Argentina’s Solar Industry Reaches Record Highs: Energy Companies

Buenos Aires, Argentina (RTE) – Argentina’s solar energy companies have reported record-high revenues for the first time, with total sales reaching more than $2 billion.

Solar power companies reported a net profit of $2.9 billion, which was up 19.5 per cent year on year, as compared to a net loss of $1.6 billion a year ago.

The Solar Energy Corporation of Argentina (CECRA) said in a statement that its revenue reached a record $2,928.4 million, up 14 per cent from $2-2.5 billion in 2016.

Sales rose by 9.5 percentage points to $2 million, and the country’s solar sector was the fastest growing sector in the world, accounting for 13.4 per cent of the world’s solar capacity.

Solar energy generated a record-breaking $1 billion in the first quarter, with the country having been the fastest-growing in the Solar Energy World’s annual ranking for the past two years.

CECRA said the revenues generated in 2017 were on par with last year’s growth, but this was mainly due to the continued growth of the domestic solar industry.

Solar PV power generation reached an all-time record high of 5.4 gigawatts (GW) in the third quarter of 2017, with solar power generating up to 5.3 GW per day.

It was the first period of a decade-long boom in the sector.

Solar photovoltaic (PV) and photovalelectric solar power generation combined made up about 14 per and 15 per cent, respectively, of total sales in the quarter, CECR said.

It said that a record 1.2 million MW of new solar PV power capacity was installed in the country, which amounted to the largest cumulative installments in the past five years.

Solar-generated electricity accounted for 25 per cent and 25 per per cent share of total electricity generation in the fourth quarter, as well as 20 per cent in the second quarter and 22 per cent the year before, it said.

Renewable energy and renewable energy technology company BHP Billiton said in its Q3 results that its revenues increased 16.5 percent year-on-year to $8.4 billion, with net profits of $4.2 billion, an increase of 15 per per part.

Renewables are now accounting for 25.3 per cent or more of total global energy generation, it added.

In a separate statement, the International Energy Agency (IEA) said renewable energy grew by 11.5 million MW in 2017, and renewable power accounted for 40.6 per cent growth in the global power market.

The IEA said it expects renewables to account for over 80 per cent by 2030.

The United Nations Climate Change Secretariat said the world is on track to meet the goals for 2020 of a 50 per cent cut in greenhouse gas emissions from 1990 levels by 2050.