Eco Green Energy is entirely excited to welcome a new partner joined to the EGE Global Partners team from Peru – Panel Solar Peru.
Panel Solar Peru is a family company that was created in 2009 with a headquarter in Lima city and started by importing electric water heaters from Argentina. Later, when the owner’s grandchildren entered the company, the photovoltaic area has become a new direction of the business.
Now, they have various solar kits available (for houses, lighting, security cameras and alarms, solar street lights, etc.), as well as the individual sale of the components of a photovoltaic system such as the inverter, solar panel, batteries, and much more.
Their approach in the photovoltaic area is diverse, they supply both wholesale and retail, in addition to carrying out small and large-scale projects, in the same way, they have provided services to the Peruvian state and mining companies.
We are delighted to start a joint path of fruitful cooperation in the LATAM PV market with the new partner to bring more successful solar projects together.
General Energy Trends in Peru
The economy of Peru has grown rapidly since the year 2000. With the economic growth, energy demand has also grown considerably. Peru is rich in oil, natural gas, and coal reserves – which makes them major sources of energy consumption.
In 2020, energy consumption in Peru reached per capita 0.7 toe, which is around 40% below the Latin American average of 1.2 toes). COVID – 19 crisis caused a fall in the consumption by 10%to 23 Mtoe.
Possessing such significant reserves of traditional energy sources, the country tried to increase the share of renewables. Peru’s government identified the development of electricity from renewable energy sources as a public necessity of national interest. The country established a National Renewable Energy Development Plan to be funded by the Annual Budget Law, external debt operations, direct investments, and contributions from international institutions.
Due to Statista, between 2010 and 2021, renewable energy generation capacity has increased by nearly 83% ( 6.43). Anyway, Peru is still larger far behind South American neighbors Chile and Colombia, which reported 14.9 and 12.6 gigawatts that year, respectively.
Nevertheless, the Mordor Intelligence predicts the growth of the renewable sector in Peru at a CAGR of more than 5% up to 2025. The favorable governmental policy will drive to decrease dependency on fossils and reduce Carbon footprints. The declining costs of renewable technologies are becoming competitive with fossil fuel sources, and additional subsidies on renewables will foster the development of this market.
Solar Market development in Peru
According to the IRENA chart, in 2021, Peru installed 336MW of solar capacity; the number significantly grew started from 2011 with 17,5 MW.
Furthermore, as PV magazine reports, Peru wants to tender 2 GW of renewables in 2022. The Peruvian government is ready to offer around 2 GW of renewable energy capacity in two different auctions this year.
EGE presence in Peru
In addition, Eco Green Energy has contributed to the LATAM solar market with advanced PV solutions. In 2021 – 2022, we also completed numerous successful solar projects in Colombia, Ecuador, Guatemala, Chile, Honduras, and Peru.
This year we completed a new solar panel installation in Camana – a water pump with a 29kw solar system. The installation consists of EGE Helios plus 450w mono 9BB with an efficiency of 20.81%. As the water pump is in a remote area, a solar panel application is a right choice for maintaining performance and saving costs.
Eco Green Energy believes that soon come up with more solar installations to achieve the carbon-neutral goal together.
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- PV magazine, 2022 Peru wants to tender 2 GW of renewables this year https://www.pv-magazine.com/2022/01/31/peru-wants-to-tender-2-gw-of-renewables-this-year/
- Enerdata, 2021 Peru Energy Information https://www.enerdata.net/estore/energy-market/peru/
- IEA, 2019 https://www.iea.org/countries/Peru
- Statista, 2022 Renewable energy generation capacity in Peru from 2010 to 2021 https://www.statista.com/statistics/665504/renewable-energy-capacity-peru/
- Mordor Intelligence, 2021 PERU RENEWABLE ENERGY MARKET – GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 – 2027) https://www.mordorintelligence.com/industry-reports/peru-renewable-energy-market