Techno-economic Feasibility Analysis of a Floating Solar Photovoltaic System in San Roque Dam, Philippines

The Philippines is heavily reliant on fossil fuels for electricity generation. Solar Photovoltaic systems present a sustainable alternative, but deploying such a system requires large land areas and high installation costs. A Floating Solar Photovoltaic (FSPV) system is an emerging alternative that can be implemented in water bodies. A techno-economic feasibility assessment of an FSPV system in 2% of the San Roque Dam's total coverage area was conducted using the System Advisory Model (SAM). The results showed that the proposed system can generate an installed capacity of 21.42MW and an annual AC energy output of approximately 32.68 GWh. The LCOE of floating photovoltaics is found to be generally lower than the market price, indicating the project's viability. The FSPV system also demonstrated its ability to generate favorable returns on investment throughout its operational lifetime, with an IRR of 13.67% and a positive NPV.