Calculation of the Levelized Cost of Energy and the Internal Rate of Return using GIS: The case study of a floating wave energy farm

The objective of this paper is to calculate the Levelized Cost of Energy (LCOE) and the Internal Rate of Return (IRR) of a floating wave energy farm using Geographic Information Systems (GIS). The methodology has been applied to the Galician coast, located in the North-West of Spain, where the waves potential is really high. In addition, a particular wave energy converter has been considered: the AquaBuOY. The findings are that the methodology can be used to calculate wave energy and internal rates of return at different locations. Investors can determine if a floating wave energy farm is feasible in economic terms analyzing these results.