Renewable energy sources are forecast to account for 86% of the total electricity generation capacity in Chile by 2035, compared with 65% in 2023, according to GlobalData’s power capacity and generation database. GlobalData uses proprietary data and analytics to provide a complete picture of Chile’s renewable energy market in its Chile Power Market Outlook to 2035 report. Buy the report here.
Of all renewable energy sources, the share of solar PV power generation capacity is forecasted to change from 27% in 2023 to 54% in 2035.
The share of wind power is expected to reach 10% in 2035, compared with a 22% share in 2023. Solar Thermal is forecast to account for 2% shares of Chile’s total electricity generation capacity, in 2035, as against 0.32% shares in 2023. The share of biopower is expected to change from a 2% share in 2023 to a 0.98% share in 2035.
In terms of capacity additions, the total renewable energy capacity is expected to see 51304.65 MW of additions in Chile during the forecast period while the non-renewable energy segment is likely to see reduction of 458.29 MW.
CAGR growth of key renewables in Chile
Renewable generation capacity in Chile is expected to reach 66GW in 2035 at a CAGR of 10% during 2023-2035.
Solar Thermal power is expected to record highest growth rate of 23.61% by 2035, followed by geothermal with 21%. Other renewable energy sources such as wind, hydro and biopower are estimated to have growth rates of 11%, 1%, and 0.01% respectively.
CCS plants in pipeline in Chile
A total of 62 carbon capture and storage (CCS) plants are expected to be developed in Chile by the end of 2035.
For more detailed analysis of the renewable energy market in Chile, buy the report here.
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