Hybrid (Solar+Wind) Power project by SBE Renewables, Rajasthan

Audit Analysis

A hybrid solar-and-wind renewable energy project in Rajasthan with VVB-confirmed additionality and inherently low reversal/leakage risk, but undermined by a high volume of material findings (11) and corrective actions (19) in the verification report, a baseline-method contradiction between documents, and several data gaps. The project delivered roughly 115% of its pro-rata annual expectation, which is within a reasonable range for a generation project, but the documentation quality issues and unresolved baseline ambiguity limit confidence in the credit's robustness.

Project Description

Red Flags

• ⚠Eleven material findings (5 concerns + 6 corrective actions) in the verification report, including inconsistent ownership documentation, missing project boundary, missing generation evidence, and incorrect SDG impact calculations
• ⚠Baseline method contradiction: the verification report (Oct 2024) records a project-specific baseline while the monitoring report (Sep 2024) references a jurisdictional baseline; a corrective action also calls for applying the CEA baseline database v16, suggesting the correct method may not yet be in place
• ⚠Nineteen corrective actions remain open, including submission of commissioning certificates, PPA/legal ownership documents, IRR sheet for financial additionality, and a declaration confirming no double counting of credits
• ⚠No buffer pool percentage, permanence claim duration, or FNRB value is stated in any available document

Credit Vintages