Latin America has experienced huge growth in renewable energy over the last 10 years. In 2015 McDermott Will & Emery reported triple-digit growth rates for Mexico's solar and wind sectors, outpacing growth in most developed countries.
As of 2013 thermal sources represented 75 per cent of Mexico's installed capacity, with 19 per cent from hydropower.
In Paraguay, most of the electricity is hydro, in Brazil it is about 60% hydro and in Costa Rica most of the renewable energy is generated from hydro and geothermal energy.
Costa Rica powered itself on 100% renewable energy for two months in June and August this year and so far have produced over 150 days of totally renewable-produced energy in 2016 according to ABC News.
In 2012, Mexico passed a comprehensive climate change act, which led to the 2015 Energy Transition Act.
Mexico now has mandatory greenhouse gas emission reduction targets in local and international frameworks, and has to cut its greenhouse gas emission by 50% by 2050 relative to 2000 baseline.
In March, the government bought 2.1 GW for $2.6 billion, which will be installed by 2018. In September, it will seek to buy between $2.6 to $2.8 billion more.
In Feb 2016 PWC published a report; Power & Renewables Deals 2016 Outlook and 2015 Review, which reported that Latin American, mergers and acquisitions in the renewable energy sector have doubled over the past year. A rate higher than any other region in the world. The value of Latin American M&A deals signed in this sector rose to $7.6 billion, an increase of $2.7 billion compared with 2014.
The renewable energy jobs market is booming in the LATAM region and ALLEN & YORK have a dedicated team working with developers to recruit the leading energy professionals in the region.