Voltage stability is a major concern in power transmission systems due to mismatch between power generation and demand. Hence maintenance of voltage profile within the acceptable limit becomes a challenging task. In this paper the weak buses to implement the reactive power compensators are identified by applying eigenvalue decomposition technique on partitioned Y-admittance matrix. The Dragonfly algorithm is used to optimize the size and cost of the SVC with the overload factor, voltage deviation and VAR regulation as the design constraints. The dragonfly algorithm is implemented on IEEE 14 and 30 bus systems and the results obtained with and without the placement of Static VAR Compensators are compared with other algorithms to show its effectiveness. To emphasize the possibility to integrate the renewable energy and to demonstrate its effectiveness a 2 MW solar generation is installed at one of the weakest buses of IEEE 30 bus system and the improvement in voltage profile is shown. The further scope of this work is to implement the wind generators at the weakest buses so as to reduce the electrical distance between the generators and the farthest load buses and to secure the system from voltage collapse. © International Journal Of Renewable Energy Research, 2018.