Sarigüzel Dam and Hydroelectric Power Plants

Audit Analysis

The Sarigüzel hydro project is a well-understood renewable energy avoidance project with a VVB-confirmed investment additionality test and a jurisdictional baseline reassessed in 2023. However, six material findings in the verification report—including inconsistent electricity generation data and incomplete stakeholder sections—along with a 0% leakage deduction lacking clear justification and several internal contradictions in the documents, moderate the overall quality. The project delivered approximately 108% of its pro-rata ex-ante expectation for the monitored period, indicating no material over-crediting.

Project Description

Red Flags

• ⚠Six material findings (CARs) in the 2025 verification report include inconsistent electricity generation values versus EPİAŞ records, inconsistent meter serial numbers, and incomplete audit/SDG/stakeholder sections, yet the corrective-actions-required list is empty
• ⚠Leakage deduction is 0% with the justification recorded as 'not addressed' in the verification report, while a separate entry in the same document states 'deemed negligible'—an internal inconsistency that leaves the basis for the zero deduction unclear
• ⚠The validation report (2012) describes the baseline as project-specific, while the 2025 verification report classifies it as jurisdictional; the more recent verification report is privileged, but the discrepancy weakens confidence in baseline robustness

Credit Vintages