Ground-mounted vs floating photovoltaic (PV) power plant: A trade-off using game theory in utility-scale PV power plant investment decision making

Abstract

The development of a renewable energy power plant in Indonesia will increase rapidly in the future in line with the long-term electricity policy to achieve the renewable energy target of 23% by 2025. One type of renewable energy power plant that will be highly developed is the Photovoltaic (PV) power plant, both built on the ground or floating type. Floating PV power plants do not require large amounts of land. However, the construction of a floating PV requires a floater system along with mooring and anchoring, which costs up to 20-30% of the project cost. This paper aims to optimize and simulate the critical factors so that investors and utility companies can make a decision whether to build a PV power plant on land or floating in a used mine area. Critical factors that affected the PV power plant development are analyzed using Critical Success Factor Analysis. Furthermore, the analysis is carried out using Game Theory to obtain optimal decisions. Based on the analysis, if the other critical factors are assumed to be the same, the construction of a floating PV Power Plant in a typically used mining area will provide optimal commercial value at a depth of reservoir of fewer than 60 meters. If the depth of the reservoir is more than 60 meters, the ground mounted PV will provide a more optimal commercial value.