Latin America’s utility-scale solar market is entering a new investment cycle in 2026, with Brazil, Chile, Colombia, Peru, Mexico and Argentina developing large photovoltaic projects.
The biggest change is that capacity alone is no longer the defining measure of a leading solar project. Developers are combining photovoltaic generation with battery storage, transmission infrastructure, long-term power purchase agreements (PPAs) and industrial offtake.
Clean-energy investment in Latin America and the Caribbean reached about US$70 billion in 2025, according to the International Energy Agency. Several individual solar and solar-storage developments now involve investments ranging from hundreds of millions to more than US$2 billion.
Brazil: Janauba Solar Complex Reaches 1.6 GWp
Brazil remains one of Latin America’s largest utility-scale solar markets.
Elera Renovaveis’ Janauba Solar Complex in Minas Gerais has approximately 1.617 GWp of photovoltaic capacity and 1,336 MW of installed capacity.
The complex can produce electricity equivalent to the residential consumption of around 1.2 million people and avoid approximately 850,000 tonnes of CO2 emissions annually.
Janauba also demonstrates one of the biggest challenges facing large renewable projects in Brazil: curtailment. Restrictions on electricity generation because of grid constraints strengthen the business case for batteries and transmission investment alongside new solar capacity.
ENGIE Invests BRL3.3 Billion in 753 MW Assu Sol
Another major Brazilian project entered full operation in February 2026.
ENGIE’s Assu Sol in Rio Grande do Norte comprises 16 solar plants totaling 753 MW.
ENGIE invested approximately BRL3.3 billion in the development, which covers 2,344 hectares and uses more than 1.5 million photovoltaic modules.
The project contains about 12,000 km of cabling and 53 km of internal roads. ENGIE estimates that Assú Sol can generate electricity equivalent to the annual requirements of a city of approximately 850,000 inhabitants.
Enel Green Power’s Sao Gonçalo Solar Complex in Piauí is another Brazilian benchmark. Its installed capacity reached 864 MW, with expected generation exceeding 2 TWh annually.
Chile: Oasis de Atacama Combines 2.5 GW Solar with 14.1 GWh Storage
Chile is developing some of Latin America’s most ambitious solar-plus-storage projects.
Grenergy’s Oasis de Atacama is designed around approximately 2.5 GW of photovoltaic generation and 14.1 GWh of battery storage.
Total planned investment is around US$2.5 billion, making the platform one of the region’s largest renewable-energy investments.
Instead of developing a conventional solar farm that primarily sells electricity during daylight hours, Oasis de Atacama stores solar generation and supplies electricity during higher-value periods.
Its Gabriela phase demonstrates the model. The operational project combines 272 MW of solar capacity with 1,100 MWh of battery storage.
In September 2026, Grenergy agreed to sell Gabriela to CVC DIF for an enterprise value of US$475 million. The asset is supported by a 15-year hybrid PPA, while construction was backed by a US$324 million green loan.
AES Andes Invests More Than US$1.3 Billion in Solar-Storage Hub
AES Andes’ Andes Solar Hub reached 692 MW of photovoltaic capacity and 510 MW of battery storage following the start of commercial operations at Andes Solar III in April 2026.
Total investment in the hub has exceeded US$1.3 billion.
Andes Solar III alone represents investment exceeding US$300 million and combines 171 MW of solar capacity with a 171 MW three-hour BESS, providing approximately 513 MWh of storage.
Chile is therefore demonstrating how large solar resources can be converted into more dispatchable renewable power rather than simply increasing daytime generation.
Colombia Emerges as Another Large-Scale Solar Market
Colombia has rapidly expanded its solar industry and provides another important addition to Latin America’s leading-project list.
Enel Colombia reported exceeding 1 GW of installed solar capacity in 2026.
Its Guayepo I and II complex has 370 MWac of capacity, while Guayepo III entered commercial operation with 180 MWac/267 MWp. Guayepo III uses 457,764 panels and is expected to produce approximately 531 GWh annually.
Another major project is Puerta de Oro in Cundinamarca, developed by Patria Investments.
The project entered commercial operation in 2026 with 360 MWp/300 MWac of capacity. It incorporates approximately 511,000 photovoltaic modules across 530 hectares and connects to Colombia’s grid through a 22.4-km, 230-kV transmission line.
The project can supply electricity equivalent to the requirements of more than 390,000 households.
Colombia had reached approximately 4.58 GW of installed solar capacity by July 2026, including projects operating and undergoing testing, demonstrating the speed at which the market is scaling.
Peru Builds US$1.8 Billion Solar Pipeline
Peru is emerging as another significant solar investment destination.
The country has 13 solar projects with definitive generation concessions totaling 2,402 MW and estimated investment of US$1.806 billion.
One of the largest is the Illa Solar Plant in Arequipa, with planned capacity of 396 MW and investment of US$341.9 million.
Other major projects include Sunny Stage 2 at 309 MW, Lupi at 181.2 MW, Macarena at 170 MW and Hanaqpampa at 140.8 MW.
Peru expects its installed solar capacity to rise from approximately 1,088 MW to 3,490 MW by 2028 as these developments enter operation.
The investment pipeline shows that Latin America’s utility-scale solar expansion is broadening beyond its historically dominant Brazilian, Chilean and Mexican markets.
Argentina Adds 305 MW El Quemado Solar Park
Argentina is also attracting utility-scale solar investment.
YPF Luz’s El Quemado Solar Park in Mendoza entered operation in 2026 following an investment of US$211 million.
The 305 MW project contains approximately 518,000 bifacial panels and is expected to generate around 838 GWh annually, corresponding to an estimated 31 percent capacity factor.
El Quemado was the first project to enter operation under Argentina’s RIGI investment regime and is designed to support growing industrial demand for renewable electricity.
Mexico Retains Major Solar Assets
Mexico remains home to some of Latin America’s largest established photovoltaic facilities.
Enel Green Power’s Villanueva Solar Park in Coahuila has approximately 754 MW of capacity and can generate more than 1.7 TWh annually.
Meanwhile, the government-backed Puerto Peñasco Solar Park in Sonora is being developed as a gigawatt-scale photovoltaic project incorporating battery storage, illustrating Mexico’s move toward combining large solar facilities with grid flexibility.
Storage and Grid Access Are Becoming Critical
These projects demonstrate an important shift in Latin American solar economics.
Investment per MW remains useful, but deliverable electricity is becoming more important than installed capacity. Brazil’s curtailment problems demonstrate what can happen when renewable generation grows faster than transmission capacity.
Chile offers another model. Oasis de Atacama and Andes Solar combine gigawatts of photovoltaic generation with batteries capable of shifting solar electricity into evening and peak-demand periods.
Peru’s pipeline shows another trend: geographic diversification. The country has identified nine projects scheduled for 2026-2028 totaling 1,420 MW and US$1.268 billion of investment, while its wider definitive-concession portfolio exceeds 2.4 GW.
Solar Investment Moves from Capacity to Deliverability
Latin America’s largest projects show that the region is moving beyond the traditional race to build the biggest solar farm.
Brazil demonstrates the advantages — and grid challenges — of enormous photovoltaic scale. Chile is establishing a solar-plus-storage model. Colombia is rapidly building utility-scale capacity, Peru has assembled a multibillion-dollar project pipeline, and Argentina is connecting solar investment with industrial demand.
The next generation of winning projects will therefore combine solar capacity, battery storage, transmission access, PPAs, competitive financing and reliable offtakers.
For investors and developers, the defining question is not how many megawatts a project can install, but how much renewable electricity it can finance, contract, connect, store and reliably deliver to customers.
SHAFANA FAZAL
