The global wind industry produced about 37,000 MW in 2013. Latin America, in particular, has provided the industry with an essential substitute growth market for wind power. In 2013, Latin America alone representedapproximately 45% of the installed capacity of North and South America combined. It was largely driven by the wind markets of Brazil and Mexico which can be regarded as the dual pillars of the Latin American market. The average price of wind energy contracts in Brazil is US$ 50/MWh and gives wind energy an edge over conventional fossil fuels there. This is a major driver for the wind turbine market in Brazil. The wind power in Mexico provides power to over 65,000 households and exports it to US. Food and beverage company, Nestle, had invested US$ 60.7 million in wind energy in Mexico, and employed wind energy for its 85% electricity requirement. The cumulative wind capacity in Mexico reached 1988 MW by the end of 2013 indicating a 31.4% growth rate. The installed capacity in 2013 was 76 MW in Argentina, 200 MW in Chile, 30 MW in Peru, 11 MW in Uruguay, and149 MW in Venezuela.