Onshore wind farm siting prioritization based on investment profitability for Greece

A feasibility study is presented on mid-size onshore wind farms in Greece, taking into consideration two metrics for the evaluation of the profitability of the pertinent investment, namely the net present value, and the internal rate of return. An operationally complete wind park of ten 3.2 MW turbines is considered, incorporating all required power conversion/transmission, and transportation infrastructure that an owner would have to construct. Actual wind speed data are employed from 285 weather stations installed throughout the country and covering a period of 1 to 12 years. The costs of installation, operation, and financing are explicitly accounted for over a standard lifecycle of twenty years. Given the regulated wholesale price for renewable electrical power, the proximity of many sites to ports, and the relatively uniform cost of investing, it is the wind potential that remains the governing factor affecting the financial viability of the wind park. Accordingly, the most profitable areas are the Aegean islands, the south-central mainland coastline, east Peloponnese, and south Attica. Most other regions of mainland Greece are found to be either marginally profitable or to generate a net loss given the current wholesale prices, wind turbine technology and investment costs.