Wind power project of SPIC in Dafeng, Jiangsu

In 2015, investment in renewable energy by developing countries surpassed that made by developed countries for the first time. A total of $16.8 billion was put into renewable energy generation and fuel. Latin America is blessed with unique natural resources, a relatively large market and a sound trade mechanism. Now it has also become a popular destination for Chinese investors.

The acquisition of Pacific Hydro Brazil by State Power Investment Corp (SPIC) is a case in point. Pacific Hydro boasts 19 hydro and wind power stations in Brazil, Chile and Australia. It’s the most important enterprise in Latin America specializing in renewable energy. This move by SPIC epitomizes the optimization of Chinese investment in the region’s energy industry.

According to a report by the Inter-American Development Bank, adequate sunshine, vast rainforests and diverse landscapes make Latin America rich in solar, wind and hydro energy. What’s more, the rapid development of renewable energy reflects a growing need for power in the region.

When interviewed by the People’s Daily, an offcial of the Brazilian Development Bank said: “By 2030, demand for power in Latin America will quadruple. We are facing many energy challenges, including old infrastructure and high power costs. Therefore, we have established a solid foundation for collaboration with China, a close partner of Brazil and Latin America at large. Chinese enterprises have advanced expertise and rich experience building clean-energy facilities at a low cost and in a short time. ”