SAMSUN LANDFILL GAS TO ENERGY PROJECT, TURKEY

Audit Analysis

The Samsun Landfill Gas to Energy Project has a solid additionality foundation (investment test confirmed by the VVB) and no reversal events, but is undermined by a project-specific modeled baseline, the absence of a stated buffer pool, and a long list of material findings and corrective actions related to operational underperformance and ER calculation errors. The project delivered roughly 125% of its pro-rata ex-ante expectation for the 2024 monitoring period, which is reassuring, yet the low extraction confidence and numerous documentation gaps limit overall confidence in the credit quality.

Project Description

Red Flags

• ⚠Seven corrective actions required in the 2025 verification report, including errors in ER calculations (CAR-1, CAR-2, CAR-6) and a discrepancy in stated electricity generation capacity (4.8 MW vs 8.4 MW, CAR-5)
• ⚠Eight material findings in the 2025 verification report, including significant drops in landfill gas production, major H2S increases, and repeated CHP unit breakdowns reducing energy generation below estimates
• ⚠Minimum extraction confidence is rated low, indicating at least one key document was poorly readable, which undermines confidence in the extracted data
• ⚠Contradiction on FPIC: the 2023 PDD states FPIC was not conducted, while the 2022 monitoring report states it was; the more recent PDD value is privileged

Credit Vintages