The Latin American solar market ushered in 625MW of projects and grew at an annual rate of 370% in 2014, according to the recently released “Q4 2014 Latin American PV Playbook” report from GTM Research.

Chile outpaced all nearby countries in terms of PV installations in 2014, accounting for more than three-quarters of Latin America’s total production. Mexico and Brazil rank second and third, respectively, in regards to PV installations in 2014.

GTM Research solar analyst Adam James remarked: “The real opportunity for Mexico lies ahead.”

According to James, Mexico — which installed 67MW of PV in 2014 — is set to undergo an 84% growth spurt through 2018 with a total capacity of 3.3GW at that point.

While Brazil places third on the list with 21MW installed, the country struggled at times due to net metering issues and struggles with financing.

James added: “Next year may improve with the introduction of lower-cost capital from the Brazilian Development bank (BNDES), tax breaks at the national and state level, and increased access to financing for distributed generation.”

Looking ahead, GTM expects the region to install 2.1GW in 2015 —a 237% increase from this year. GTM also tabs Chile, Honduras and Mexico as the largest markets for 2015.