Evaluating the viability of WindPACT-1.5 MW HAWT for Offshore Wind Development in Nigerian Shallow Water Locations

Abstract

This study evaluates the viability of WindPACT-1.5 MW Horizontal Axis Wind
Turbine (HAWT) for offshore wind development in the shallow waters of Nigeria.
With the imperative need to address escalating energy consumption and mitigate
climate change impacts, offshore wind power holds promise, offering opportunities
for substantial electricity generation and economic growth. In this study, key
metrics were examined for three potential offshore electricity projects: Asabo,
Forcados, and Bonny Offshores. Asabo Offshore demonstrated superior potential,
projecting the highest electricity generation at 21,167,296.08 kWh, resulting in
substantial revenue of ₦1,319,357,564.67 per annum. Moreover, its Levelized Cost
of Electricity (LCOE) of ₦60.8184/kWh underscores its cost efficiency compared
to Forcados and Bonny Offshore projects. Net profit analysis further revealed
Asabo's positive financial returns, is very low and there are net losses for the other
two sites. Notably, Asabo Offshore showcased a 2.49% Return on Investment
(ROI), indicative of a very low profitability, while Forcados and Bonny Offshore
indicated negative ROIs of -46.74% and -48.39%, signaling potential financial
setbacks. This comprehensive evaluation demonstrates that the WindPACT-1.5
MW HAWT, does not hold significant promise for offshore wind development in
Nigeria's shallow waters.