Data Insights: Latin America's US$36bn energy storage project pipeline

Energy project developers in Latin America and the Caribbean are planning investments with storage components totaling almost US$36bn, according to BNamericas data. 

Proposals for 183 storage projects have been submitted to authorities, including 163 in the early development phase and 20 that are under construction. 

Overall capex required for the projects has been estimated at US$35.9bn, of which 88% is currently earmarked for early-stage developments. 

Chile has the largest share, with 140 projects, followed by Brazil (82), the Dominican Republic (19), Mexico (eight) and Puerto Rico (four). 

Leading developers include Engie Energía Chile, which has 11 storage proposals in its portfolio, Enel Green Power Chile, Consorcio Solar do Sertão (four projects each) and Uriel Renovables (three projects).

According to BNamericas' forecast tool, 21 storage projects are expected to progress to another stage of development in the second quarter this year, while 22 are seen advancing to a new phase in Q3. The tool predicts 38 stage changes in 4Q24 and 34 in 1Q25. 

The largest project with a storage component in the BNamericas database, by capex, is the US$3bn Hoasis circular economy initiative under development by TCI Chile in the country's Antofagasta region. 

It is followed by four other Chilean projects: Grenergy Renovables Pacific's US1.4bn Oasis de Atacama complex, the US$800mn Pampas Hybrid Park under development by Energía Eólica Pampas, Energía Eólica Paposo's US$750mn Terra Energía Renovable park and AES Andes' US$710mn Cristales solar park. 

Next on the list is Termoeléctrica de Mexicali's US$704mn Mexicali Volta Electric Energy storage system in Mexico, Hydrostor's US$662mn A-Caes Transition project, Valhalla's US$660mn Espejo de Tarapacá initiative and Vientos del Desierto's eponymous US$650mn development. The latter three projects are all earmarked for Chile. 

BNamericas' database shows that 91 projects with energy storage components are already in operation in the region following investments of US$17.4bn.