Modeling and financial analysis of a solar-biomass hybrid power plant in Turkey

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2017
Özdemir, Merve
Solar thermal and biomass combustion systems can be hybridized via a Rankine cycle to have a continuous electricity generation and lower CO2 footprint. Disadvantages of these two renewable technologies can be overcome by hybridization. In this work; we develop a simulation model for Rankine cycle based, solar-biomass hybrid power plants using the ASPEN PLUS software. Solar parabolic collectors and biomass combustion are arranged in parallel to produce steam for power generation. Using the simulation model; thermal efficiency, fuel consumption rate, CO2 emissions are investigated for 1 MW and 5 MW installed capacities. Besides, a financial analysis is conducted via MS EXCEL software. In the financial analysis, Net Present Value (NPV) and Internal Rate of Return (IRR) are calculated for both 1 MW and 5 MW installed capacities. According to the results, hybridization reduces biomass consumption by 18% and CO2 emission by 20% compare to a stand-alone biomass power plant with the same installed capacity. IRR is calculated as 15.64% for 80% debt financing scenario.  
Citation Formats
M. Özdemir, “Modeling and financial analysis of a solar-biomass hybrid power plant in Turkey,” M.S. - Master of Science, Middle East Technical University, 2017.