Performance Evaluation and Economic Analysis of a Grid-Connected Solar Power Plant: A Case Study of Engreen Sarishabari Solar Plant Ltd. in Bangladesh

Abstract

As the global quest for sustainable energy solutions intensifies, the role of solar power plants in meeting energy demands while mitigating environmental impact becomes increasingly vital. This study focuses on the performance evaluation and economic analysis of Engreen Sarishabari Solar Plant Ltd., a 3.3 MW grid-connected photovoltaic (PV) power plant located in Sarishabari, Jamalpur, Bangladesh. A thorough evaluation of the solar power plant's performance ratio was carried out using the PVsyst software and data supplied by plant authorities. Moreover, a mathematical model was developed to analyze energy output variations, while grid stability post-integration of PV into the distribution feeder was examined under diverse conditions, including load and irradiance variations, as well as different short-circuit fault scenarios. The findings reveal that the annual performance ratio of the solar power plant stands at approximately 71%, with an average annual energy production of 3132 MWh. With a payback period of 10.1 years and an energy generating cost per kWh of 0.1132 USD, the installation cost came to 6,740,853 USD. This research not only provides valuable insights into the operational efficiency and economic viability of the Engreen Sarishabari Solar Plant Ltd. but also contributes to the broader discourse on the integration of solar energy into the grid infrastructure of Bangladesh, offering practical implications for policymakers, energy stakeholders, and investors striving towards a sustainable energy future.