Conducting a comprehensive lifetime cost assessment can provide asset owners with valuable insights into component selection allowing them to increase profitability and minimise the operational risks of a project, particularly in the context of contractor warranty periods, which generally only extend for two years after completion of the construction phase.
PVTrax© is a publicly available modelling solution developed by RINA to provide project owners, developers and funders with detailed insights on expected lifetime operation and maintenance costs (OPEX) for single-axis tracking solutions currently available on the market.
RINA has developed PVTrax© from the perspective of an independent technical advisor, ensuring that assumptions feeding into the model are both representative and objective.
PV power plant equipment is typically selected based almost exclusively on upfront costs (CAPEX). However, the cost of ownership for each component of a PV plant includes not only the cost of supply and installation (CAPEX), but also the associated OPEX over the lifetime of the plant.
Although developers often account for OPEX through either Maintenance Reserve Accounts (MRA) or other assumptions within their financial model, they are not normally taken into consideration during the Request for Proposal (RfP) or tendering phase, with EPC bidding processes instead being driven purely by CAPEX costs.
RINA has been working to take a holistic view of the lifetime costs of most common single-axis tracking technologies, taking into account both CAPEX and OPEX (preventive and corrective costs).
RINA offers a complete package of technical advisory services for investors, owners, lenders, IPPs and developers and prides itself on the quality of services and attention to detail developed through years of experience in the renewables industry, where we have developed diverse and extensive experience in consulting and engineering, and are at the forefront of providing technical advice for project financing across multiple technologies including solar, wind, energy storage, hydro, bioenergy & renewable heat and energy efficiency in the built environment.