Celsia Honduras Portafolio Fotovoltaico

Audit Analysis

A solar PV portfolio project under the CerCarbono standard with a sound jurisdictional baseline and VVB-verified investment additionality test, but undermined by 12 material findings covering MRV calibration gaps, non-conservative additionality parameters, and documentation inconsistencies. The project delivered roughly 55% of its pro-rata ex-ante expectation for the elapsed monitoring period, and the absence of a buffer pool combined with unresolved metering issues raises moderate over-crediting risk.

Project Description

Red Flags

• ⚠12 material findings reported in the verification report, including missing calibration certificates, non-conservative additionality financial parameters, and generation values not matching meter readings
• ⚠10 corrective actions required, including installation of formal meters by 31/07/2025 and periodic calibrations per the PDD
• ⚠Zero buffer pool allocation with no reversal events data available, leaving no permanence safeguard
• ⚠Crediting period start date inconsistent between the PDD (2020-02-01) and the monitoring report (2020-04-24), flagged as a material finding
• ⚠Grid emission factor differs between the PDD (0.6114) and the validation report (0.4977, 2022), with the verification report noting insufficient justification for the full crediting period

Credit Vintages