Latin America is making waves in the global transition to clean energy, and nowhere is this more apparent than in the region’s surging investment in renewables and pioneering green hydrogen projects. According to the International Renewable Energy Agency (IRENA), renewable energy investments in Latin America soared by 18% in 2024, reaching a staggering US$44 billion and accounting for 5.4% of the global total. This growth puts the region firmly on the map as one of the most dynamic emerging markets for sustainable energy.
But what does this mean for the people living there? On a per capita basis, Latin America invested US$82 in renewables—outpacing all other developing economies. For context, this figure surpasses Eurasia’s US$70, the Middle East and North Africa’s US$38, Asia (excluding China) at US$32, and Sub-Saharan Africa’s US$15. While Europe (US$229) and North America and Oceania (US$219) still lead in per capita investment, Latin America’s rapid rise is drawing international attention and investment.
Nowhere is this energy revolution more visible than in the Southern Cone, which includes Argentina, Chile, Uruguay, and Paraguay. Uruguay and Paraguay, in particular, are global standouts: Uruguay boasts a remarkable 100% share of renewable electricity generation, while Paraguay is close behind at 91.5%. These numbers aren’t just impressive—they’re transformative, signaling a dramatic shift away from fossil fuels and toward a greener, more sustainable future.
Chile and Argentina have also made notable progress. Over the past decade, Chile has nearly tripled its installed renewable energy capacity, while Argentina has increased its capacity by 50%. Argentina’s output from renewables, driven largely by wind and solar projects, has jumped by a striking 79%. According to RE+, a leading organization in the non-conventional renewable energy events industry, this convergence of growth, regulatory maturity, and abundant resources makes the Southern Cone a focal point for investors and technology partners alike.
To explore these opportunities and challenges, the RE+ Southern Cone regional meeting is scheduled for March 25 and 26, 2026, at the Estación Mapocho Cultural Center in Santiago, Chile. Fernando Nilo, president of Recyclápolis and one of the event’s organizers, emphasizes the significance of this gathering: “The evolution of these indicators, together with regulatory and technological progress, will be part of the core analysis of RE+ Southern Cone, a regional meeting that will bring together authorities, companies, specialists and organizations from the sector.” The conference aims to provide crucial information, diagnostics, and debate spaces to guide stakeholders through a period of rapid expansion and structural change.
Against this backdrop of regional momentum, Uruguay is stepping into the spotlight with a groundbreaking initiative: the country’s first green hydrogen project, known as Kahirós. On December 16, 2025, the International Finance Corporation (IFC) announced it would provide $20 million in green financing for the project, which is designed to decarbonize freight transport. The Kahirós project, a collaborative effort between Uruguayan firms Ventus, Fidocar, and Fraylog, Spain’s Santander Group, and support from the United Nations Renewable Energy Innovation Fund, is poised to become operational by the end of 2026 in the city of Fray Bentos, northwestern Uruguay.
So, what exactly makes Kahirós special? The project will integrate a 3.9 megawatt solar installation with hydrogen production, supplying fuel for six specially designed heavy goods vehicles. These vehicles will transport timber to the Montes del Plata pulp mill, one of Uruguay’s principal producers. The total investment is estimated at $38.6 million. By powering freight transport with green hydrogen produced from solar energy, the initiative aims to tackle one of the toughest sectors to decarbonize—heavy transportation.
Alfonso García Mora, IFC Vice President for Europe, Latin America and the Caribbean, underscored the project’s significance: “Uruguay has made remarkable strides in expanding renewable energy sources, and this project represents an important step towards decarbonising hard-to-reach sectors such as transportation.” He also highlighted the potential for the Kahirós model to be replicated across the region, amplifying its impact well beyond Uruguay’s borders.
Gustavo Trelles, country head of Santander Uruguay, echoed this optimism, noting that IFC’s participation “confirmed the project’s strength and international credentials.” The Kahirós consortium’s broad base of support, including both local and international partners, demonstrates the growing confidence in Uruguay’s clean energy ambitions.
But the project’s implications go even further. Proponents believe Kahirós could lay the groundwork for a broader green hydrogen industry in Uruguay, with the potential to generate more than 30,000 direct jobs by 2040. If these projections hold, Uruguay could cement its status as a regional leader in clean energy solutions for transport—a sector that has historically been difficult to decarbonize due to the high energy demands of heavy vehicles.
This isn’t Uruguay’s first foray into renewable energy leadership. The country has already established itself as a frontrunner, with wind and solar making up a substantial portion of its electricity generation. This robust foundation has allowed Uruguay to pursue more ambitious projects like Kahirós, which blend cutting-edge technology with practical, job-creating applications.
Zooming out, Latin America’s renewable energy boom is being propelled by a mix of public and private initiatives, regulatory reforms, and an abundance of natural resources—sun, wind, and hydropower. In the Southern Cone, the collaboration between governments, industry, and international financiers is creating fertile ground for innovation and large-scale deployment of green technologies. The upcoming RE+ Southern Cone meeting is expected to further catalyze these developments by fostering dialogue on investment opportunities, cross-border energy integration, and the next generation of renewable solutions.
Of course, the journey isn’t without its challenges. While per capita investments are rising, the region still trails behind Europe and North America in absolute terms. Structural hurdles—such as grid integration, financing for large-scale projects, and regulatory harmonization—remain on the agenda. Yet, the momentum is undeniable, and the region’s leaders are keen to capitalize on their progress.
As Latin America continues to attract global attention for its clean energy advances, projects like Uruguay’s Kahirós offer a glimpse into a future where green hydrogen and renewables power not just homes and businesses, but entire industries and supply chains. The coming years will test whether these ambitious plans can deliver on their promises, but for now, the region is charging ahead—one solar panel and hydrogen truck at a time.
With the world watching, Latin America’s energy transformation is becoming a story of possibility, innovation, and hope for a cleaner, more sustainable tomorrow.