Feasibility analysis of repowering a wind farm in Catalonia

Abstract

This study aims to analyze the economic viability of repowering a 20 years old wind farm located in the Province of Tarragona, in Catalonia/Spain (Les Colladetes Wind Farm). A model to calculate the electricity produced by the wind observed is developed using four scenarios, each one considering the substitution of the 660 kW existent turbines for one with the nominal power varying from 2,000 kW, to 2,500 kW, to 3,300 kW, to 5,000 kW. The number of new turbines are estimated in compliance with the recommended spacing distances for wind turbines and the regulation that allows up to a 40% increase of the actual installed power without needing new permits. A project finance model is developed to calculate the net present value of each scenario, taking as inputs the total energy produced by each type of turbine, their estimated capital cost and other relevant parameters. The best scenario is given by the alternative that provides the highest financial return. Results show that for three scenarios the repowering of the wind farm is highly profitable. In the best case (scenario with the 3,300 kW turbine), the investment of €36.3 million is payed back in 5.24 years and gives a net return (𝑁𝑃𝑉) of €42.1 million.