Eren 37 MW Hydroelectric Power Plant

Audit Analysis

The Eren 37 MW hydro project has a verified investment-test additionality and a reasonable negligible-leakage claim, but is undermined by a 92% drop in verified emissions reductions between two verification reports, a 10-year-old grid emission factor, a baseline-method contradiction, and over 40 corrective actions flagged by the VVB. The project delivered only about 21% of the pro-rata expectation for the elapsed monitoring period, raising material over-crediting concerns in the original PDD.

Project Description

Red Flags

• ⚠Verified ERR dropped from 251,570 tCO2e (verification report, 2022-03-28) to 20,971 tCO2e (verification report, 2022-05-12) — a 92% reduction between two VVB reports for the same monitoring period, indicating a major data or calculation error in the initial verification.
• ⚠Over 40 corrective actions were required by the VVB, spanning financial analysis, monitoring methodology, data consistency, and template adherence, suggesting the project documentation was substantially deficient at the time of verification.
• ⚠Grid emission factor of 0.52 tCO2/MWh is sourced from 2012, more than a decade before the monitoring period, and no updated or reassessed factor is documented.
• ⚠Baseline method is stated as 'project' in the verification report but 'jurisdictional' in the monitoring report — an unresolved contradiction that affects the validity of the counterfactual.
• ⚠FPIC was not conducted, and the validation report (2014) records no grievance mechanism, while the later verification report (2022) records one — the safeguards record is inconsistent across documents.

Credit Vintages