Economic feasibility analysis of a SeaVolt offshore solar farm in the Canary Islands
C. Fernández-Blanco, D. Cordal-Iglesias, D. Fernández-Mira, A. Filgueira-Vizoso, L. Castro- Santos Universidade da Coruña, Centro de Investigacións en Tecnoloxías Navais e Industriais (CITENI), Campus Industrial de Ferrol, Escola Politécnica de Enxeñaría de Ferrol, Esteiro, Ferrol, Spain. 2026-06-27

Abstract

This study evaluates the economic feasibility of a 13.1 MW offshore solar farm based on SeaVolt platforms in the Canary Islands. While Levelized Cost of Energy (LCOE) results are promising, Net Present Value (NPV) and Internal Rate of Return (IRR) remain negative, indicating limited economic viability under current assumptions. Nevertheless, offshore solar represents a highly promising technology, particularly as a complementary solution to offshore wind farms, enhancing energy output and supporting a sustainable energy transition. The study provides insights for stakeholders and highlights the importance of cost optimization, site selection, and supportive policies to improve future financial feasibility.

Key words: LCOE, CAPEX; Photovoltaic; Solar; Offshore; Energy

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