Evaluating risk factors in solar energy investments: A strategic approach for Iran's market

Renewable energy investment has become increasingly vital for the sustainable development of countries. This research aims to introduce a new strategic approach for analyzing investment risks in renewable energy systems, with a particular focus on solar energy. The study employed qualitative analysis to prioritize risks associated with solar energy investment in Iran. A total of fifty-five risks were identified across six categories, and each risk was evaluated based on Failure Mode Effect Analysis (FMEA) criteria, the effectiveness of response strategies, and its potential to pose a threat or offer an opportunity. Subsequently, the risks were categorized into two-factor and three-factor grids, and all identified risks were ranked across nine levels to develop a strategic response plan. The findings indicate that technical and market risks present greater opportunities, whereas risks associated with policymaking, financial aspects, operational factors, and social considerations pose significant threats overall.