Mexico is set to break clean energy investment records this year, according to new research.
The nation invested $1.3 billion (£0.8bn) in clean energy projects in the first half of 2014 compared to $1.6 billion (£0.9bn) in the whole of last year.
If it continues at this pace, 2014 will be a record year, overtaking its previous high of $2.4 billion (£1.4bn) set in 2010, Bloomberg New Energy Finance said. Solar and wind projects are expected to see a jump in spending in the next two years.
But investment in Central America – which includes Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama – was slightly down this year at $317 million (£190m).
“However, the drivers of wind, solar and geothermal investment are even stronger in those countries than in Mexico and this year’s political changes have mostly been positive for renewables”, BNEF said.
Mexico and Central America are expected to install more than 1GW of wind power capacity this year and potentially another 1.3GW each in 2015 and 2016. Although solar could just see a modest 193MW installed in 2014, the figure is predicted to leap to 355MW in 2015 and 456MW in 2016.