The total Brazilian photovoltaic market was valued at approximately $16.5 billion in 2025, with projections estimating growth to $44 billion by 2035, supported by improving technology, cost reductions, and increased corporate power purchase agreements (PPAs). However, while prices for PV modules globally have dipped below $0.15/W, import tariffs on Asian panels have risen from 10% to about 25%, diminishing some cost advantages. Developers have shifted to integrating batteries, energy efficiency services, and smart load management to maintain project profitability, especially as net metering incentives are being phased down under Law 14.300.
Brazil’s centralized solar generation capacity recently exceeded 12.6 GW, with 5 GW of utility-scale modules deployed in 2024, though new project deployments are expected to slow in 2025 due to low electricity prices and grid constraints. The government anticipates adding over 10 GW of centralized capacity in 2024, led by solar, which is expected to surpass wind for the first time in expansion rates.
Renewables dominate Brazil’s generation matrix with over 84%, driven by hydro, wind, biomass, and rapidly growing solar. Yet, transmission bottlenecks and regulatory uncertainties pose risks. Investment volumes since 2012 have exceeded R$250 billion ($50 billion) for centralized solar, creating over 158,000 jobs, while distributed solar has generated more than 780,000 jobs and saved consumers an estimated $17 billion through 2031. Brazil’s strong solar trajectory is poised to continue, although future growth will depend on infrastructure upgrades, regulatory clarity, and market adaptability.
This article was curated and published as part of our South American energy market coverage.
