Oualidia 1&2 Wind Projects.

Audit Analysis

The Oualidia 1&2 Wind Projects in Morocco are a VCS-registered renewable energy project with a jurisdictional baseline and VVB-confirmed additionality, but the verification report flags a 56% under-delivery against ex-ante estimates, multiple documentation inconsistencies, and eleven corrective actions. The project is not over-crediting, but the gap between projected and actual generation, combined with a 13-month commissioning delay and a meter calibration gap, raises questions about the robustness of the original ex-ante modelling.

Project Description

Red Flags

• ⚠Achieved emissions reductions are 56% lower than ex-ante estimates, as flagged in the verification report material findings
• ⚠Eleven corrective actions required by the VVB, including inconsistent IRR inputs, incorrect EF operating margin formula, and exclusion of CDM projects from AEGtotal
• ⚠Crediting period end date is not stated in the most recent verification report (only start date 2021-02-10 confirmed)
• ⚠Gap in calibrated electricity meters from 10 March to 31 March 2023, requiring a conservative deduction
• ⚠Commissioning delayed 13 months (Jan 2020 to Feb 2021) due to supplier bankruptcy, with no deviation recorded in the monitoring report

Credit Vintages