Sale of profitable but unaffordable PV plants in Spain: Analysis of a real case

This study analyses a representative Spanish PV plant based on real energy and economic data. The analysis shows the turn from an attractive IRR = 10.14% to a situation with limitations where the owner injects money annually to overcome potential bankruptcy of the investment. This paper reflects the influence of promotion policies in the profitability of PV plants. Additionally, the adverse legal framework in Spain identifies a profitable but unaffordable scenario, highlighting the differences between the economic and financial performance of a PV investment.