Selimoglu 9.3 MW HPP

Audit Analysis

The Selimoglu 9.3 MW small hydro project in Turkey is verified by Bureau Veritas with an investment additionality test and a 0% leakage deduction that is reasonable for the project type. However, the absence of a buffer pool, unaddressed reversal risk, a project-specific baseline with a method contradiction between documents, and a grid emission factor from 2007 introduce moderate uncertainty. The project delivered approximately 88% of the pro-rata ex-ante expectation for the monitoring period, which is consistent with hydro flow variability.

Project Description

Red Flags

• ⚠No buffer pool is in place and reversal events are explicitly noted as 'not addressed' in the verification report, leaving no financial backstop for potential loss of credits.
• ⚠The PDD (2011) estimates a lifetime ERR of 125,677 tCO2 while the monitoring report (2013) lists 44,885 tCO2 as the lifetime ex-ante figure — a 64% discrepancy that, while likely a pro-rata labelling issue, signals inconsistent reporting between documents.
• ⚠The grid emission factor of 0.562 tCO2/MWh is from 2007, three years before project start, and Turkey's grid has since incorporated more renewable generation, potentially overstating the displacement benefit.
• ⚠Fifteen Corrective Action Requests were raised during verification (all closed), and two Forward Action Requests (HSE training completion, oil waste disposal) remained open at the time of the verification report.

Credit Vintages