Bundled Hadong-Busan photovoltaic Power Project of The Korea Southern Power Corporation (1MW Hadong Photovoltaic Power + 0.39MW Busan Photovoltaic Power, Bundling Project)

Audit Analysis

A small bundled solar PV project in South Korea with a confirmed investment-test additionality and jurisdictional baseline, but undermined by a significant grid emission factor discrepancy between the PDD and validation report, 17 material findings (including NPV calculation errors and meter calibration lapses), and contradictory leakage justifications. The project delivered roughly 84% of its pro-rata expected reductions over the monitored period, which is reasonable, but the data reliability issues cast doubt on the robustness of the underlying claims.

Project Description

Red Flags

• ⚠Grid emission factor differs by a factor of ~2 between the PDD (0.6417 tCO₂/MWh) and the validation report (1.3 tCO₂/MWh), creating a material over- or under-crediting risk depending on which value is correct
• ⚠17 material findings in the verification report, including NPV calculation errors, PDD internal inconsistencies (module count and expected GHG reduction mismatch), and meter calibration intervals exceeding the 3-year requirement
• ⚠Leakage justification is contradictory: the validation report (2010) deems leakage negligible while the monitoring report (2017) describes it as quantified, with a 0% deduction in both cases
• ⚠Crediting period differs between the PDD (2009-11-01 to 2019-10-31) and the monitoring report (2010-12-18 to 2020-12-17), creating ambiguity about the actual project lifetime

Credit Vintages