Profitability of Utility-Scale Photovoltaic Systems in Finland

The interest in utility-scale photovoltaic (PV) plants in the Nordics has increased in recent years, which has resulted in increased investments in large PV plants in Finland. In this study, utility-scale PV systems with different orientations are studied from the profitability point of view. The techno-economic analysis includes profitability calculations with Finnish electricity spot prices for 2023 and 2024, also considering investment costs as well as operating and maintenance costs. The aim of the study is to determine the optimal system from an economic standpoint by examining the value of electricity produced in different orientations. The results are calculated in a 10 MW system, and those show that the vertical East-West mounted bifacial panel (VBPV) orientation is the most profitable solution. In this orientation, the revenue is 17% higher than with the second-highest orientation of tilt of 45 degrees and azimuth of 180 degrees in 2023. The net present value (NPV) is the best for VBPV, despite bifacial panels having 6 - 8% higher estimated investment costs than monofacial panels. The results lead to the conclusion that investing in utility-scale bifacial panels would be more profitable in the Nordics, especially in the future with increasing PV share in the electricity mix.