New figures from Absolar, a Brazilian PV trade group, show that the country could install 9.3 GW of solar in 2024, bringing it to 45.5 GW of installed PV capacity by the end of next year.

New forecasts by Absolar, the Brazilian solar energy association, suggest that new investments in the PV sector could exceed BRL 38.9 billion ($7.8 billion) in 2024.

The trade body said the PV sector is expected to generate more than 281.6 thousand new jobs next year, spread across all regions of Brazil, providing more than BRL 11.7 billion of extra revenue for the state budget.

Developers are expected to install more than 9.3 GW of solar capacity in 2024, reaching a cumulative total of over 45.5 GW, up 26% from 36.1 GW at present.

Solar is expected to maintain the same level observed in 2022 and 2023, contributing to the social, economic, and environmental development of the country, according to Ronaldo Koloszuk, president of the board of directors of Absolar, and Rodrigo Sauaia, the CEO of Absolar.