Wind power is becoming the main renewable energy source in Latin America. It is expected to attain a capacity of 10, 000 MW in the next eight years.
Many wind projects are currently underway not only in Brazil and Mexico but also in other countries like Argentina, Costa Rica, Uruguay, Colombia, Venezuela, Peru and Chile. At present, the wind power sector produces power to the tune of 3,5000 to 4,000 MW in the region, and industry observers believe that this will go up to 10,000 by end of the decade.
The governments are taking measures to encourage wind companies to take up initiatives in developing and setting up wind turbines. This has greatly improved the power situation.
The surge in the wind power sector could also be due to the insistence of the authorities to adopt more environmental-friendly measures while harnessing energy resources like coal and hydro-electricity. The new biofuel and solar technologies are yet to be adopted on a large scale in the region. Photovoltaic technologies are still too costly.
There are many challenges for the growth of wind market in the region. In Chile, financial institutions are not yet ready to take up the much-needed risks due to the absence of adequate support system and pricing. Lack of infrastructure in the region for the transport of equipment is also one of them.
Brazil by far is the leader in the region as far as wind power is concerned and is expected to constitute as much as 70 percent of the total installed wind projects in Latin America by 2025.
The Wind Energy Association Latin America, LAWEA formed to promote the use of wind energy as a form of clean energy in the region, believes that in the present wind power scenario will usher in an improvement in the quality of life in Latin America in the coming years.