Life cycle cost analysis of an offshore floating photovoltaic concept in the North Sea

Offshore floating photovoltaic (FPV) technologies offer a promising solution for clean solar energy generation in remote offshore environments. However, the key factors affecting life cycle costs remain poorly understood. This study presents a comprehensive economic assessment of a novel offshore FPV concept featuring lightweight semi-submersible floats connected by soft ropes, which has demonstrated strong resilience in harsh wave conditions. The analysis focuses on two Norwegian offshore sites, Utsira Nord and Sørlige Nordsjø II, as potential deployment locations for a reference 6-megawatt (MW) FPV system. The levelised cost of energy (LCOE) is estimated at 256.7 EUR/MWh for Sørlige Nordsjø II and 287 EUR/MWh for Utsira Nord, with floats accounting for 51% of capital expenditure. Key factors influencing the LCOE include the discount rate, lifespan, energy production, and grid distance. Monte Carlo simulations reveal a 90% probability of LCOE ranging from 203 to 407 EUR/MWh. Locating the FPV system near existing subsea power infrastructure is recommended to improve cost efficiency. This paper provides valuable insights into the techno-economic viability of innovative FPV systems for offshore applications, paving the way for optimising deployment strategies and reducing costs in the future.