250 MW Solar PV Plant by Mega Suryaurja in Rajasthan

Audit Analysis

A 250 MW solar PV project in Rajasthan with a VVB-verified investment additionality test and reasonable safeguards, but weakened by the absence of a buffer pool, unaddressed reversal risk, a project-specific baseline (contradicted by the monitoring report), and a notable number of material findings (4 CARs, 5 CLs) that were subsequently resolved. The first monitoring period delivered roughly 93% of the pro-rata ex-ante expectation, which is within normal solar variability. Several key transparency fields (verified ERR, FNRB, usage monitoring) remain unreported.

Project Description

Red Flags

• ⚠No buffer pool is in place and reversal events are explicitly 'not addressed' in the verification report, leaving permanence risk unmitigated for the 5-year crediting period
• ⚠Nine material findings (4 CARs and 5 CLs) were raised during verification, indicating significant compliance or reporting gaps that required correction
• ⚠The baseline method is contradictory: the verification report (May 2024) characterises it as project-specific while the monitoring report (May 2024) describes it as jurisdictional, creating ambiguity about the actual baseline construction
• ⚠No verified ERR figure is reported; only the claimed figure of 304,645 tCO2e from the monitoring report is available, preventing independent cross-checking

Credit Vintages