Breaking-Down and Parameterising Wave Energy Converter Costs Using the CapEx and Similitude Methods

Wave energy converters (WECs) can play a significant role in the transition towards more renewable-based mix as stable and unlimited resources. Financial analysis of these projects requires WECs cost WEC capital expenditure (CapEx) information. However, (i) information is often limited due to confidentiality (ii) wave field lacks flexible methods for breakdown parameterisation, whereas they are needed rapid optimised configuration worldwide site pairing. This study takes advantage provided by Wavepiston compare different costing methods. The work assesses Froude-Law-similarities-based “Similitude method” cost-scaling introduces generic “CapEx divided into three steps: (1) distinguishing WEC’s elements from farm (WEF)’s; (2) defining parameters characterising WECs, WEFs, locations; (3) estimating that affect WEF elements’ translate them factors using defined step (2). After validation manual estimations, CapEx method showed could represent up 30% cost. Similitude slight cost-overestimations compared low up-scaling, increasing exponentially with scaling.