Developed by Americas Market Intelligence for the Caribbean Renewable Energy Forum (CREF 2023) organized by New Energy.

Arthur Deakin

Director, Energy Practice

AMI

In the first quarter of 2023, Tesla alone shipped 3.9 GWh of battery packs, a sign that the storage market in the U.S. is finally in full swing. Latin America—and the Caribbean, more specifically—is still years away from reaching this scale of momentum. In fact, the entire Caribbean had less than 1 GWh of announced or operating front-of-the-meter storage projects as of Q1 2023, a consequence of high import tariffs on batteries and immature regulatory frameworks. Although there are some Caribbean jurisdictions that are leading the charge, such as the Dominican Republic, Barbados, Puerto Rico and Jamaica, the reality is that the market is still largely underserved. Those that are able to develop a competitive moat, by entering the market early and strategically, will reap the benefits for many years to come.

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Battery Storage Landscape 

Latin America and the Caribbean regulatory challenges, potential projects, and trends in storage capacity.

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