20 MWAC (22 MWDC) SKCIL SOLAR POWER PLANT PROJECT
#907of 1935 in Renewable energy#454of 975 in India#569of 1339 in Verra (VCS)#712of 1287 in ACM0002
Audit Analysis
A 20 MW solar PV project in India with VVB-confirmed additionality via an investment test, but the IRR (12.48%) falls below the stated benchmark (16.06%), raising questions about the robustness of the additionality claim. The project-specific baseline, unaddressed reversal risk, and inconsistent leakage justification across documents weaken the integrity profile. Multiple corrective actions (6 CARs, 2 CLs) were raised and closed, but the volume of documentation gaps and the absence of key records on the VCS webpage limit transparency.
Red Flags
- IRR of 12.48% is below the 16.06% benchmark cited in the verification report, undermining the investment additionality test
- Reversal risk is not addressed in any available document despite the 10-year crediting period
- Leakage justification is inconsistent: 'not addressed' in the 2021 verification report versus 'deemed negligible' in the 2023 monitoring report, with no quantified analysis
- VCS registration documents (PDD, validation report) are not available on the VCS project webpage, as flagged in a corrective action
- Calibration certificates for all monitoring meters covering the full monitoring period were missing and had to be requested as a corrective action
Credit Vintages
| Issued | Retired | Available | ||
|---|---|---|---|---|
| 2018 | 23,110 | 21,665 | 1,445 | |
| 2019 | 32,729 | 28,809 | 3,920 | |
| 2020 | 34,671 | 34,671 | 0 | |
| 2021 | 35,678 | 24,950 | 10,728 | |
| 2022 | 26,363 | 0 | 26,363 | |
| Total | 152,551 | 110,095 | 42,456 |
Risk Indicators
VVB-confirmed but IRR below benchmark
mixed evidence / unresolved risk
0% deduction, justification inconsistent across docs
Project-specific baseline, reassessment not yet due
Grievance mechanism present, FPIC not conducted
Not CORSIA-eligible, no dual-channel evidence
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