Examinando por Autor "Lomas, J.C."
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Ítem Influence of Operation and Maintenance expenditures in the feasibility of photovoltaic projects: The case of a tracking pv plant in Spain(Elsevier, 2018-10) Muñoz-Cerón, Emilio; Lomas, J.C.; Aguilera-Tejero, Jorge; de la Casa, JuanOperation and Maintenance (O&M) tasks are becoming increasingly important in the asset management of photovoltaic projects. However, there is insufficient evidence to analyse in depth its influence on the energy and economic performance of such systems. The wide range of O&M annual expenditures (OPEX) and the lack of standardization further complicate the proliferation of specialized studies. This paper analyses the influence of OPEX on the performance and viability of a utility-scale photovoltaic tracking plant based on real data. After a description of the O&M costs incurred to maximise photovoltaic performance, a first result shows that a percentage decrease in annual OPEX does not necessarily imply the same trend in energy losses. Although this electricity decrease may jeopardise the viability of the project, the economic outlook of this study shows that high quality O&M not always improves the Levelised Cost of Electricity or the annual liquid asset of such investment. Finally, it shows real evidence of the influence of promotion policies on the viability of photovoltaic projects, taking Spain as an example, where it is more profitable to abandon the preventive maintenance of a photovoltaic plant than to invest in O&M and only undertake corrective O&M in limit situationsÍtem Sale of profitable but unaffordable PV plants in Spain: Analysis of a real case(Elsevier, 2018-06) Lomas, J.C.; Muñoz-Cerón, Emilio; Nofuentes, Gustavo; de la Casa, JuanThe Spanish photovoltaic industry was stunningly successful during 2007–2010, fostered by a favourable feed-in tariff system. Nevertheless, the cost overrun of this promotion policy led to government legislation against existing PV plants. Although these investments will be profitable when the subsidy ends, according to the last law enacted in Spain (IRR = 7.4%), either a massive sale to vulture funds or the abandonment of PV plants is being planned. Owners are unable to cover the loans through which they were originally financed. In this scenario, investors find it more profitable to cancel all operational expenditures and allocate this working capital to cover their loans, although this measure implies a 22% energy reduction. This study analyses a representative Spanish PV plant based on real energy and economic data. The analysis shows the turn from an attractive IRR = 10.14% to a situation with limitations where the owner injects money annually to overcome potential bankruptcy of the investment. This paper reflects the influence of promotion policies in the profitability of PV plants. Additionally, the adverse legal framework in Spain identifies a profitable but unaffordable scenario, highlighting the differences between the economic and financial performance of a PV investment.