My Son - Hoan Loc Viet Solar Energy Project

Audit Analysis

A VCS-registered solar PV project in Vietnam (ACM0002) with VVB-confirmed additionality and smart-meter monitoring, but undermined by multiple contradictions across documents (baseline method, leakage justification, safeguards status), several material findings requiring corrective action, and low extraction confidence. The verified ERR is conservatively below the pro-rata ex-ante expectation, and CORSIA ineligibility is confirmed, but the documentation gaps and internal inconsistencies limit confidence in the overall credit quality.

Project Description

Red Flags

• ⚠Baseline method is contradictory: the validation report (Feb 2020) describes a project-specific baseline while the monitoring report (Oct 2024) states a jurisdictional baseline — the more recent monitoring report is privileged, but the discrepancy weakens baseline confidence
• ⚠Leakage justification is internally contradictory within the same monitoring report (Oct 2024): one section states 'deemed negligible' while another references a 'quantified' approach, with a 0% deduction applied
• ⚠Multiple material findings in the verification report (Nov 2024) including missing accuracy classes, missing comparison of generated vs estimated GHG ERRs, and insufficient stakeholder consultation documentation, all requiring corrective action
• ⚠Low extraction confidence across the document set, indicating at least one key document was poorly readable or incomplete

Credit Vintages