In terms of global expansion of solar energy, Brazil is truly blessed. A country of continental dimensions, its geographic location on the planet is unique and guarantees an immense potential for solar energy. For this reason, investors and companies rush to make use of this potential: investments in the order of R$ 23.2 billion are expected by2023. Estimates indicate that Brazil's energy matrix, in the long run, will have approximately 60 GW.
Brazil has the fifth greatest solar energy potential of all countries in the world, as it receives excellent levels of sunshine throughout the year, from less sunny areas in the South to the sunniest in the Northeast. This quality generates a capacity factor of 19% to 24%, which is 2x higher than the average inGermany, one of the current world leaders in the use of photovoltaic energy.
There is huge room for growth, as we move towards a cleaner energy matrix. Brazil has more than 3,000 thermoelectric projects, which is the second largest energy source in our country, with production 40 times greater than energy from sunlight for the time being. Brazil is approaching a goal to reach Carbon Zero in 2060.
Replacing this generation with solar energy and cleaning our air from dangerous pollutants is a huge potential market. With ongoing technological developments, it will become cheaper and more profitable to make this switch — and the cost of solar energy is already very competitive compared to that of coal and other fossil fuels.
The country's potential is enormous and, if we manage to deliver it, it will be extremely transformative for Brazil: it will guarantee cheap energy, allowing our economy to be globally competitive and enabling increasingly accelerated economic progress. This development will help to make the Brazilian product cheaper and, consequently, increase national prosperity.