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Open AccessArticle

A Scenario Analysis of Solar Photovoltaic Grid Parity in the Maldives: The Case of Malahini Resort

1
Graduate School of International Studies, Yonsei University, Seoul 03722, Korea
2
Research Center for Global Sustainability, Institute for Global Engagement & Empowerment, Yonsei University, Seoul 03722, Korea
*
Author to whom correspondence should be addressed.
Sustainability 2018, 10(11), 4045; https://doi.org/10.3390/su10114045
Received: 10 October 2018 / Revised: 31 October 2018 / Accepted: 2 November 2018 / Published: 5 November 2018
(This article belongs to the Special Issue Sustainable Energy Systems: From Primary to End-Use)
The Maldives, one of the Small Island Developing States (SIDS) with great solar potential, is keen to promote renewable energy systems to reduce its heavy reliance on imported diesel for power generation. However, adopting renewable energy systems is still burdensome for the Maldives not only because of its high initial costs and insufficient financial resources but also because of a lack of understanding about whether the deployment of a renewable system is economically feasible. Therefore, the concept of grid parity is explored as an important concept in this paper to examine the possible timeframe for reaching it. A distinctive feature of the paper is that the paper used actual cost and technical information to analyze the levelized cost of energy (LCOEs) of the independent renewable system in a remote island and examined its timeframe for reaching the grid parity condition. Based on economic and technical information from a project for replacing existing diesel generator to photovoltaic (PV) with energy storage system (ESS) in Kuda Bandos Island in the Maldives, the paper considers three different system configurations and evaluates which configuration could result in the most optimal off-grid energy systems in this remote island. With sensitivity analysis on various uncertainties, the paper shows the range of the levelized costs of energy and the periods required for reaching grid parity for deploying solar photovoltaics and ESSs in Kuda Bandos Island, Maldives. The result indicates that the photovoltaic system is an economically feasible option for the resort, and that grid parity can be reached within the project lifetime. However, the result shows that the use of advanced ESSs is still an expensive option and would not be economically reasonable. View Full-Text
Keywords: levelized cost of energy; photovoltaic with energy storage system; HOMER simulation; LCOE comparison; sensitivity analysis levelized cost of energy; photovoltaic with energy storage system; HOMER simulation; LCOE comparison; sensitivity analysis
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Jung, T.Y.; Kim, D.; Moon, J.; Lim, S. A Scenario Analysis of Solar Photovoltaic Grid Parity in the Maldives: The Case of Malahini Resort. Sustainability 2018, 10, 4045.

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