Bundled Solar Photovoltaic Project by ACME
#657of 1935 in Renewable energy#330of 975 in India#385of 1339 in Verra (VCS)#507of 1287 in ACM0002
Audit Analysis
A registered VCS solar PV project in India with a VVB-confirmed investment additionality test and smart-meter monitoring, but weakened by a 0% leakage deduction lacking proper justification, multiple material deviations (asset transfers, SPV removals), eleven outstanding corrective actions, and several cross-document contradictions that reduce confidence in the data record.
Red Flags
- Leakage deduction of 0% with justification recorded as 'not addressed' in the 2024 verification report, despite the 2024 monitoring report claiming it was 'deemed negligible' — the VVB did not confirm the justification
- Five material deviations in the verification report, including asset transfers of multiple SPVs to third parties (Athena, ReNew Power, Ayana) and removal of two SPVs from the grouped project, raising questions about project boundary integrity
- Eleven corrective actions remain open, including missing calibration certificates, missing PPA/O&M documents, and a request for a no-double-accounting undertaking
- Baseline method is recorded as 'project' in the 2020 verification report but 'jurisdictional' in the 2024 monitoring report — an unresolved contradiction that affects baseline credibility
- Buffer pool percentage is not stated in any available document, and reversal events are recorded as 'not addressed'
Credit Vintages
| Issued | Retired | Available | ||
|---|---|---|---|---|
| 2017 | 343,762 | 29,366 | 314,396 | |
| 2018 | 1,364,177 | 1,239,390 | 124,787 | |
| 2019 | 1,879,614 | 1,292,425 | 587,189 | |
| 2020 | 2,106,282 | 1,259,676 | 846,606 | |
| 2021 | 1,792,243 | 1,172,426 | 619,817 | |
| 2022 | 57,542 | 25,114 | 32,428 | |
| Total | 7,543,620 | 5,018,397 | 2,525,223 |
Risk Indicators
VVB-confirmed investment test
reversal not addressed
0% deduction, justification not confirmed by VVB
Project-specific; method contradicted across docs
FPIC and grievance present per VVB but contradicted in MR
Not CORSIA-eligible; CCP status not stated
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