Benefit Analysis of Grid-Connected Floating Photovoltaic System on the Hydropower Reservoir

In the step-by-step roadmap for limiting and eliminating power sources that use fossil fuel, especially coal-fired power, as well as for setting the Vietnamese government targets for developing renewable energy for replacement, solar farms and rooftop solar power, followed by floating photovoltaic (PV) power, are considered the best candidates for meeting the goals of land space, PV system operation efficiency, and meeting environmental goals. In addition to the rapid development of PV cell technology are the government's incentives and financial support for PV plants on the water surface area, which is still very large. Floating PV plants will strongly attract investors in the near future. This study could help stakeholders in the market understand the economic-technical aspects from analyzing economic-financial indicators of floating PV plants with a capacity of 47.5 MW connected to the national utility grid 110 kV at Da Mi hydropower reservoir in Binh Thuan province, Vietnam, in May 2019. This is the first floating PV plant on the reservoir in Vietnam, and is the property of a third party.

Automated summary

In the roadmap for transitioning from fossil fuel-based power sources to renewable energy, solar farms and rooftop solar power, followed by floating PV power, are the most suitable options in terms of land space, PV system efficiency, and environmental goals. The government's incentives and financial support for floating PV plants on water surfaces also contribute to their attractiveness to investors. This study focuses on analyzing the economic-technical aspects of a 47.5 MW floating PV plant connected to the national utility grid in Binh Thuan province, Vietnam.