With the support of the PV Market Alliance

APVIA & GSC Q3 2018 Market Report

Introduction

• Launched in 2017, this 7th edition of APVIA’s quarterly PV market report focus on‘Brazil, Colombia and Mexico”, anticipated to witness solid growth in terms ofadditionally added solar PV power capacity throughout 2018-2019 and beyond.

• This report focuses on Brazil, Colombia and Mexico and the importance ofrenewable energy in its energy mix in general as well highlights and trendsregarding solar PV in particular.

• This report has been prepared with information provided by the PV MarketAlliance and especially Asia Europe Clean Energy (Solar) Advisory Co. Ltd. (AECEA)

• All information collected are valid at the time of publication. The data publisheddo not engage the responsibility of APVIA or AECEA and should be considered withall due caution and are for informational purposes only. 2

Brazil‘s Solar Resource Maps

3

Brazil‘s PV Power Potential Map / National Transmission Lines Network

4

Chile

Fortaleza

Teresina

S.Luís

NatalJoãoPessoa

Recife

MaceióAracaju

Salvador

Curitiba

FlorianópolisUruguaiana

50 MW

Garabi2000 MW

Cuiabá

Manaus

C.Grande Vitória

P.Alegre

Goiânia

Venezuela

GuianaSuriname

A

333

25

22

2

4

28

2 2

22

2

2

2

2 22

226

23

2

22

2

32

22

2

2

2

2

2

22

3

3

2

3

23

2

2

2

22

22

2

2

2

2

2

2

2

2

2

22

22

33

3

3

3

3

3

2

4

22

2

222

2

4

3

32

4

3

2

2

2 3

3

3

2

2

2

7

D

2

32

2 2

22

2

2

22

B

22

2

2

2

2

2

2

2

2

2

22

2

3

2

2

Brasília

Boa Vista

Macapá

Belém

Palmas

2

C

E

5

2

Rio Branco

Porto Velho

Itaipu

R.JaneiroSão Paulo

Tucuruí

Brazil – Solar Policy and Planning

5

Brazil – Solar Policy and Planning

6

Brazil – Solar Policy and Planning

Pro Distributed Generation (MME Ordinance No. 538/15): develop DG renewable actions• Incentivize sellers• Establish specific reference value for distributed generation sale to distributors• Studies for the sale in the free market• Work group MME, ANEEL, EPE, CEPEL and CCEE• Creation and expansion of credit lines to distributed generation • Industrial incentive as focus for technological, productive and innovation development• Incentive to human resources capacitation and formation• Implementation of DG in federal schools, universities and hospitals

7

Brazil – Mini/Micro Distributed Generation

Key-Features• Shared Generation: consumers organized in consortium or cooperative; same distribution concession area• Multiple Consumers Enterprise: consumers located in the same or neighbour property with common use

facilities; same distribution concession area• Remote Self Consumption: consumers owned by the same individual or legal entity; same distribution

concession area• Agreement with Distributor: Operational Relationship (micro) and Operative Agreement (mini)• Generation Capacity: limited to consumer capacity; increase allowed• Costs for Improvement, Reinforcement and Metering System:

• Paid by consumers if mini DG or shared micro | Paid by distributors if micro, except shared• Only to captive consumers

• Rental or purchase of real estate in Reais/electric power is forbidden | Distributor is responsible for O&M of metering system

• Review of Regulations anticipated to take place by December 31, 2019 8

Brazil – Mini/Micro Distributed Generation

Key-Features• Net-Metering Scheme• Law 13,169/2015: PIS/COFINS applied to net consumption• ICMS Rule 16/2015 (Confaz): States may charge ICMS only to the net consumption; almost all

states issued legislation to this effect

• Both provisions are not updated to new criteria of ANEEL RN 687• Discussions on the suitability of the exemptions also to the portion of the tariff related to the

use of the grid

9

Brazil – BNDES Localization Policy

10

Revised BNDES Localization Plan

• Simplified rules for localization

• Reduced scope of mandatory items

• Increased BNDES’ participation in financing

• Extend the deadlines for changing levels

• Offer better conditions to Micro and Small companies

• Currently an increase of the import tax imposed on PV modules from presently 12% to 35% is being discussed among various industry stakeholders

Source: BNDES

Brazil – Power Market Outlook

11Source: BNEF

0500

2012 2017 2020 2025 2030 2035 2040 2045 2050

GWOther flexible capacity Demand response Utility-scale batteries Small-scale batteries OtherSolar thermal Small-scale PV Utility-scale PV Offshore wind Onshore windBiomass Geothermal Hydro Nuclear OilPeaker Gas Gas Coal

Renewables share

050

100150200250300350400

2012 20172020 2025 2030 2035 2040 2045 2050

GW

0%

20%

40%

60%

80%

100%

0

200

400

600

800

1,000

2012 20172020 2025 2030 2035 2040 2045 2050

TWh

157GW

316 GW

381GW

+117GW

+20GW

596TWh

885TWhCapacity (GW) Generation (TWh)

Brazil – Installed Capacity Outlook

12

Hydro65%

Biomass9%

Gas8%

Onshore wind8%

Oil6%

Coal2%

Nuclear1%

Solar PV1%

157GW

Capacity: 2017 Capacity: 2050

Small-scale PV

39%

Hydro30%

Onshore wind4%

Biomass4%

Gas4%

Peaker Gas2%

Utility-scale PV2%

Nuclear1%

381GW

Small-scale: 36GW (9%)Utility-scale: 11GW (3%)

Battery total: 47GW (12%)

Source: BNEF

Brazil – LCOE

13Source: BNEF

Brazil – Roadmap of Solar Auctions

14

December, 2013

Pernambuco State Solar Auction

October, 2014

1st PV Federal Auction(LER/2014)

August, 2015

Federal Auction (1st LER/2015)

November, 2015

Federal Auction (2nd LER/2015)

Dec 16th, 2017

PV Federal Auction(LER/2016)

Cancelled !!!

PV Federal Auction(LER-A4 / 2017)

December 16th, 2016

PV Federal Auction April 2018LER (A4): 806 MW

2018

Brazil – Financing Projects – A Way Forward

15

Utility scale / Regulated Market PPAs

(+ACL)

Project / PPA Type

Corporate/Private Off-takers with PPA in

BRL

Corporate/Private Off-takers with PPA in

USD

• Brazil Development Banks

• Local Debt Market• ML:s?

Potential Financing Routes

• Brazil Development Banks?

• Local Debt Market?

• ML:s• DFI:s• ECA:s • Commercial banks

• BRL denominated PPAs• ANEEL auctions continuity & PPA

prices/DCSRs • Local content• Capex F/X risk

Key Challenges & Risks

• Availability of credit lines• Off-taker analysis• Guarantee packages of PPAs• Capex F/X risk

• Sector specific availability• Off-taker analysis• Guarantee packages of PPAs• Capex F/X risk

Brazil – Financing Solar PV Projects

16

• Key Challenges• Power Purchase Contracts in BRL has imposed restrictions on foreign banks to finance projects• Local commercial banking market not fully accustomed to project financing structures and long tenors (and

pricing not matching project returns)• Industry relying on local Brazil development bank funding, few other alternatives• F/X and macro volatility (Brazil specific and US impact)

• Key Opportunities• Competitive financing terms from local development banks (as long project adequately structured)• Strong interest from International lenders • Technology no longer new to lenders – faster processes and local bond market opening up• Increased co-lending between local development banks and commercial lenders

• Key Success Factors• Well developed projects – environmental agencies key external factor until financial close• Strong sponsor structure with capabilities well mapped • Flexibility and agility on financing structures – market in constant flux• Timing / Ability to mitigate FX risk (short and long term) or source PPA’s in foreign currency

Brazil – Financing Constraints

17

• Prevailing interest rates are considered the single most important constraint hampering the financing of solar PV projects in Brazil

• Note: Interest rate in percent / a

Brazil – Status Quo of the PV Market

18

2012 2013 2014 2015 2016 2017 2018Geração Distribuída Solar FV (MW) 0,4 1,8 4,2 13,7 62 181,8 331,8Geração Centralizada Solar FV (MW) 6,7 6,7 15,4 26,3 27,8 965,3 2.065,30Total (Distribuída + Centralizada) 7,2 8,6 19,6 40 89,8 1.147,20 2.397,20

0,4 1,8 4,2 13,762

181,8

331,8

6,7 6,7 15,4 26,3 27,8

965,3

2.065,30

7,2 8,6 19,6 4089,8

1.147,20

2.397,20

0

500

1000

1500

2000

2500

Accumulated Solar PV Installations in Brazil

Distributed PV (MW)Utility-Scale (MW)Total (MW)

Brazil – Utility-Scale PV Developments

19Contracted MW Accumulated Contracted MW Average Price (USD/MWh)

Aver

age

Pric

e (U

SD/M

Wh)

Cont

ract

ed (

MW

)

Brazil – Distributed PV Policy Development

• DG Policy (ICMS 16/2015) implemented

• DG Policy (ICMS 16/2015) implemented as of 01/09/2016

• DG Policy (ICMS 16/2015) implementation still pending August

2016August

2017

19Source: IDEAL

Brazil – Distributed Solar PV –Price Developments (06/2016-06/2018)

21

R$5,12 R$4,16

R$3,19 R$3,61 R$3,65

R$4,03

R$3,74

R$3,39 R$2,22 R$2,11

R$0,00

R$1,00

R$2,00

R$3,00

R$4,00

R$5,00

R$6,00

R$7,00

R$8,00

R$9,00

R$10,00

Jun 16 Jan 17 Jun 17 Jan 18 Jun 18

R$/W

p

Preço médio do kit Preço médio de integração

R$9,15

R$ 7,90

R$ 6,58

R$ 5,83 R$ 5,76

System Price System Price incl. Installation

Average System Capacity 4 kWp

Brazil – Projected Distributed PV Market Development till 2026

22

44 75 126 205

323 498

754

1.122

1.699

2.510

3.611

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Accu

mul

ated

Inst

alla

tion

s (M

Wp)

Source: AGBD

Brazil – Over 4000 Distributed PV Service Providers and Start-Ups across Brazil

23

Brazil – Downstream Sector Issues

24

Brazil – Encountered Environmental Challenges

25

Brazil – Market SWOT Analysis

26

Opportunities

Positive attitude from the Ministry of Energy and other authorities Strong message to the industry by conducting multiple auctions in

a relatively short period Chance of having states auctions Strong competitiveness in the market

Risks

Negative / challenging macroeconomics Difficulty to obtain financing Local content issues: PADIS Foreign exchange rates Cancellation of auctions at short notice in 2016 Change of govt may change the attitude towards solar

Strengths

Consistent growth without incentives High insolation Relatively high electricity tariffs allowing distributed generation to

thrive Strong environmental awareness

Weaknesses

Tax structure Bureaucracy and permits Availability of qualified labours Limited practical experience among installer community

Brazil – Market Prospects

Short Term Prospects

Mini/Micro DG (net metering)• Tax incentives not aligned with regulation• Concept not set on legislation level; subject to change more easily• Should apply to the tariff portion related to the use of the grid?Centralized• More certainty on the schedule of new auctions• Solution for over contracting by distributors and economic recession• Progressive reduction of incentives on TUSD/TUST• Follow up on the new scheme for PPAs in the auctionsGeneral• Need for improvement of financing lines• Institutional/political stability• Implementation and approval of new model laws and regulation

27

Medium / Long Term Prospects

• Medium and long term planning based on clear goals

• What type of subsidy should be in place and for which period?

• Better visibility on Mini/Micro DG regulation in the next years; possibility of sale of excess power; impacts on distribution utilities?

• Simplification of tax regimes and incentives

• Implementation and approval of new model laws and regulation

Colombia‘s Solar Resource Maps

28

Colombia‘s – Solar Potential

29

Colombia – Country Snapshot

30

• Land mass 1,147,748 km2; 25th largest worldwide• Population approx. 50 Mio (2018) • 3rd largest South-American Economy • Current installed electrical power capacity approx. 16.64 GW

approx. made up 70% (hydro), 10% (gas), 7% (coal), 8% (liquid), 2% (gas-liquid), 1% (biomass + wind)

• Electrification rate 97,8% (2014)• Annual per capita power consumption 828 kWh (2005)• Average solar irradiation 4.5 kWh/m2/day with

the highest values reaching 6.0 kWh/m2/day in La Guajira / La Orinoquia respectively

• Colombia committed to cut greenhouse gas emissions byby 20% against the projected business-as-usual by 2030

Colombia – Power Sector Overview (2015)

31

Colombia – Regulatory Framework / Policies

32Source: GIZ

Colombia – Energy Market Development

33

• 2014: Colombia adopted the law nº 1715, which establishes the legal andregulatory framework for investment in development of renewables; providingtax, accounting and import incentives.

• 2015: 9 of Colombia’s 32 departments were in a state of emergency due to theextreme drought. Wholesale electricity prices raised from an average of 45USD/MWh in 2012 to 119 USD/MWh in 2015 for regulated market users.

• 2017: CREG (energy regulator) presented 4 proposals for the integration ofrenewables; all of which were based on an auction scheme with bidders signingPPAs for 15 years.

• 2018: Colombian government enacted the decree 0570, allowing solar and windpower plants to have long term purchase agreements. The Ministry of Mines andEnergy of Colombia published the call for the first auction for large-scalerenewable energy projects.

Colombia – Renewalbe Energy Policies

34

• In 2014, Colombia enacted Law 1715, which established legal frameworks and instrumentsto promote and integrate what it calls “non-conventional” renewables into the grid. Thiscategory included biomass and waste, geothermal, small hydro, solar, wind, tidal and wavepower.

• The mechanisms for implementing the law’s overall goals were outlined in November 2015.These included income tax exemptions for clean power project owners, accelerateddepreciation of clean energy assets, as well as value-added-tax and import-dutyexemptions for imported equipment. The government also established a state-run fundspecifically for financing clean energy and energy efficiency programs.

• In August 2016, the government published further details on how owners of non-conventional renewables could exploit Law 1715’s subsidies. Then in March 2017, thegovernment approved new legislation to support small and medium-sized renewableenergy projects. Bringing these policies to life so that they can spur meaningful activity inColombia has proven elusive, however. The government still has not provided key detailson how to apply the incentives and has been slow to put into practice its infrastructureexpansion plan through a call for public tenders.

Colombia – Renewable Energy Policies (2)

35

• In September 2015, two months prior to the United Nations-sponsored talks in Paris, itsubmitted its Intended Nationally Determined Contribution (INDC), committing to cutgreenhouse gas emissions (GHG) by 20% against that projected BAU by 2030. The base casescenario corresponds to 2010 levels.

• In its INDC, the government pledged a further reduction of GHG emissions by 30% belowthe BAU scenario by 2030. However, this target is conditioned to the direct financialsupport from wealthier nations. Since 2013, Colombia has been working on developing asystem for monitoring, reporting and verification for GHG emission reductions and climatefinancing. As of May 2017, the country was in the process of defining the objectives,mitigation measures and principles of the system.

• In June 2016, Colombia’s Ministry of Mines and Energy (UPME) published a roadmap fordirecting smart grid investment through 2030. The plan focuses on four areas: smartmetering roll-out, distribution automation, distributed energy integration and electricvehicle adoption. UPME anticipates that by 2030 the planned investment will reduceoutages from an average of 29.5 hours per year per Colombian household to 5.4 hours.

Colombia – PV Market Challenges

36

Cargo Por Confiabilidad

• It is a fixed payment generators receive of similar character to paying forinstalled capacity.

• Generators receive payments for up to 20 years regardless of their participationin the electricity market.

• Generators must ensure they remain available to provide energy when calledupon.

• This scheme is intended to ensure the reliability in the supply of energy in thelong term at efficient prices.

Oligopoly

• The five largest generators have more than 70% of the market.• Foreign investor must face the challenge of a market ruled by a few with slow

regulatory changes.

Colombia – PV Market Challenges (2)

37

El Niño

• El Niño is a phenomenon that causes drought and high temperatures acrossColombia.

• Colombia’s energy market has experienced drought, electricity rationing, andincreased dependence on thermal power.

• The energy matrix has more than 70% of the installed capacity in hydropower.

Transmission Grid

• The transmission grid doesn’t reach the area with the highest wind and solarresource in Colombia (the Guajira Peninsula).

• There are plans to expand the grid to that location by 2023.

Colombia – PV Market Opportunities

38

• The government plans to add 7 GW to the grid by 2027. According to the government currently there

are over 200 renewable energy projects registered.

• August 2018: Colombia launches first RE auction

The Colombian Ministry of Mines and Energy announced that up to 1 GW of renewable energy

generation capacity may be allocated. The competition will be open to solar, wind and biomass

projects exceeding 10 MW in size. Scheduled to be launched in January 2019. The tender will offer

10-year power purchase agreements (PPAs).

• All types of projects under development as well as existing power plants can participate.

• Winners have to deliver the power as from December 2022 and must guarantee an annual energy

supply.

• CREG will define a maximum price. Price will be in COP/kWh.

Colombia – PV Market Opportunities (2)

39

Distributed Generation• Colombia has large non-interconnected areas stretching from

Amazon forests to hard-to-reach Andean areas.

• Communities in remote and rural areas are off-grid, oftenhave electricity less than eight hours per day.

• In these communities primary energy source is diesel,however many of these regions have a high solar irradiation.

• March 2018: Colombia’s Energy and Gas RegulatoryCommission approved the 2018 Resolution CREG 030 whichregulates how solar PV system owners can sell surplus powerto the National Interconnected System under net metering.The new rules, according to CREG, offer a simple mechanismfor residential, commercial and small industrial powerconsumers, who intend to produce energy primarily to meettheir own needs, and sell surplus electricity to theinterconnected system. The rules apply to distributed solargeneration (up to 100 kW) and distributed generation fromrenewable sources (between 100 kW and 1 MW).

Colombia – Recent PV Project Developments

40

• March 2018: Colombian renewable energy company, Celsia has begun construction of its second large-scale PV

project in Colombia, the 8.8 MW Celsia Solar Bolívar plant. The 8.8 MW Celsia Solar Bolívar plant will be located in

the municipality of Santa Rosa de Lima, in the northern Department of Bolivar and is part of the 250 MW solar

project pipeline of Celsia. The company has a rooftop PV project pipeline of around 40 MW. Already in September

2017 Celsia completed a 9.8 MW plant in in the southwestern region of Valle del Cauca. By the end of 2018, Celsia

aims to have completed a 80 MW plant in Los Santos, in the department of Santander, central-north of Colombia.

• April 2018: Medellín-based power, gas, water, and telecommunication services provider, Empresas Públicas de

Medellín (EPM) announced that it will develop its first floating solar project with a 100kW capacity.

• July 2018: Enel will build Colombia’s currently largest PV plant, the El Paso Solar Park with a capacity of 86 MW.

• August 2018: Colombian state-owned oil company Empresa Colombiana de Petróleos (Ecopetrol) has announced it

will build its first solar park, with a capacity of between 10 MW and 15 MW at its Castilla field, near the municipality

of Castilla La Nueva, in the Meta department of central Colombia.

Mexico‘s Solar Resource Maps

41

Mexico‘s Solar Resource Maps

42

• Solar power in Mexico has the potential toproduce vast amounts of energy. 70% of thecountry has an insolation of greater than4.5 kWh/m²/day. Using 15% efficientphotovoltaics, a square 25 km (16 mi) oneach side in the state of Chihuahua or theSonora Desert (0.01% of Mexico) couldsupply all of Mexico's electricity.

Mexico – Country Snapshot

43

• Land mass 1,972,550 km2; 15th globally• Population approx. 125 Mio (2017); 11th globally• 2nd largest Latin-American Economy; 12th globally • Installed electrical power capacity approx. 74 GW

share of renewables approx. 9% in 2015• Electrification rate 100% (2017)• Annual power consumption growth rate through 2020

estimated between 3.2-5.6%• Average solar irradiation 5.5 kWh/m2/day with

the highest values reaching up to 8.5 kWh/m2/day • Law for the Exploitation of Renewable Energies and

Financing of the Energetic Transition sets a maximum share for fossil fuels of 65% of electricity production by 2024, 60% by 2035 and 50% by 2050

Mexico – Energy Institutional Set-Up

44Source: IEA

Mexico – Main Indicators (2014-2018) Special Program for the Use of Renewable Energy

45

Mexico – Auctions among the most complex

46

CompensationChamber

(Developers & Off-Takers)

Clean Energy Certificates (CEL)(1 CEL = 1 MWh)

Firm Capacity(MW)

Generation(MWh)

Source: GTM

Mexico – World Record PPA - Utility-Scale PV

47

220,0200,0

110,091,2

59,0 53,0 52,0 50,0 47,1 38,0 36,8 29,9 29,0 24,2 17,9 21,5 18,90,0

50,0

100,0

150,0

200,0

250,0

Dec-09 Jan-11 Aug-11 Aug-13 Jan-14 Jan-14 Jun-14 Jul-14 Jan-15 Mar-15 Feb-16 May-16 Aug-16 Sep-16 Oct-17 Nov-17 Nov-17

Peru Ghana Peru SouthAfrica

U.S. U.S. U.S. U.S. Morocco U.S. U.S. UAE Chile UAE SaudiArabia

Chile Mexico

US$

/MW

h

Source: GTM

Mexico – Auctions Drives Competitiveness Among Location and Project Owner Landscape

48

1234,421%

495,18%

861,114%473,9

8%

389,66%

1249,221%

538,09%

AguascalientesBaja CaliforniaBaja California SurChihuahuaCoahuilaDurangoGuanajuatoJaliscoMorelosSan Luis PotosiSonoraTlaxcalaYucatanZacatecas

2939

102117131145

186249

339348354377390

428501523

771992

0 200 400 600 800 1000

Alter EnersunGrenergy

MitsuiEDF

Q-CellsOPDE

IEnovaSunpower

AccionaSojitzZuma

NeoenFotowatio

Canadian SolarJinkosolar

X-Elio EnergyEngie

Enel Green Power

Source: GTM

Mexico – Projected Demand for Distributed Generation Determined by Tariffs & Costs

49

54120

216

383

639

985

1248

1517

82%

76%80%

77%

67%

54%

27%

22%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

200

400

600

800

1.000

1.200

1.400

1.600

2015 2016E 2017E 2018E 2019E 2020E 2021E 2022EAnnual G

rowth %

Tota

l DG

Cap

acity

Inst

alle

d

Residential (

Mexico – Demand for Projects Greater Than 1 MW Drive New Growth

50

Large-Scale PV Demand Off-Takers signing Renewables PPAs

IPPs & Qualified Suppliers

Source: GTM Research

415

539

755

906996

0

500

1000

1500

2000

2500

3000

3500

2018 2019 2020 2021 2022

MW

dcPV

Dem

and

Auctioned PV Demand IPPSource: GTM

Mexico – SENER estimates 14% of 114 GW total capacity to be solar by 2031

51

163

907

3430 3367

3836 4265

4703

163

613

23392462

2789

33993786

163 309

1806 16611305 1468

1633

-

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

2016 2017E 2018E 2019E 2020E 2021E 2022E

PV D

eman

d (M

Wdc

)

UPSIDE Scenario BASELINE Scenario DOWNSIDE Scenario PRODESEN 2017-2031Source: GTM

Courtesy

52

• Market data have been collected and analysed by members of the PVMarket Alliance.

• More information: Frank.Haugwitz@aecea.com.de

• info@pvmarketalliance.com // www.pvmarketalliance.com

mailto:Frank.Haugwitz@aecea.com.demailto:info@pvmarketalliance.comhttp://www.pvmarketalliance.com/

APVIA & GSC Q3 2018 Market ReportIntroductionBrazil‘s Solar Resource Maps Brazil‘s PV Power Potential Map / � National Transmission Lines Network Brazil – Solar Policy and Planning Brazil – Solar Policy and Planning Brazil – Solar Policy and PlanningBrazil – Mini/Micro Distributed Generation Brazil – Mini/Micro Distributed Generation Brazil – BNDES Localization Policy Brazil – Power Market Outlook Brazil – Installed Capacity Outlook Brazil – LCOEBrazil – Roadmap of Solar AuctionsBrazil – Financing Projects – A Way ForwardBrazil – Financing Solar PV Projects Brazil – Financing Constraints Brazil – Status Quo of the PV Market Brazil – Utility-Scale PV DevelopmentsFoliennummer 20Brazil – Distributed Solar PV – � Price Developments (06/2016-06/2018)Brazil – Projected Distributed PV Market Development till 2026Brazil – Over 4000 Distributed PV Service Providers and Start-Ups across BrazilBrazil – Downstream Sector Issues Brazil – Encountered Environmental Challenges Brazil – Market SWOT Analysis Brazil – Market Prospects Colombia‘s Solar Resource Maps Colombia‘s – Solar Potential Colombia – Country Snapshot Colombia – Power Sector Overview (2015) Colombia – Regulatory Framework / Policies Colombia – Energy Market Development Colombia – Renewalbe Energy PoliciesColombia – Renewable Energy Policies (2)Colombia – PV Market Challenges Colombia – PV Market Challenges (2) Colombia – PV Market OpportunitiesColombia – PV Market Opportunities (2)Colombia – Recent PV Project DevelopmentsMexico‘s Solar Resource Maps Mexico‘s Solar Resource Maps Mexico – Country Snapshot Mexico – Energy Institutional Set-Up Mexico – Main Indicators (2014-2018) Special � Program for the Use of Renewable Energy Mexico – Auctions among the most complex Mexico – World Record PPA - Utility-Scale PVMexico – Auctions Drives Competitiveness Among Location and Project Owner LandscapeMexico – Projected Demand for Distributed Generation Determined by Tariffs & CostsMexico – Demand for Projects Greater �Than 1 MW Drive New Growth Mexico – SENER estimates 14% of 114 GW �total capacity to be solar by 2031Courtesy