Comparative analysis of 100 MW concentrated solar power plant and photovoltaic plant

Abstract

Solar energy can be exploited to produce electrical energy by two main methods; one by using photovoltaic (PV) panels to directly convert the sun’s light into electrical energy and the other by using thermodynamic cycle with the help of concentrated solar power (CSP) approach to convert the heat of the sun into electricity. The objective of this research paper is to design, analyze and compare the performance of a 100 MW CSP and PV plants in the Gwadar city in the southwest coast of Baluchistan, Pakistan. Both technical and economic analyses are performed. The economic comparative analysis includes the levelised cost of energy (LCOE), net present value (NPV) and payback period while the technical comparison is based on electrical output and capacity factor. The annual electrical output of the CSP plant is 327804 MWh as compared to 227389.2 MWh from PV plant. The capacity factors of CSP and PV plant are 37.5 % and 26 % respectively. The LCOE, NPV and payback period of CSP plant are 15.02 ¢/kWh, -121,050,688 US$ and 18.5 years, respectively while LCOE, NPV and payback period of PV plant are 5.43 ¢/kWh, 134,040,640 US$ and 5.5 years respectively. The CSP plant has better technical performance as compared to PV plant but PV plant has better economic performance.