The North and South American solar photovoltaic (PV) installed capacity will increase more than tenfold over the coming years, climbing from 13.1 Gigawatts (GW) in 2013 to 138.8 GW by 2030, at a massive Compound Annual Growth Rate of 15%, says a new report from research and consulting firm GlobalData.
According to the company’s report, the Americas’ power generation from solar PV installations will also increase at an impressive rate, jumping from 21 terawatt-hours (TWh) in 2013 to 234 TWh by 2030.
In 2013, the United States held the majority share of the region’s solar PV installed capacity, with 89.1%, followed by Canada and Brazil, with smaller shares of 8.5% and 0.2%, respectively.
In Brazil, the government conducts auctions to encourage the development of renewable energy projects. The country’s Ministry of Mines and Energy approved 122 MW of solar PV capacity in its first solar-only auction in 2013, with solar projects receiving $98 per MWh for power generation.
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