Performance and Techno-Economic Analysis of Optimal Hybrid Renewable Energy Systems for the Mining Industry in South Africa

This paper presents an exploration of the potential of hybrid renewable energy systems (HRESs), combining floating solar photovoltaics (FPV), wind turbines, and vanadium redox flow (VRF) battery energy storage systems (BESSs) to expedite the transition from conventional to renewable energy for the mining sector in South Africa. The feasibility study assesses how to enhance the overall efficiency and minimize greenhouse gas emissions from an economic standpoint by using the Hybrid Optimization of Multiple Energy Resources (HOMER) grid software version 1.11.1 and PVsyst version 7.4. Furthermore, the BESS Covariance Matrix Adaptation Evolution Strategy (CMA-ES) dispatch algorithm is proposed to make the most of the battery storage capacity and capability, aligning it with the dynamic energy demand and supply patterns of an HRES. The proposed HRES includes a highly efficient SFPV with a performance ratio of 0.855 and an annual energy production of 15,835 MWh; a wind turbine (WT) operating for 2977 h annually, achieving a 25% wind penetration rate; and a dynamic VRF-BESS with a 15,439 kWh life throughput and a 3 s dispatch response time. This HRES has a CapEx of R172 million, a 23.5% Internal Rate of Return (IRR), and an investment payback period of 4.9 years. It offers a low Levelized Cost of Energy (LCoE) at 4.27 R/kWh, a competitive Blended Cost of Energy (BCoE) at 1.91 R/kWh, and a positive net present cost (NPC), making it economically advantageous without external subsidies. Moreover, it annually reduces CO2 emissions by 1,715,468 kg, SO2 emissions by 7437 kg, and NOx emissions by 3637 kg, contributing to a significant environmental benefit.