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International Journal of Green Energy Volume 20, 2023 - Issue 14
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Research Article

Risk assessment of renewable energy projects using a novel hybrid fuzzy approach

Amirhossein Karamooziana School of Economics and Management, University of Chinese Academy of Sciences, Beijing, China;b School of Mathematical Sciences, University of Chinese Academy of Sciences, Beijing, ChinaCorrespondence[email protected]
,
Desheng Wua School of Economics and Management, University of Chinese Academy of Sciences, Beijing, ChinaCorrespondence[email protected]
&
Cuicui Luoc International college, University of Chinese Academy of Sciences, Beijing, ChinaCorrespondence[email protected]
Pages 1597-1611 | Received 18 Oct 2022, Accepted 29 Dec 2022, Published online: 22 Jan 2023
 
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ABSTRACT

The majority of countries attempting to switch from conventional energy sources to renewable energy sources have decided to make significant investments in these projects. This study aims to identify critical risks for renewable energy (RE) investment projects using a novel hybrid approach based on interval type 2 hesitant fuzzy sets (IT2HFS) and alpha level sets. The hybrid model integrates interval type 2 hesitant fuzzy (IT2HF) DEMATEL-based analytic network processing (DANP) with qualitatively flexible multiple criteria (QUALIFLEX). In the first stage, the dimensions and criteria for RE investment risks are defined. In the second stage, the importance levels of these attributes are assessed. Finally, the risk awareness levels of strong, average, and weak investors are graded using the IT2HF-QUALIFLEX. The results indicate that the cost of the investment and technological maturity are the substantial criteria for RE investment projects. Also, the sensitivity analysis is conducted, and the stability of the results for the proposed approach is verified. Eventually, five different scenarios are designed, and the results are interpreted accordingly. The findings of this study will be valuable to investors, enterprises, and authorities involved in evaluating their investment in RE projects.

Acknowledgements

This work was supported in part by the Ministry of Science and Technology of China under Grant 2020AAA0108400 and Grant 2020AAA0108402 and the National Natural Science Foundation of China (NSFC) under Grant 71825007, in part by the National Natural Science Foundation of China (NSFC) under Grant 72210107001. The author, A.K. also wishes to express gratitude for the financial support provided by the CAS President’s International Fellowship Initiative (PIFI) for his research work.

Disclosure statement

No potential conflict of interest was reported by the authors.

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