Supporting strategy for investment evaluation of photovoltaic power generation engineering projects using multi-criteria decision analysis methods

This scientific study examines the evaluation of photovoltaic power generation projects through the application of multi-criteria decision analysis methods. Two groups of large-scale grid-connected PV power generation system projects with a nominal power of 50 MW and 500 MW respectively were analyzed and evaluated. These systems were designed to be installed in the same wider geographical area in northern Greece, but they were differentiated in the part of the PV circuit. Twelve systems were analyzed in which either monocrystalline silicon panels or poly-crystalline silicon panels or bifacial photovoltaic panels were to be installed. In these systems either central photovoltaic inverters or photovoltaic string inverters were considered for installation. The following criteria were used to evaluate the investment in these projects. These criteria were related to the profitability, the financial cost, the technical level, and the electrical energy production of the systems and these were the initial investment cost, the operation and maintenance cost, the levelized cost of electricity, the net present value, the internal rate of return, the capital recovery or payback period, the technical level of the photovoltaic circuit, the technical maturity of the photovoltaic circuit, and the annual electricity production. The evaluation of these criteria was initially conducted with fixed weighting coefficients followed by a sensitivity analysis of these weighting coefficients. The results of the evaluation using the PROMETHEE, AHP and TOPSIS multi-criteria decision analysis methods showed that the PV power generation systems which should be preferred are those with increased nominal power, where monocrystalline silicon technology panels are employed following the central inverter topology.