Pirinclik HPP run-of-river hydro project

Audit Analysis

The Pirinclik HPP is a run-of-river hydro project with VVB-confirmed additionality and inherently low permanence risk, but a significant discrepancy between the monitoring report's claimed emissions reductions (173,216 tCO₂e) and the verified figure (57,527 tCO₂e) raises serious over-claiming concerns. Eight material findings in the verification report and an internal contradiction on the baseline method (jurisdictional vs. project-specific) within the same document further erode confidence. The project is fundamentally sound in design but suffers from data-quality and documentation gaps that limit its creditworthiness.

Project Description

Red Flags

• ⚠The monitoring report (June 2023) claims 173,216 tCO₂e in emissions reductions, but the verification report (February 2024) confirms only 57,527 tCO₂e — a 67% reduction that is not explained in the available documents.
• ⚠The verification report itself contains an internal contradiction on the baseline method, listing both 'jurisdictional' and 'project-specific' in the same document.
• ⚠Eight material findings (CAR-01 through CAR-08) were raised in the verification report, including missing meter calibration records, unclarified stakeholder communication, and an incorrect APJ parameter value.
• ⚠The grid emission factor of 0.5502 tCO₂/MWh is from 2008, making it 16 years old at the time of verification, with no evidence of an updated factor.

Credit Vintages

No issuances recorded on the registry.