in Latin America are rapidly expanding their wind energy capacity to diversify their energy mix and enhance energy security. According to reports, the installed wind energy capacity in this region reached over 44.7 gigawatts in 2022. It is projected that wind capacity in South America will reach 83 gigawatts by 2034, indicating an annual growth rate of 6.5 percent.
Growth trends in wind energy in Brazil and Mexico
Brazil and Mexico are leading in this field, and many other countries in the region are also developing their green energy sectors. Brazil, with about 35 gigawatts of commercial and onshore capacity, is the fifth-largest country in this field globally. According to information from the Brazilian Wind Energy Association and the Global Wind Energy Council (GWEC), about 90 percent of Brazil's wind turbines are concentrated in the northeastern region of the country, benefiting from strong winds year-round.
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Statkraft Group is executing its largest project outside Europe, the Ventus de Santa Eugenia wind complex in Bahia state. This project includes 14 wind farms with 91 wind turbines, each producing 5.7 megawatts of energy. The company is also developing one of Brazil's first hybrid renewable energy projects by adding 162 megawatts of solar energy from Santa Eugenia to this complex.
Investment in wind energy in Mexico and Argentina
In Mexico, it is expected that investment in wind energy will reach between 4 to 5 billion dollars by 2030, adding approximately 2.2 gigawatts of new installed capacity in the country. Currently, 76 wind farms in 16 states of Mexico are operating with an installed capacity of over 8.1 gigawatts and more than 3,000 wind turbines, supplying energy to about 12.1 million households. It is estimated that around 10,000 people are employed in Mexico's wind energy sector.
BloombergNEF reports predict that Mexico will attract about 630 billion dollars in new power generation assets by 2035, primarily investing in green energy projects and energy storage systems. These growing investments could help Mexico reach a capacity of 269 gigawatts of wind, solar, and energy storage by 2050, which would account for over 80 percent of the total installed capacity of the national grid.
In Argentina, wind energy capacity has also reached about 4.6 gigawatts. In March, the International Finance Corporation (IFC) announced its plans to finance the Olavarría wind farm owned by Petroquímica Comodoro Rivadavia in Buenos Aires province. This project includes the development of electricity transmission infrastructure in the Bahía Blanca-Abasto corridor to connect wind resources to the country's largest demand area, with an estimated cost of about 275 million dollars.
This project is the first renewable energy production initiative in Argentina that integrates private transmission infrastructure into the Argentine international system and could open the doors to public-private energy partnerships. Various countries in Latin America aim to significantly increase their wind energy capacity in the coming decades to harness their natural wind resources and achieve greater energy diversity.
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