This paper presents the optimized design, economic feasibility and dynamic modeling of a grid-tied captive hybrid renewable energy power plant for a Pakistani industrial area. Since the proposed plant, encompasses a photovoltaic (PV) array - as its main component - and for an efficient and reliable operation many issues - including industrial load variations and expected dynamics - should be investigated before its implementation. In this context, Homer Pro software is utilized in the design and economic optimized sizing of the PV array, and the PVWatts is used in land requirement analysis. The designed grid-tied plant is modeled in the MATLAB/Simulink using Simscape blocksets to investigate the plant’s dynamic behavior due to typical practical disturbances. The obtained results reveal that the plant has a low per-unit energy cost and provides significant savings. Results of dynamic simulation show that the plant can respond to the ramp-up and ramp-down load variations in industrial settings. Moreover, the plant has a fast response to step changes in irradiance; proving that the proposed plant is reliable and suitable candidate for fulfilling the designated load.
Key words: Captive power plant; Hybrid renewable energy power system; Dynamic modeling; Optimized design; Economic feasibility; HOMER Pro; PVWATT software; Dynamic modeling.