Brazil’s renewables capacity to grow at CAGR 6% to 2030
Brazil: The overall renewable power capacity (excluding small hydropower) in Brazil is expected to grow at a CAGR of 6% from 31 GW in 2018 to 60.8 GW in 2030.
The report is published by data and analytics firm GlobalData, and it reveals that increased renewable energy auctions, promotion of hybrid renewable energy projects and other government initiatives such as tax incentives, smart metering, renewable energy targets and favourable grid access policies for renewable energy are likely to result in renewable expansion by 2030.
In a company statement, GlobalData revealed that findings between 2019 and 2030, solar PV and onshore wind segments are expected to grow at CAGRs of 14% and 6%, respectively. The significant rise in these two technologies will result in renewable energy being the second largest contributor to the country’s energy mix by 2030.
In the long term, hydropower capacity is expected to decline and be compensated with increased renewable power capacity. On the other hand, thermal and renewable capacities are slated to increase and contribute 28% and 18%, respectively of the installed capacity in 2030.
Source: ESI Africa