Preliminary Study on Wave Energy Plants for the Leeward Islands of Cabo Verde

Abstract

This study assesses the viability of establishing offshore wave energy plants around the Leeward Islands of Cabo Verde, aiming to diversify the country's energy mix and reduce reliance on fossil fuels. The research focuses on resizing three well-known wave energy converters (AquaBuoy, Wave Dragon, and Pelamis) to determine the scale factor (?) that maximizes their Capacity Factor (CF) in the region. Key performance indicators, including CF, Levelized Cost of Energy (LCOE), Cost-Benefit ratio (C/B), Total Investment Costs (TC), and Maritime Space Utilization Efficiency (?ut), were analyzed alongside environmental considerations to identify the most suitable technology for wave power plants. The Monte Carlo method was applied to account for uncertainties in technology costs and their effect on LCOE values. The results revealed that the optimal scale factors were ? = 0.3, 0.4, and 0.5, corresponding to the highest CF values for Wave Dragon (71.5%), AquaBuoy (56.8%), and Pelamis (25.6%), respectively. At full scale (? = 1), AquaBuoy emerged as the most suitable device, offering a CF of 18.8%, an LCOE of 210 $/MWh, and maritime space utilization efficiency (?ut) ranging from 3176.4 MWh/ha to 3563.7 MWh/ha, while occupying less offshore space. However, AquaBuoy also demonstrated the most significant environmental impact, particularly on marine species in the water column. Overall, the Wave Dragon outperformed Pelamis in all evaluation parameters. The study also highlighted that a reduction in interest rates from 12% to 8% would result in a 20% decrease in LCOE values, potentially offering a strong incentive for the government to attract investors in wave energy projects. Considering the uncertainties in technology costs, the most likely LCOE for AquaBuoy, Wave Dragon, and Pelamis were 193 $/MWh, 597 $/MWh, and 600 $/MWh, respectively. Notably, AquaBuoy's LCOE (210 $/MWh) is substantially lower than the current electricity cost in Cabo Verde (330 $/MWh), underscoring its potential as a viable energy source for the country.