Finance

Brazil’s battery storage market could attract $7.8bn investment by 2030

The country already has 300 MW to 400 MW of batteries. The capacity reserve auction (LRCAP) the government is preparing for 2025 should further boost large-scale projects.

By

Livia Neves

Nov 14, 2024

Solar energy storage in Brazil is expected to attract BRL 45 billion ($7.8 billion) in investment by 2030, according to a study by Brazilian developer NewCharge Energy. Of that total, BRL 14 billion would be allocated to off-grid applications, BRL 16 billion to utility-scale systems, and BRL 15 billion to commercial and industrial (C&I) applications.

The projections were presented by NewCharge CEO, Markus Vlasits, during the opening of the 360 Solar event, held on Nov. 7 and 8 in Florianópolis, in Santa Catarina state.

The figures given by Vlasits are a fraction of $350 billion of global energy storage investment expected by consultant Bloomberg New Energy Finance (BNEF) by 2030.

The BNEF study that posited that figure, in 2022, anticipated an average battery cost of $214/kWh of storage capacity in 2023 but the actual cost for that year was $139/kWh. Battery costs are expected to fall to an average $99/kWh in 2032.

Brazil has 300 MW to 400 MW of batteries and the LRCAP auction the government is preparing for 2025 should further boost large-scale projects in the nation.

From pv magazine Brasil.

Written by

Livia Neves

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