Unveiling the hidden risk across project phases and assessing risk management impact on solar photovoltaic project success in the Malaysian context

Rani Mahwish, Fong Woon Lai, Muhammad Kashif Shad, Ahmad Ali Jan and Syed Quaid Ali Shah

International Journal of Business Continuity and Risk Management, 2024, vol. 14, issue 3, 255-286

Abstract: Solar photovoltaic (PV) projects are exposed to various risk factors, from planning to use phases. Therefore, there is a need to identify the risks and mitigation strategies to enhance the project's success. Consequently, this study aims to identify and categorise the risks and propose a detailed conceptual framework for solar PV projects. Through systematic literature review and expert consultations, 24 critical risks were identified for each phase. The significance of these risks was assessed using a Likert scale, which ranked (strongly agree = 5, agree = 4, neutral = 3, disagree = 2, and strongly disagree = 1). The results reveal that financial, policy, and design risks in the planning phase, policy and outsourcing risks in the implementation phase, and weather risks in the use phase are intolerable with high likelihood and impact. Furthermore, the findings underscore the positive impact of risk management on project success across all solar PV project phases. The results will help the project managers to estimate the priority of risks better and develop proper mitigation measures at the initial stage of the project.

Keywords: risk indicators; risk assessment matrix; risk management; sustainable solar PV projects. (search for similar items in EconPapers)
Date: 2024
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