Re: In terms of Reliability...
Now you are kicking up some of the dust in the attic of my mind. My courses on reliability theory are over a decade old, and my text books are at home (not with me now).
I do recall that determining the probability of "system failure" has to start with defining "system failure." I presume here that a "system failure" means that the available supply of power is any value lower than 160 KVA. In other words, you call it a "system failure," even if you can supply some loads, since you need to be able to supply all loads.
Two other factors in the equation for probability are the probability of a "component failure" (i.e., loss of any single component), and the number of components that must fail before the "system as a whole" fails (i.e., the level of redundancy).
Let us assume that the probability that a single 160 KVA unit might fail is the same the probability that a single 80 KVA unit might fail. In both of your cases, it takes two components to fail, before you get a "system failure." My instincts tell me that they two options have precisely the same reliability. But I would need to read old textbooks, to be sure.
I agree with Steve that four units of 80 KVA each would be, by far, a more reliable system. The simply reason is that it would take three "component failures" to get a "system failure." I think that the fact that this would give you the same total capacity is not relevant to the question of reliability. The important question would be, "Is it worth the extra cost to buy a fourth unit?"
HOWEVER. If you were to tell us that there is some value to your company to be able to supply a portion of the loads, if having 80 KVA of capacity is better than having 0 capacity, if having 80 KVA is not a "system failure," then the problem gets far more complicated.