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Wind energy is a promising sector in the power generation industry because it is renewable and globally available. In this research work, the wind energy potential and the economic viability of using wind turbines to generate electricity in some selected sites along Nigeria’s coastline and offshore locations were evaluated. Using the statistical two-parameter Weibull probability density function method, wind speed data retrieved from an indigenous oceanography company and global information system (GIS) were analyzed for wind energy harvest. The energy output, unit cost of electricity generated by three commercially available wind turbine models (3 MW, 4 MW, and 6 MW), net present value (NPV), and payback period were evaluated. Levelized cost of electricity (LCOE) sensitivity to the discount rate, foundation cost, and turbine lifespan were also examined. The findings from the study showed that the offshore sites have four times greater wind power potential than the coastal sites. The offshore sites can be categorized as “class IIIb” wind sites, making the locations suitable for wind energy harvest. The techno-economic analysis showed that the net gains from investing in a 60-MW wind farm in the region can be as high as 62, 000, 000. 00, while the project payback time can be as low as 5. 74 years. Two of the offshore sites are recommended for the development of an offshore wind farm in the country because of their relatively low LCOE (0. 04 /kWh), higher NPV, and lower investment payback time. The Vesta-117 model wind turbine is the most suitable wind turbine system and recommended for use in the region because of its low cut-in speed (3 m/s). Sensitivity analysis showed that the LCOE of offshore-01 was reduced by 31% when the lifespan of the V117 turbine was increased from 20 to 25 years. The results also showed that reductions in the discount rate and foundation cost positively affect the LCOE.
Attabo et al. (Thu,) studied this question.