Peru set to double solar capacity and exceed 3 GW of renewable power by 2026 amid robust project pipeline

As of late 2025, Peru’s solar capacity stood at 938 MW but is projected by OSINERGMIN to climb to 2,362 MW by 2026, supported by projects with definitive concessions. Non-conventional renewable capacity including wind is expected to total 3,383 MW next year, with wind capacity steady at around 1,021 MW. The growth comes predominantly from confirmed solar projects, while wind capacity remains flat due to regulatory constraints. Looking beyond, OSINERGMIN anticipates installed renewable capacity could surpass 5 GW by 2027, with solar reaching 3.24 GW and wind nearly doubling to 1.87 GW. By 2030, the total capacity could reach 24.5 GW, heavily weighted toward solar (approximately 15.2 GW) and significant wind capacity (around 9.3 GW), but much of this is contingent on overcoming current administrative hurdles for project concessions.

Significant solar developments underway include four large solar parks totaling 922 MW in Arequipa, with a combined investment nearing US$795 million. Notably, the Sunny Solar Plant (325 MW) and others will energize the southern region, benefiting from Peru’s top-tier solar irradiance averaging between 5.5 to 6.5 kWh/m2/day. Arequipa alone hosts nearly 6.9 GW of renewable projects, underscoring its strategic importance.

On the wind front, the Caravelí Wind Farm in Arequipa, the largest of its kind in the region at 218 MW, is 73% complete and expected online by late 2026. With a US$240 million investment, it will inject an estimated 600 GWh annually into the national grid. The wind project uses advanced Nordex turbines tailored to local wind profiles to optimize output.

Private players such as Celaris Energy plan to invest US$1.2 billion through 2028, aiming to add 1.2 GW of solar and wind capacity and grow renewables’ share in the national mix by 4%. However, the disparity between Peru’s renewable technical potential and the volume of projects with fully granted concessions highlights ongoing regulatory bottlenecks that may limit near-term growth unless streamlined. Nonetheless, ongoing large-scale projects and backing from major investors signal a maturing market focused on sustainable energy expansion and regional development.