Lamas III-IV 37.3 MW Hydroelectric Power Plant Project, Turkey

Audit Analysis

The Lamas III-IV hydro project is a VCS-registered renewable energy project with VVB-verified additionality and no inherent reversal risk, but it is undermined by a project-specific baseline, 21 corrective action requests during verification, a 78% pro-rata under-delivery against the ex-ante estimate, and numerous cross-document contradictions that erode confidence in the data record. The low extraction confidence and missing key parameters (FNRB, usage rates, buffer pool) further limit the strength of the evidence base.

Project Description

Red Flags

• ⚠21 Corrective Action Requests and 8 Clarification Requests were raised during the 2024 verification, indicating significant data-quality issues in the monitoring report, including meter-reading errors and missing PMUM records
• ⚠Baseline method is contradictory across documents: the 2024 verification report states 'project' while the 2022 verification report states 'jurisdictional', raising questions about which baseline was actually applied
• ⚠FPIC status is directly contradictory: the 2024 verification report records FPIC as not conducted, while the 2024 monitoring report records it as conducted
• ⚠Min extraction confidence is rated low, meaning at least one key document was poorly readable, reducing reliability of the extracted data
• ⚠The project delivered only ~78% of the pro-rata ex-ante expectation for the elapsed monitoring period (99,540 vs ~127,706 tCO2e), a gap the VVB flagged as a -66.87% difference against the lifetime estimate

Credit Vintages