ECONOMIC ANALYSIS OF THE PROJECT DEVELOPMENT OF FLOATING SOLAR POWER PLANTS IN MRICA DAM, BANJARNEGARA

Abstract

Solar Power Plants (PLTS) represent one of the systems that utilize renewable energy sources (RES) to generate electricity. The implementation of floating solar power plants (PLTS Terapung) in Indonesia remains relatively limited. To minimize investment losses due to the significant initial capital required for PLTS projects, a feasibility analysis, referred to as techno- economic analysis, is essential. The objective of this study was to evaluate the economic feasibility of investing in the construction of a Floating Solar Power Plant with a capacity of 56.6 MWp located within the operational area of PT PLN Indonesia Power UBP Mrica.The research employed a predictive quantitative method by collecting annual energy yield data during the 30-year operational period to estimate the energy output over the project's lifespan, assuming a solar panel capacity degradation rate of 0.4% per year. The parameters used in the analysis included Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI), and Payback Period (PP). The reference interest rate and inflation rate were based on data from Bank Indonesia, with an interest rate of 6% and inflation rate of 2.3%. The analysis results showed that the PLTS achieved an efficiency of 19.29%, a Capacity Factor of 19.84%, a Performance Ratio of 83.65%, and an annual energy yield during operation of 92.94 GWh. The economic indicators revealed an NPV of $10,837,499.35, an IRR of 8% (which exceeds the Minimum Attractive Rate of Return, MARR), a PI of 1.23, and a Payback Period achieved in the 12th year. These findings indicate that the investment in the Floating Solar Power Plant is feasible