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Configuring a photovoltaic hybrid plant under uncertainty
Renewable Energy Sources are intermittent in nature. Much more so is Photovoltaic energy, which depending on the project configuration and characteristics, is highly dependent on other sources or storage capacity. This situation makes that configuring a Photovoltaic Hybrid plant, is a matter of operational as well as economic optimization, depending on the situation, regulation and prices at a given moment. We argue in this paper that this optimal configuration can change over time, and that it is highly beneficial to design a plant with flexible complementary hybrid configuration. We use the real options approach to demonstrate this flexibility´s value and apply it to two hypothetical plants in Brazil: one for an agribusiness project in the state of Minas Gerais, and another for a hotel resort in the state of Bahia.