Techno-Economic Analysis of Solar Power Plant Project in Binh Thuan, Vietnam

Abstract

This paper aims to determine the important parameters of the solar power plant project located in Binh Thuan such as energy production, the number of solar panels, the number of the inverters and economic analysis. In this study, the solar power plant project with 1MW capacity installed and the location has the solar radiation from 1800 kWh/m2 to 1900 kWh/m2 per year is used to analyze. The PVSyst software was used to determine the energy production, the number of inverters, and the number of the solar panels. Furthermore, an economic model was proposed and used to identify the Net Present Value (NPV) with the discount rate 8% and 10%, Internal Rate of Return (IRR), Levelized Cost of Energy (LCOE) and payback years. From the results, the energy produced was around 1631MW per year, and NPV with discount rate 8% were beneficial, and LCOE was 21 cents USD per kWh. In addition, with the price to sell of electricity production to EVN was 9.35 cents, the Payback years was within in the range 9-12 years.