Analysis of Investment Models for Megawatt Scale Photovoltaic Power Plant in Thailand
Keywords:
Investment model, Megawatt scale, PV power plant, Grid parity, Economic analysis, ThailandAbstract
This paper is an analysis of the three common investment models for financing PV power plants in Thailand; (1) 100% investor financing of investment (capital), (2) 70% investor financing of investment with 30% finance by a bank loan and (3) 100% investor financing of investment (capital) and EPC (Engineering, Procurement & Construction) or installation cost. These three investment financing models were analyzed for three PV power plant project sizes; 5, 50, and 100 MW PV power plant capacities. The economic indicators used in the analysis include Cash flow, LCOE, PP, BCR, NPV, and IRR. The results of the analysis show that the greater the project size, the better is the economic performance because of economies of scale. The results demonstrated that 100% investor financing of investment (capital) is suitable for a 5 MW project while 100% investor financing of investment plus EPC cost is more appropriate for 50 and 100 MW projects. However, this investment model is suitable only for investors who have EPC experience. These are investors who have experiences as, utility-scale PV power station developers and operators, and have good business connection with other players of the PV industry in Thailand.
References
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[15] Zhao, X., Zeng, Y., & Zhao, D. (2015). Distributed solar photovoltaics in China: Policies and economic performance. Energy, 88, 572-583.
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[33] Mikel De, P-G., Jose Luis, D-G., Lluís, T., & Oriol, G-B. (2017). Technical and economic comparison of various electrical collection grid configurations for large photovoltaic power plants. IET Renewable Power Generation, 11, 226-236.
[34] Mancini, M., Sala, R., Tedesco, D., & Travaglini, A. (2016). A Real Options Investment Model for the Evaluation of Wind and Photovoltaic Plants. Proceedings of IEEM 2016, Bali, Indonesia. 1101-1105.
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[36] Sukumaran, S., & Sudhakar, K. (2017). Fully solar powered Raja Bhoj international airport: A feasibility study. Resource-Efficient Technologies, 3, 309-316.
[37] Tian, L., Pan, J., Dua, R., Li, W., Zhen, Z., & Qibing, G. (2017). The valuation of photovoltaic power generation under carbon market linkage based on real options. Applied Energy, 201, 354-362.
[38] Formica, T. J., Khan, H. A., & Pecht, M. G. (2017). The Effect of Inverter Failures on the Return on Investment of Solar Photovoltaic Systems. IEEE Access, 5, 21336-21343.
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[46] Tanomvorasin, P., & Thanarak, P. (2015). Availability of decentralized inverter concept of PV power system in Ubon Ratchathani. Thailand International Journal of Renewable Energy Research, 10, (2), 45-54.
[47] Phanukan, P., & Ketjoy, N. (2016). Availability study of large scale grid connected photovoltaic power plants in Thailand. Applied Mechanics and Materials, 839, 44-48.
[48] Tanomvorasin, P. (2014). Reliability and availability of PV power system applying decentralized inverter concept. Ph.D. dissertation. SERT, Naresuan University. Phitsanulok, Thailand.
[49] Phanukan, P. (2017). Study on reliability and availability of large scale grid connected photovoltaic power plants. Ph.D. dissertation, SERT, Naresuan University, Phitsanulok, Thailand.
[50] Bureau of Solar Energy Development. (2016). National Survey Report of PV Power Applications in Thailand 2015. Department of Alternative Energy Development, Ministry of Energy. Bangkok, Thailand.
[51] Solar Module Weekly Spot Price. PV Insights. (2018). Retrieved from https://pvinsights.com/index .php
[52] Solar O&M firms develop granular cost benchmarks to extract further asset value. New Energy Update. (2018). Retrieved from https://analysis.newenergyupdate.com/pv-insider/solar-om-firms-expand-granular-cost-benchmarks-extract-further-asset-value?utmcampaign =NEP%20PV%2024MAY17%20Newsletter&utm_medium=email&utm_source=Eloqua&elqTrackId=446064d2db6a4542933ad969bfcfa2e7&elq=e106a979cc8341a8af2fd1c9d3677f31&elqaid=28139&elqat=1&elqCampaignId=13390
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[54] The Deutsche Gesellschaft für Internationale Zusammenarbei. (2017). Thailand Solar PV Policy Paper 01/2017 The Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety, Berlin, Germany.
[55] Learn About Net Cash Flow and How It Is Used. (2018). Retrieved from https://www.thebalancesmb.com/what-is-net-cash-flow-and-how-is-it-used-393112
[56] Vale, A., Felix, D. G., Fortes, M. Z., Bruno Soares Moreira Cesar Borba., Dias, B. H., & Santelli, B. (2017). Analysis of the economic viability of a photovoltaic generation project applied to the Brazilian housing program “Minha Casa Minha Vida”. Energy Policy, 108, 292-298.
[57] Tao, J. Y., & Finenko, A. (2016). Moving beyond LCOE: impact of various financing methods on PV profitability for SIDS. Energy Policy, 98, 749-758.
[58] Payback Period. (2018). Retrieved from https://accountingexplained.com/managerial/ capital-budgeting/payback-period
[59] Wholesale electricity tariff of MEA and PEA. EGAT. (2018). Retrieved from https://www.egat.co.th/index.php?option=com_content&view=artic le&id=174&Itemid=222
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21 December 2018
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Damnoen, P., & Ketjoy, N. (2018). Analysis of Investment Models for Megawatt Scale Photovoltaic Power Plant in Thailand. Journal of Renewable Energy and Smart Grid Technology, 14(1). Retrieved from https://ph01.tci-thaijo.org/index.php/RAST/article/view/128130
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