Broad-Spectrum Technical and Economic Assessment of a Solar PV Park: A Case Study in Portugal

Abstract

While technical optimization focuses on maximizing the annual energy yield of utility-scale PV parks, the ultimate goal for power plant owners is to maximize investment profit. This paper aims to bridge the gap between technical and economic approaches by using simulation data from a real-case utility-scale PV park. It analyzes how changes in configuration parameters such as the DC–AC ratio and string length and PV technologies like solar tracking systems and bifacial modules impact the economic metrics of the project, i.e., net present value (NPV) and internal rate of return (IRR). PVSyst software was utilized as a simulation tool, while in-house developed software implementing appropriate technical and economic models served as a comparison platform and was used to validate the outputs generated through PVSyst. Results indicate that the commonly used horizontal single-axis tracking configuration may economically underperform compared with fixed-tilt setups. The optimal DC–AC ratio fell within the range of 1.30 to 1.35. Extending the string length from 25 to 28 modules improved economic indexes. Additionally, fixed-tilt bifacial modules can enhance project economics if a 10% cost premium compared with standard monofacial PV modules is considered.