14MW MIRAE ASSET PV(photovoltaic) power plant bundling project

Audit Analysis

A 14 MW solar PV bundling project in South Korea under CDM with a jurisdictional baseline and VVB-confirmed investment additionality test. The verification process surfaced seven corrective actions and one comment, several of which materially affected the additionality calculation (incorrect IRR tariff, missing CDM-consideration evidence, unaddressed national renewable-energy policies). The project is a straightforward grid-displacement avoidance activity with no inherent reversal risk, but key monitoring data (verified ERR, usage monitoring method) are absent from the extracted record.

Project Description

Red Flags

• ⚠Seven corrective actions and one comment were raised during validation, including an incorrect electricity tariff used in the IRR calculation (2008 average instead of the 2006 decision-time tariff) and missing evidence of CDM benefit consideration prior to project start
• ⚠National renewable-energy promotion policies were not addressed in the additionality demonstration (CAR 3), weakening the robustness of the investment test
• ⚠Verified ERR for the monitoring period is not present in the extracted record, preventing independent confirmation of actual emissions reductions
• ⚠CORSIA eligibility and CCP status are not stated in any available document, leaving dual-channel risk unassessed

Credit Vintages