Performance Analysis of Grid Connected 4 MW Solar Photo Voltaic Plant installed at Chandranigahapur, Rautahat, Nepal

Abstract

Solar PV technology is becoming more important on a global scale. The use of solar energy is growing and outpacing that of other renewable sources, according to the International Energy Agency, Solar PV will meet 18.4% of the world's energy needs in 2025, trailing only coal and natural gas, which will offer 22.8% and 20.2% of the world's energy needs, respectively. Technical and financial study are carried out in this thesis, titled "Performance Analysis of Grid Connected 4 MW Solar Photo Voltaic Plant Installed at Chandranigahapur, Rautahat, Nepal.". In this thesis technical and financial analysis is performed. Energy Generation Data is obtained from the plant and financial and other plant related data is taken from the head office of Api Power Company Limited. Various study-related data were collected during this research. During this study, the data are analyzed, with a focus on the technical and financial parameters. Final Yield (YF), Capacity Utilization Factor (CUF), Performance Ratio (PR), and Efficiency are measured in terms of technical parameters for electricity generation. And sensitivity analysis is done for parameters such as Internal Rate of Return (IRR), Payback Period and Net Present Value (NPV). According to the simulation, the first year's energy is 6840 MWh, and the final year's energy will be 5699 MWh. The contract energy with the NEA was 6926 MWh, whereas the actual energy produced by the plant in the first year was 6269 MWh. Energy supplied to the grid was 657 MWh or 9.48% less than what was agreed upon in the PPA. Final Yield, Performance Ratio and Capacity Utilization Factor from the measured data was found 3.46 kWh/kWp/day, 0.695 and 17.89%, respectively. Similarly, from the simulated data, Final Yield, Performance Ratio and Capacity Utilization Factor was found 3.78 kWh/kWp/day, 0.848, and 19.52%, respectively. Financial analysis of this study showed that the IRR is 12.68%, NPV is NRs. 659 million, simple payback period is 7.07 years and discounted payback period is 12.60 years from the contract energy as per PPA. Financial indicator was found that IRR is 10.20%, NPV is NRs. 510 million, and simple payback period is 8.39 years, as per actual measured data. Levelized Cost of Energy (LCOE) was found NRs. 6.92/kWh and NRs. 7.65/kWh for the contract and actual energy generated respectively.