Buyukduz Hydroelectric Power Plant, Turkey

Audit Analysis

The Büyükdüz hydroelectric project has a solid additionality case (investment test confirmed by the VVB) and a well-documented monitoring protocol using TEIAS meter data, but is undermined by twelve unresolved assessment findings, a project-specific baseline, and a leakage treatment that the most recent verification report describes as 'not addressed.' The project delivered roughly 79% of its pro-rata ex-ante expectation for the elapsed monitoring period, which is conservative but the documentation gaps and contradictions between the 2021 and 2023 verification reports reduce confidence in the overall credit quality.

Project Description

Red Flags

• ⚠Twelve assessment findings raised in the 2023 verification report remain unresolved and must be addressed to Verra's satisfaction before credits can be fully relied upon
• ⚠Leakage justification is described as 'not addressed' in the 2023 verification report, contradicting the 2021 report which stated it was 'quantified' — the 0% deduction lacks a clear, current justification
• ⚠Baseline method is classified as 'project-specific' in the 2023 verification report, while the 2021 monitoring report described it as 'jurisdictional' — the more recent and authoritative verification document takes precedence, indicating a less robust baseline
• ⚠No buffer pool percentage is stated in any available document, leaving no explicit safety margin for potential reversals or over-crediting

Credit Vintages