Funded by the U.S. Department of Energy during 2017-2019, the resource adequacy evaluation and production costing tool, called MATPLAN (MATlab and probability-based PLANning), was developed. MATPLAN can take into account the variable nature of renewable energy sources (both solar PV and wind farms), rather than considering deterministic data as in the current practice. It combines both probabilistic and optimization techniques to allow the determination of optimal system expansion policy and perform effective load carrying capacity (ELCC) analysis of a system with high renewable penetration. This is in contrast to the current practice that treats these variable sources as negative loads. This tool expects to benefit system planners by enabling them to consider renewable energy sources as options for their expansion plans. System operators can use MATPLAN to calculate the capacity credit for each solar/wind farm using probabilistic forecasts, thus enabling quantification of the operating reserve requirements to cope with uncertainty and variability of solar/wind output committed in the market.