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

Jakob Bru, Tom Stian Seland, Jian Dai and Zhiyu Jiang

Renewable Energy, 2025, vol. 249, issue C

Abstract: 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.

Keywords: Floating photovoltaic; Semi-submersible; Levelised cost of energy; Uncertainty; Monte Carlo simulation (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0960148125006433
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:renene:v:249:y:2025:i:c:s0960148125006433

DOI: 10.1016/j.renene.2025.122981

Access Statistics for this article

Renewable Energy is currently edited by Soteris A. Kalogirou and Paul Christodoulides

More articles in Renewable Energy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().