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.