Captive solar photovoltaic power project in India by Shree Cement Limited
#33of 770 in Renewable energy#21of 387 in India#43of 629 in Verra (VCS)
Audit Analysis
A captive solar PV project by Shree Cement Limited with VVB-confirmed additionality (investment test) and on-target credit delivery for the first monitoring period. The project is a renewable-energy avoidance type with inherently low reversal risk and a reasonable 0% leakage deduction. Document-level contradictions on FPIC, baseline method, and leakage justification introduce moderate uncertainty, and CORSIA/CCP eligibility remains unstated.
Red Flags
- Baseline method is project-specific rather than jurisdictional, and the validation report and an appendix disagree on whether the baseline is project- or jurisdictional-based
- The validation report (Nov 2025) states leakage was 'not addressed' while the monitoring report (Dec 2023) records a quantified justification for the 0% deduction — an inconsistency in how leakage treatment is documented across the project file
- CORSIA eligibility and CCP status are not stated in any available document, leaving dual-channel risk unassessed
Credit Vintages
No issuances recorded on the registry.
Risk Indicators
VVB-confirmed investment test
Avoidance project, no reversal risk
0% with quantified justification
Project-specific, reassessment date unstated
Grievance mechanism present; FPIC and benefit-sharing status
CORSIA and CCP status not stated
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