The corporate PPA wave is reshaping LatAm’s power market. Central America hasn’t caught it yet — but it will.

2024 was a record year: 68 GW of clean power contracted through corporate PPAs, up 29–35% on 2023. In 2025 the market held at 55.9 GW, the second-highest on record. Corporate offtake is no longer a niche instrument — it’s the primary financing anchor for new renewable builds where government auctions are retreating.
In South America, that shift is structural:
🇦🇷 Argentina — Cammesa’s auction rights revoked in 2024. New capacity goes to market exclusively through corporate contracts.
🇧🇷 Brazil — dollar-PPA legal reforms unlocked cross-border project finance. The Mendubim solar complex closed USD 243M non-recourse with IDB, anchored by a corporate PPA.
🇨🇱 Chile — Codelco locked in 1.8 TWh/year + 375 GWh of battery storage. Mining is South America’s largest C&I anchor load.
🇨🇴 Colombia — Scatec signed a 15-year PPA with BTG Pactual for 130 MW in Nariño, covering 85% of output.
Now look north.
Guatemala, Panama and Honduras have 3,000+ MW in active public tenders — but virtually all is utility-led. Corporate PPAs in MCAC are, with rare exceptions, nascent.
The exceptions are instructive. In 2024, MPC Energy Solutions broke ground on a 65 MW solar plant in Guatemala under a 16-year fixed-price PPA with IMSA, the country’s largest sugar producer. Agro-industrial anchor load, dollar-adjacent revenues, bankable on its own terms. The template exists — it just hasn’t scaled.
What unlocks it: sugar, palm, coffee, ports and logistics — loads with predictable consumption and some dollar revenue exposure. The developers building corporate origination capabilities in MCAC now, without waiting for the next auction round, will have a decisive first-mover advantage.
📊 BNEF 1H 2026 | pv-magazine Feb 2026 | Bird & Bird 2025-26 | Strategic Energy Europe Jan 2026 | CARILEC/MPC Feb 2024
K Labs Consulting — energy market intelligence for Latin America & the Caribbean.