Asset managers in the renewable energy sector face several issues, most of which are tied to the growth in asset sizes.
FREMONT, CA: The International Energy Agency (IEA) recently revealed that the proportion of renewable energy in the electricity generation mix reached a record 30 percent in 2021. This is excellent news for renewable energy technologies, which have, throughout the years, surmounted numerous obstacles.
While the business is booming, renewable energy asset managers are confronted with several issues related to expanding asset sizes. As portfolios grow, comprehending asset specifics and supervising effective operations has never been more crucial. This article examines and suggests solutions for some asset management difficulties in renewable energy.
As people are all aware, the only responsibility of asset management in real estate is to maximize asset performance. When there are few assets, this process is not complicated. However, wait until the assets reach the hundreds of thousands mark. Several components to handle, such as inverters, combiner boxes, sensors, etc., present numerous asset management issues, particularly scalability.
In the realm of information technology, scalability refers to the capacity of software to extend for dependable support of a growing workload. The vast majority of platforms offered to RE asset managers are antiquated and limited to modest monitoring requirements. These instruments fail horribly when asked to manage assets on a larger scale.
If companies handle expansive real estate assets and find scalability difficult, it is time to use intelligent asset management solutions. Harmonized QBI procedures will improve cooperation, consolidate data, and position their business for unparalleled success.
The requirement for more communication among team members and partners is one of the surest indications that renewable energy assets are expanding. With an expanding asset base, the number of individuals involved grows. If asset managers lack the appropriate management tools, they struggle with inefficiency and poor communication. They are not utilizing organized procedures and bespoke systems to address this asset management difficulty. In the absence of centralization and dependable documentation, resolving the communication issue is complex.
Therefore, if companies have a large staff that requires collaboration, they may want a collaborative workplace. External partners can also participate in the shared space to remain informed. If companies have a few partners and suppliers, they can get by with traditional communication routes. However, communication technologies at a higher level are required for large-scale RE assets.