Sunlit ventures: maximizing photovoltaic power plant success through strategic investments

Abstract

Purpose

The primary aim of this study is to provide actionable guidance for augmenting profitability in photovoltaic power plant investments within Iran’s solar energy sector. By emphasizing prudent capital management and strategic investment decisions, our research seeks to assist emerging businesses in attaining sustained success in this domain.

Design/methodology/approach

This study presents a comprehensive approach to refined decision-making in Iran’s solar energy sector. Our methodology integrates the best-worst method, ArcGIS software for site selection, and the TOPSIS method for decision-making, aiming to enhance precision and reliability.

Findings

Our research has identified ten promising regions suitable for photovoltaic power plant installations in Iran. Leveraging the TOPSIS method, we have made optimal selections among these alternatives. Furthermore, our exhaustive cost analysis, incorporating factors like land prices, system maintenance, revenue estimation, and various financial scenarios, has yielded insights into project cost-effectiveness.

Originality/value

By filling a notable gap in the literature regarding optimal site selection and investment strategies for photovoltaic power plants in Iran, our research contributes to the sustainable development of solar energy infrastructure. Through a thorough literature review and the development of a novel methodology, we offer valuable guidance for businesses and investors seeking success in Iran’s solar energy sector. Our study represents a significant advancement by introducing a novel methodology that integrates the best-worst method, ArcGIS software, and the TOPSIS method for site selection and investment analysis. These findings furnish valuable guidance for businesses seeking success in the solar energy sector, thereby contributing to the sustainable development of renewable energy infrastructure in Iran and beyond.

Citation

Agha Mohammad Ali Kermani, M., Moghadam, M., Sahebi, H. and Rezazadeh Moghadam, S. (2024), "Sunlit ventures: maximizing photovoltaic power plant success through strategic investments", Kybernetes, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/K-01-2024-0235