Energia dos Ventos I, II, III, IV and X CDM Project (JUN1184), Brazil

Audit Analysis

A CDM wind project in Brazil with a jurisdictional baseline and VVB-verified additionality, but undermined by 13 material findings spanning capacity inconsistencies, financial analysis errors, and an outdated grid emission factor. The project delivered roughly 51% of its pro-rata expected emissions reductions for the elapsed monitoring period, which is conservative, yet the baseline accuracy remains in question due to the unresolved capacity discrepancies. Documentation is extensive but carries significant quality concerns.

Project Description

Red Flags

• ⚠Installed capacity is inconsistent across documents (109.2 MW vs 98.7 MW vs 89.2 MW), casting doubt on both the baseline and the additionality financial analysis
• ⚠Grid emission factor was not calculated using the most recent data available from the Brazilian DNA at the time of validation
• ⚠13 material findings and 10 corrective actions were raised at validation, including errors in income tax calculation, OPEX alignment, and equity ratio justification
• ⚠Stakeholder consultation invitation letters were dated 2015, after the project start date of October 2013, raising procedural compliance concerns
• ⚠Verified ERR figure is not stated in the available monitoring report, leaving the actual credit issuance amount unconfirmed

Credit Vintages

No issuances recorded on the registry.