Design Optimization and Assessment of Floating Solar PV with Wind Turbine Systems at KEPZ

Renewable energy holds enormous potential in Bangladesh, but significant obstacles must be overcome to fully harness its benefits. With natural gas being the primary source of power generation in the country, there is a growing need to explore alternative sources of energy to reduce emissions and relieve the pressure on limited fuel supplies. Wind turbines (WT) and solar photovoltaic (PV) systems are currently being deployed to harness renewable energy, and Bangladesh's unique geographical features, including being a riverine country with a modest land area, make it an ideal candidate for floating PV and WT installations. However, the intermittency of renewable generation and high upfront costs pose significant challenges to the technical and economic feasibility of microgrid operation. The use of Energy Management Systems (EMS) and Grey Wolf Optimization (GWO) can help optimize the use of renewable resources and minimize capital costs, respectively. In this research, a methodology is proposed to assess the economic feasibility of floating PV and WT in the Korean Export Processing Zone (KEPZ), a critical hub of the country's economic activity, while minimizing renewable energy costs using the GWO technique. Mathematical models are used to design the hybrid renewable system, and load-demand data is collected from KEPZ. Based on hourly resource data, annual hourly floating PV and WT energy generation is estimated, and the electricity cost (LCEO) is evaluated, yielding a cost of 0.099$/kWh for the system, taking into account project lifetime, interest rate, and inflation rate.