| South America
Director. “The Chilean Government is leading the way in Latin America, having dedicated US$2 billion for energy storage auctions from 2024, and set a renewables target of 70% by 2030 and carbon neutral by 2050.”
Colombia
Columbia has been playing a key role in showcasing the potential of pairing floating solar with hydroelectric operations, as South America’s largest floating solar project has been launched at the country’s Urrá Dam. Developed by Noria Energy, it encompasses a 1.5MW solar power system floating on the reservoir and will be a pilot project for IPP, URRÁ S.A. E.S.P. Situated at the 340MW Urrá hydropower plant on the Sinú River basin in Córdoba, the Aquasol pilot installation comprises over 2800 solar modules. It is anticipated to generate nearly 2400MWh of power in its first year, equivalent to the energy required to operate the dam, and is expected to reduce carbon dioxide emissions by over 1540 tons annually. Colombia has also been progressing with the development of its largest run-of-river project, the 2400MW Ituango plant. The project has faced delays since construction began in September 2010, notably due to the collapse of an auxiliary diversion tunnel in April 2018. However, it is now back on track and expected to achieve full capacity by the end of 2024. The estimated investment for this project is US$5.5 billion, with significant contributions of US$1 billion from the Inter-American Development Bank (IDB) and US$650 million from a consortium of international commercial banks and investors. The scheme recently obtained silver certification from
the Hydropower Sustainability Alliance (HSA), rating it as sustainable in environmental, social, and governance components. Ituango is the first silver certification in Latin America and project owner Empresas Públicas de Medellín (EPM) has become only the second IHA member to receive certification for a project in the region. The certificate is valid until November 2026, during which the project will be recognised for its adherence to the highest sustainability standards. To achieve this distinction, the project received support from the Global Program for Strengthening Capacities in Sustainable Hydropower, financed by the Swiss Economic Cooperation (SECO) and implemented by the HSA. This programme aims to promote the application of international best practices in the management of hydroelectric projects. João Costa, Executive Director of the Hydropower Sustainability Alliance commented: “We are excited to celebrate Ituango’s achievement as the second largest project to be certified under the Hydropower Sustainability Standard. The Ituango project is anticipated to meet 17% of Colombia’s electricity demand. This certification underscores EPM’s impressive efforts to improve the sustainability of the project, ensuring it aligns with global best practices and environmental standards.” With four new hydropower projects adding 643MW
to Colombia’s electricity grid in 2023, the IHA says this brings national hydropower capacity to 13,206MW, meaning that hydropower now accounts for 66% of the country’s total energy mix.
Ecuador
Having harnessed only 7% of its hydropower potential, Ecuador is another South American country to watch
for the future, according to the IHA. New laws and regulations have been introduced to encourage private investment and the Ecuadorian Government is including hydropower in its long-term planning. Working towards its ambitions for sourcing up to 80% of its electricity from renewables, Ecuador is harnessing its untapped hydropower potential -as exemplified by the 7225MW Zamora G8, G9, and G10 cascading project. And with several medium-size projects in the pipeline seeking support from foreign investments, the future is looking bright.
Other developments Across the rest of the region, Guyana has a significant
8.5GW of estimated hydropower potential, with the most notable project under development being the 165MW Amalia Falls hydropower project. While in Paraguay, AFRY in consortium with Latinoconsult, has secured the contract for planning and supervising the rehabilitation and modernisation of the 200MW Acaray hydropower plant, which was commissioned in 1969. In addition, a Bitcoin mining company has acquired two PPAs in Paraguay, enabling access to up to 150MW of hydropower. This includes up to 50MW in Villarrica, near the company’s existing operations, and up to 100MW in Yguazu, situated close to the 14GW Itaipu dam. Prospects are also looking up for Peru which is anticipating a significant surge in hydropower projects, with 21 plants scheduled for commissioning up to 2028. These will add 1746MW to the country’s energy capacity.
However, at the other end of the scale Uruguay, whose renewable sources account for 91% of electricity generation (with approximately 45% coming from hydropower), has experienced a record 20-year low for hydropower production. This was caused by the challenging historic drought the country experienced in the first half of 2023. Although there have been limited hydropower developments in Venezuela, due to the country’s ongoing energy crisis, there are signs of improvement. Some plants that were not operating at full capacity due to severe droughts are being brought back to life. For example, in February 2024, authorities announced the reactivation of the General José Antonio Páez hydropower complex after four months of intensive repair work. The repair work also provided the opportunity to remove over 30,000m3 the reservoir.
of sediment from
Above: Empresas Públicas de Medellín (EPM)’s Ituango hydroelectric project, with a capacity of 2.4GW, has earned the Silver certification from the Hydropower Sustainability Alliance (HSA). This certification rates the project as sustainable in environmental, social, and governance aspects, making Ituango the first project in Latin America to achieve this recognition
References
www.hydropower.org/ publications/2024-world- hydropower-outlook
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