A Feasibility Study and Evaluation of Financing Models for Wind Energy Projects: A Case Study on Izmir Institute of Technology Campus Area

Abstract

Feasibility studies have been done for different scenarios on IZTECH campus area where previous wind data evaluation showed considerable wind potential. RET Screen software has been used for feasibility calculations. Internal rate of return and unit cost of energy have been examined for the proposed scenarios. First scenario represents an autoproducer model which would meet IZTECH.s electricity need. Two 600 kW turbines were used in this scenario and the unit cost of energy have calculated as 24 cents/kWh.Second scenario represents an autoproducer group. Two units with 900 kW rated power turbines were used in the scenario and 4.82 cents/kWh is found as unit energy cost. Finally, third and last scenario is planned as production plant with thirteen 900 kW turbines. The energy unit cost would be 2.68 cents/kWh when scenario is applied. This study showed that IZTECH campus area which was inspected before for wind data characteristic and technical potential point of view, found economically viable too. Within the finance models, project finance and syndicated loan credit were examined as the most convenient mechanisms.