In English

Feasibility Study of Developing Large Scale Solar PV Project in Ghana: An Economical Analysis

Leandro Alves Aguilar
Göteborg : Chalmers tekniska högskola, 2015. 63 s.
[Examensarbete på avancerad nivå]

Solar photovoltaic industry growth in recent years has surpassed any other renewable energy sources worldwide and the need for carbon neutral electricity will continue to increase. In developed countries solar PV is a proven and feasible technology, however in African countries it is almost inexistent. So the fact that most PV systems are installed in rich countries with low solar radiation instead of sunny Africa does not add up. For this reason, the aim of this report is to assess the feasibility of developing a large scale solar PV plant in Africa, more specifically Ghana. The installation of 100 MW of solar PV is assumed in a pre-determined location in Ghana, where solar irradiation is the highest. The computation of total plant generation uses solar maps, PV modules specification and average benchmark figures for system losses. Furthermore a review of policy framework a Feed-in-Tariff (FiT) for solar PV development in Ghana is carried out to assert the viability of the project. Ultimately, an economic analysis is carried out via using cash flow models in Excel work sheets. The key financial indicators used for evaluation of the project include net present value (NPV), internal rate of return (IRR), benefit-to-cost ratio (B/C) and Payback period (PBP). A comprehensive risk assessment is used to identify and create risk mitigating strategies. The sensitivity analysis creates a strategy to deal with the risk of inflation and currency depreciation. The sensitivity analysis shows that the project profitability ranges from -20 to 140 million US dollars under tight inflation and currency boundary conditions. It was possible to conclude that the project is feasible indeed, but consideration must be taken in regards to contract terms and inflation data.

Nyckelord: Solar, PV, Ghana, economic analysis, Feed-in-Tariff

Publikationen registrerades 2015-06-25. Den ändrades senast 2015-06-25

CPL ID: 218869

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