Economic Analysis and Performance of PV Plants: An Application in Kurdistan Region of Iraq

*Olusola Bamisile -  School of Mechanical and Electrical Engineering, University of Electronic Science and Technology of China, Chengdu, Sichuan P.R., China
Foyin Olubiyo -  Engineering Management Department, Cyprus International University, Haspolat-Lefkosa, Mersin 10, Turkey
Mustafa Dagbasi -  Energy Systems Engineering Department, Cyprus International University, Haspolat-Lefkosa, Mersin 10, Turkey
Humphrey Adun -  Energy Systems Engineering Department, Cyprus International University, Haspolat-Lefkosa, Mersin 10, Turkey
Ifeoluwa Wole-Osho -  Energy Systems Engineering Department, Cyprus International University, Haspolat-Lefkosa, Mersin 10, Turkey
Received: 6 Apr 2019; Revised: 7 Sep 2019; Accepted: 2 Oct 2019; Published: 27 Oct 2019; Available online: 30 Oct 2019.
Open Access Copyright (c) 2019 International Journal of Renewable Energy Development
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Section: Original Research Article
Language: EN
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Abstract
In this study, photovoltaic (PV) technology development over the years is reviewed. The use of PV power plants to solve inadequate power supply in Kurdistan is also analysed. PV power application is one of the most developed renewable energy applications but still not commercialized in somw countries. In this paper, three different locations will be evaluated in Kurdistan for PV plant installation. The research will investigate the best location for PV plant installation in Kurdistan, check the viability of the proposed plants and compare the performance of a fixed and a double axis tracking system. A 10 MW PV plant is developed and simulated based on economic terms. The results from the analysis shows that the simple payback period for a 10 MW PV plant in all the locations considered is between 6.8 and 7.2 years. Also, the installation with two-axis tracking system gave the lowest simple payback period (6.8 years). The PV plant is viable considering other economic indicators like; IRR, NPV, annual life cycle savings and BCR. The yearly savings of the system for one of the locations considered is US$1,573,327 with a dual axis tracking system. ©2019. CBIORE-IJRED. All rights reserved
Keywords
Energy; Photovoltaics; Economic Analysis; Kurdistan

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