A mix of old favorites and brand-new territories will be worth keeping an eye on in the new year, according to industry insiders.
The world’s total renewable power capacity will grow 50 percent between 2019 and 2024, according to the International Energy Agency. For investors keen to tap into this growth, mostly driven by solar and wind, the question is where to look.
To find out, GTM asked a range of industry experts and insiders for their recommendations on wind and solar markets to watch in 2020. We ignored those markets that already made the list last year.
What follows is a smattering of mature markets returning to form and some that are brand-new.
Without further ado, and in alphabetical order…
We listed Australia as a solar market to watch last year, and the country remains one of the more interesting places to invest in PV. But it’s also a big deal for wind power, said Karin Ohlenforst, director of market intelligence at the Global Wind Energy Council (GWEC). Even though the country’s large-scale renewable energy target has been reached, she said, “the fundamentals for wind are so good a market of up to 2 gigawatts is expected by 2020.”
Brazil is another maturing renewable energy market where GWEC sees ongoing opportunities for wind in 2020. The wind industry group expects growth in Brazilian installations, along with those in Argentina and Chile, that will come from the execution of auctioned capacity and growing opportunities for bilateral power-purchase agreements.
Chile: Solar and wind
Chile has long been seen as one of Latin America’s strongest markets for renewables, and the country continues to attract investment from solar developers such as Spain’s Solarpack. “Opportunities can still arise for new solar capacity” in the country, said Solarpack’s CEO, Pablo Burgos, although it remains to be seen whether investor confidence might be dented by the anti-government protests that erupted in October.