Midilli Hydroelectric Power Plant

Audit Analysis

The Midilli Hydroelectric Power Plant is a VCS-registered renewable energy project with a VVB-confirmed investment additionality test and a jurisdictional baseline, but it carries significant documentation weaknesses including nine material findings, nine corrective actions, and twelve cross-document contradictions. Permanence risk was not properly assessed in the most recent verification report, FPIC was not conducted, and the verified emissions reductions fall well below the pro-rata expectation derived from the PDD's lifetime estimate. The project is functional but requires substantial remediation before its claims can be considered robust.

Project Description

Red Flags

• ⚠Nine material findings and nine corrective actions were raised in the 2023 verification report, including missing baseline validity demonstration, missing ex-ante parameters for both crediting periods, and inconsistencies in location details and ER figures
• ⚠Permanence risk analysis in the 2023 verification report lists 'NA' for all risk fields in Section 3.5, meaning non-permanence risk was not assessed
• ⚠FPIC was not conducted per the 2023 verification report, contradicting the 2022 report which stated it was conducted
• ⚠Verified ERR of 48,647 tCO₂ for the 2020–2022 monitoring period represents only 34–68% of the pro-rata expectation derived from the PDD's 573,080 tCO₂ lifetime estimate, indicating significant under-delivery
• ⚠Baseline method is reported as 'jurisdictional' in the 2023 verification report but 'project' in the 2022 verification report, creating uncertainty about the actual baseline approach

Credit Vintages