Natural Gas based Combined Cycle Power Project at Valantharavai Village, Ramanathapuram District, Tamil Nadu by Penna Electricity Limited [Formerly Arkay Energy Limited]
#435of 975 in India#544of 1339 in Verra (VCS)#8of 19 in AM0029
Audit Analysis
A natural-gas combined-cycle power project in Tamil Nadu displacing grid electricity, verified by Applus+ Certification under VCS methodology AM0029 v03. Additionality is confirmed via an investment test and no material findings were reported, but the project-specific baseline, six corrective actions in the verification report, and the absence of a stated buffer pool or quantified leakage percentage introduce moderate integrity and documentation concerns. The verified ERR of 508,306 tCO₂e for the six-year monitoring period represents roughly 94% of the pro-rata ex-ante expectation, indicating reasonable delivery.
Red Flags
- Six corrective actions were raised in the verification report, including missing issuance history, incomplete MR sections, absent metering-equipment details, and a missing double-counting declaration regarding India's REC mechanism
- Baseline method is contradictory across documents: the verification report (May 2023) states a project-specific baseline while the monitoring report (May 2023) references a jurisdictional baseline
- Grid emission factor increased from 713.3 gCO₂/kWh in the 2009 PDD to 872.3 gCO₂/kWh in the 2023 monitoring report, meaning the project's credit volume is inflated relative to the original ex-ante estimate due to grid deterioration
Credit Vintages
| Issued | Retired | Available | ||
|---|---|---|---|---|
| 2006 | 1 | 0 | 1 | |
| 2007 | 1 | 0 | 1 | |
| 2008 | 1 | 0 | 1 | |
| 2009 | 1 | 0 | 1 | |
| 2010 | 1 | 0 | 1 | |
| 2011 | 1 | 0 | 1 | |
| 2012 | 2 | 0 | 2 | |
| 2013 | 1 | 0 | 1 | |
| 2014 | 1 | 0 | 1 | |
| 2015 | 1 | 0 | 1 | |
| 2016 | 1 | 0 | 1 | |
| Total | 12 | 0 | 12 |
Risk Indicators
VVB-confirmed investment test
no reversal events recorded
Quantified justification but no specific deduction percentage stated
Project-specific baseline; contradictory across documents
Grievance mechanism and safeguards mentioned; FPIC not stated
CORSIA and CCP statuses not stated; no double-counting declaration submitted
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