250 MW Solar PV Plant by Mahindra Renewables in Rajasthan

Audit Analysis

A 250 MW solar PV project in Rajasthan with VVB-verified additionality and inherently low permanence risk, but undermined by nine cross-document contradictions, seven material findings (all corrected), and a 0% leakage deduction lacking explicit justification in the verification report. The project delivered roughly 77% of its pro-rata ex-ante expectation for the elapsed monitoring period, indicating conservative crediting, yet the absence of FNRB, usage-rate, and CORSIA/CCP data limits confidence in the full MRV chain.

Project Description

Red Flags

• ⚠Nine contradictions across documents, including conflicting baseline methods (project vs jurisdictional), conflicting ERR figures (129,784 vs 867,303), and conflicting FPIC/safeguards/grievance-mechanism statuses
• ⚠Leakage deduction of 0% with justification recorded as 'not addressed' in the 2024 verification report, despite the monitoring report claiming it was quantified
• ⚠VVB material finding: first verification observed higher emission reductions than the ex-ante estimate, triggering a conditional request to reassess additionality if the plant load factor increased and equity IRR reached the benchmark
• ⚠CORSIA eligibility and CCP status are both unstated in the extracted record, leaving dual-channel risk unassessed

Credit Vintages