Mexico in the first quarter raised its attractiveness profile in the global photovoltaic market to close in on reigning leaders South Africa and Turkey, according to new analysis from IHS Technology.
Approximately 300 MW of solar projects are currently under construction in Mexico, of which 100 MW broke ground in the last quarter. The increased construction activity has pushed up Mexico's solar attractiveness index to 43 from 40, making it No. 3 overall. A total of 327 MW is expected to be installed in Mexico this year, IHS predicts.
Developers familiar with the Mexico market point out that the government wants 6 GW of solar installed by 2020. At present, less than 1% of that is in place, creating a significant opportunity.
Outranking Mexico are South Africa in first place, with an index score of 67, and Turkey in the runner-up position, with a score of 45. In fourth place is Israel, with a score of 42, followed by Switzerland, with 40. Last year's No. 3 player, Romania, has fallen out of the top five and is now in ninth place, after solar subsidies there were cut in half in January.
The IHS attractiveness index for PV markets rates the allure to prospective investors, developers and manufacturers of emerging solar markets in countries throughout the world. Countries are rated in four categories, including macroeconomic climate, potential market size, project profitability and pipeline maturity.