The energy transition in Latin America has the structural problem that has been dragging on in the region for ever: the lack of capital. To solve this, external financing has been the main driver of the change in the energy matrix.
The main financiers are the Export-Import Bank of China, the China Development Bank, the Inter-American Development Bank (IDB), the Development Bank of Latin America (CAF) and the U.S. Agency for International Development, in that order.
It should be noted that the Caribbean Basin is mainly financed by the USA and South America by China. Although the U.S. finances renewables more than dirty energy, in terms of amounts it does not compare with the Asian economy. External financing for renewables is vital for Latin America's energy transition. It should not be forgotten that Latin America is a disputed territory and the control of renewables is key.