Michael O’Connor
HMRC
NAVITAS
Techno-financial Project software for
renewable energy
Presentation Outline
 Navitas Commercialisation Project
 NAVITAS Software Product
Functionality,
Modules
Flow charts
Sample graphical results
Current status & future plans
What is Navitas?
 Techno-financial evaluation tool
 Calculates Energy Output & Financial Returns
 What is the best device at your location
 What is the best location for your device
 Optimal MW size of your project
 What level of REFIT support is required
 How long will it take for the project to produce a return
 Originally developed in Excel as an in-house research tool.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
NAVITAS – Academic papers
Dalton G J, Alcorn R, Lewis T, (2010) “Economic assessment of the Pelamis wave
energy converter, in Ireland, Portugal and North America”. Renewable Energy: 35:2:
p.443-455.
Dalton G J, O’Gallachoir B. (2010) “Building a wave energy policy focusing on
innovation, manufacturing and deployment.” Renewable and sustainable energy
reviews. 14:8: p.2339-2358.
O’Sullivan D, Dalton GJ, Lewis T. (2010) “Regulatory, technical and financial
challenges in the grid connection of wave energy devices”. IET Renewable Power
Generation. 4:6: 555-67
Dalton GJ, Lewis T. (2011) “Metrics for measuring job creation by renewable energy
technologies, using Ireland as a case study”. Renewable and Sustainable Energy
Reviews: 15:4: 2123-2133.
Dalton GJ, Alcorn R, Lewis T. (2011) “A 10 year installation program for wave energy
in Ireland, a sensitivity analysis on financial returns”. Renewable Energy; , 40:1: 8089.
Dalton GJ. (2011) “Why wave energy”. OES IA Annual Report 2010 - Implementing
agreement on ocean energy systems. pg 93-110.
Deane JP, Dalton G J, O’Gallachoir B “Economics of 500MW of Wave Energy in the
All Island System”. Energy Policy. In Press.
O’Connor M, Lewis T., Dalton GJ. “Weather windows for operation and
maintenance”. Renewable Energy; in review.
O’Connor M, Lewis T., Dalton GJ. “Techno-economic performance of the Pelamis P1
and Wavestar at different ratings and various locations in Europe”, Renewable
Energy; in review.
O’Connor M, Lewis T., Dalton GJ. "Operational expenditure costs for wave energy
projects and impacts on financial returns". Renewable Energy. in review.
NAVITAS – sample users to date
Sector
Company
Project
EU FP7
Waveplam
Case study
Industry
Association
MRIA
Case study
Utility
Bord Gais
Tidal feasibility
Irish Government SEAI
MPT
Feasibility
Wave energy
companies
WaveStar
Case study
Benson
Feasibility (SEAI)
Seapower
Feasibility (SEAI)
Ocean Energy Buoy
Jobs/MW
Commercialistion Project
 Enterprise Ireland funded €350,000 over two years
 Develop and Commercialisation existing HMRC in –
house tool into a commercially available software
product
 Transfer to more flexible, powerful and user friendly
platform
 Stage 1: Jan 2012-March 2013
 Stage2: April 2013-Dec 2013
Navitas Team
UCC
Computer Science Depart
Private Consultants
HMRC
Gordon Dalton
PI & Manager
Ray Alcorn
Project Consultant
& Industry Liaison
Steve Prestwich
Optimisation
Specialist
Michael O’Connor
Technical Expert
Chris
O’Donoghue
Software
Engineer
Slavomir Krupa
Software
Architect
Tony Dalton
Commercial
Advisor
Chris McCarthy
Software
Consultant
Navitas experience
 4 years in development
 3 years in Excel
 1 year in new platform software development
 2 technical engineers
 2 software engineers
 5 postgraduate+4 undergrad thesis
contributions
 6 summer interns
NAVITAS – modeling options
Offshore wind
Wave
Tidal
Hybrid device
 Offshore wind +wave
 Offshore wind + tide
 Wave +tide
 Wind+wave+tide
 Hybrid modelling
NAVITAS – modular product
Target market
NAVITAS Lite Trial use, pre project planning
NAVITAS
enterprise
Designers, developers, advisors,
financiers
oPre project planning,
oproject implementation,
opost project monitoring
Features
Pre defined user
inputs
Selection of
locations and
devices
User inputs in all
modules
8 extra available
modules
Optimisation
CORE
Resource
Weather
Windows
Device
Limited in Lite
Full in
Enterprise
Energy
Calc
Enterprise
Only
Install
O&M
AEO
Device Cost
Power
Optimisation
OPEX
Cable/Piping
Cash
Flow
Moorings/
Foundations
Financial
Inputs
Results
Sensitivity/
Risk
Debt
Equity
Tax
Project
Planner
NAVITAS Flow Chart
Device Details
Technical inputs - Devices
 Lite –
 15 device types (permissions confirmed)
 Wave, wind , tide
 Power curves or matrices.
 Enterprise –
 User input option
Location Details
Technical inputs - Resource
 Lite –
 15 locations around the world
 Wave, wind , tide
 Summary data or detailed hourly data
 Up to 15 years data
 Enterprise –
 User input option
Project Dashboard
Technical outputs – Financial results
Cumulative discounted cash flows
1,000
Cumulative discounted profit (€M)
800
FIT €0.00
600
FIT €0.05
400
FIT €0.10
200
FIT €0.22
0
-200
FIT €0.30
0
2
4
6
8
10
12
14
16
18
20
22
24
FIT €0.40
-400
FIT €0.50
-600
FIT €0.60
-800
-1,000
Project years
Technical outputs – Financial results
1MW rated
0.5MW rated
1MW rated
0.25MW rated
0.5MW rated
0.25MW rated
400
€0.80
€0.70
200
COE (€/kWh)
€0.60
€0.50
€0.20
€0.10
Wavestar
Pelamis
Greece
Denmark
Spain
Portugal
Scotland
Ireland
Greece
Denmark
Spain
Portugal
Scotland
Ireland
€0.00
Device type
-600
-800
Device type
Greece
Denmark
Spain
Portugal
Pelamis
-400
Wavestar
Scotland
Ireland
Greece
Spain
Denmark
-200
Portugal
Ireland
NPV (€M)
€0.30
Scotland
0
€0.40
Current Status
Half way through two year commercialisation process
Stage 1 complete: Navitas Lite
Stage 2 underway to complete Enterprise Modules
Trial of Lite will commence August 2013
Enterprise Trials end of year
Commercial Release early 2014
Cost: dependent on ongoing marketing studies
Future Plans Post 2013
Navitas Bank
 Project finance raising stage
 Full financial inputs and outputs
 Profit loss, balance sheets
Navitas Microgrid
 Onshore wind
 Integrate with HMRC Seagrid
Cloud based?
Any Questions