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According to the International Energy Agency (IEA) in 2019, global energy demand will rise by 1.3% each year to 2040. Non-renewable energy takes up a major percentage of the global energy sector. The awareness and use of renewable energy is one of the ways to meet sustainable energy goals and to alleviate the associated environmental problems including carbon emission. Also, the development on renewable energy is significantly slow-paced as observed in the last few decades. The development of renewable energy is seen only in very few countries. The most popular renewable energy sources currently under consideration are wind energy, solar energy, tidal energy, geothermal energy, hydro energy, etc. Due to many benefits including ready availability, the larger proportion of interest is taken by solar energy among various types of renewable energy sources (Regin et al., 2008). However, the momentum of renewable energy technologies is not as significant as is needed with the expansion of the global economy and growth of population.

In the solar energy field, two major breakthrough technologies that have attracted significant attention in many countries are Solar Photovoltaic (PV) power generation and Concentrated Solar Power (CSP) plants. In solar PV plants, the solar energy is directly converted to electricity by using solar cells (Muhammad and Arshad, 2020; Jain et al., 2020; Khajepour and Ameri, 2020; Ahmed et al., 2020; Zhang et al., 2013). The solar energy to electrical energy conversion efficiency of a commercial grade PV is observed to be less than that of CSP systems and power dispatch is not possible in PV-based solar power production. Other than larger energy efficiency, one of the major advantages of CSP is its ability to provide electrical power at nighttime and during cloudy hours. This can be made possible by incorporating Thermal Energy Storage (TES) system. The capacity to dispatch power is more in a CSP system than that of a PV-based solar power system.