Saint Nikola Wind Farm
#1577of 1935 in Renewable energy#2of 6 in Bulgaria#1169of 1339 in Verra (VCS)#15of 16 in AMS-III.C
Audit Analysis
The Saint Nikola Wind Farm is a registered VCS renewable energy project with a jurisdictional baseline and VVB-confirmed investment additionality, but the 2025 verification report reveals over 40 material findings, a VVB rotation failure (same VVB for 10 consecutive years), and a reversal risk that was explicitly 'not addressed.' Multiple contradictions between documents—including FPIC status, leakage justification, and crediting period—undermine confidence in the project's data integrity, and the low extraction confidence across 27 documents further weakens the evidentiary base.
Red Flags
- The 2025 verification report lists 40+ material findings, including a VVB rotation failure (Rina Services verified the project for 10 consecutive years, violating VVB rotation requirements) and an incorrect level of assurance ('high' instead of 'reasonable' per VCS Standard Sec 5.3.1(1)).
- Reversal risk for this avoidance project is marked 'not addressed' in the 2025 verification report, with no buffer pool percentage stated—leaving permanence unquantified.
- FPIC status is directly contradicted: the 2025 verification report states it was not conducted, while the 2025 monitoring report states it was conducted. The verification report is privileged as the authoritative compliance document.
- The project was initially denied by the registry and required a full re-submission with a letter describing corrective actions, indicating systemic documentation and process failures.
- No lifetime ex-ante ERR estimate is available in the extracted record, preventing a meaningful pro-rata over/under-delivery check against the 527,199 tCO2e verified for the 2020–2022 monitoring period.
Credit Vintages
| Issued | Retired | Available | ||
|---|---|---|---|---|
| 2012 | 55,915 | 55,915 | 0 | |
| 2013 | 251,925 | 251,925 | 0 | |
| 2014 | 254,521 | 254,501 | 20 | |
| 2015 | 270,700 | 270,700 | 0 | |
| 2016 | 256,314 | 256,304 | 10 | |
| 2017 | 278,312 | 274,312 | 4,000 | |
| 2018 | 250,573 | 240,438 | 10,135 | |
| 2019 | 229,460 | 129,408 | 100,052 | |
| 2020 | 250,592 | 235,062 | 15,530 | |
| 2021 | 44,500 | 16,268 | 28,232 | |
| 2022 | 10,000 | 7,480 | 2,520 | |
| Total | 2,152,812 | 1,992,313 | 160,499 |
Risk Indicators
VVB-confirmed but with significant initial deficiencies in barrier analysis
Avoidance project; reversal risk not addressed
0% deduction, deemed negligible—appropriate for grid-connected wind
Jurisdictional grid EF (0.791 tCO2/MWh); reassessment not yet due under VCS 10-year rule
Grievance mechanism present; FPIC status contradicted (VR says not conducted); benefit sharing not described
CORSIA and CCP status both not stated in available documents
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