Feasibility study of a 150kWp Photovoltaic park in Cyprus

Cyprus is required to increase its share of renewable energies to 13% by 2020 according to the 2009 EU directive. The slow growth of renewables necessitated new grant schemes in the sector by the government Amongst other, the ability to invest in photovoltaic parks up to 150 kilowattpeak (kWp) has finally become a reality in 2009. This paper, presents results related to the performance yield of such a Photovoltaic (PV) park in a specific area in Cyprus and an economic feasibility study of the investment. The performance was evaluated using the meteorological data for the area under examination in conjunction with PVSYST. The economic feasibility study was carried out using a tool designed by the Cyprus Institute of Energy. The results suggest that such an investment, is currently very attractive, with the IRR ranging between 10 to 13 % over a 35 year period.