Nhon Hoa 1 Wind Power Project

Audit Analysis

The Nhon Hoa 1 Wind Power Project is a grid-connected wind facility in Vietnam with a VVB-verified investment additionality test and no reversal risk, but it is undermined by the absence of FPIC, an unaddressed leakage justification, and a series of data-quality errors (incorrect energy values in the PDD, meter discrepancies, a 38-VER miscalculation) that required eight corrective actions. Pro-rata delivery is reasonable at roughly 102% of the ex-ante expectation for the elapsed monitoring period, so over-crediting risk is low, yet the documentation record contains six inter-document contradictions that erode confidence in the underlying data.

Project Description

Red Flags

• ⚠FPIC was not conducted according to the validation report (TÜV SÜD, Dec 2023), contradicting the PDD's claim that it was; the VVB's independent assessment is privileged.
• ⚠Leakage deduction is 0% with the justification recorded as 'not addressed' in the most recent verification report (Nov 2025), despite an earlier verification report (Feb 2024) describing it as 'quantified'.
• ⚠The PDD and ER spreadsheet contained incorrect energy generation and export values (214,567 MWh instead of 184,607 MWh), flagged as a material finding and requiring correction.
• ⚠Backup meter (L2) readings did not tally with the main meter and backup meter (L1) for December 2022, indicating a monitoring-system reliability issue.
• ⚠Six contradictions exist across the document set (leakage justification, baseline method, ERR figures, additionality test type, FPIC status), reducing overall data reliability.

Credit Vintages