Solar Energy Project(s) by SB Energy Private Limited
#1499of 1935 in Renewable energy#820of 975 in India#1079of 1339 in Verra (VCS)#1146of 1287 in ACM0002
Audit Analysis
A large-scale Indian solar project (ACM0002) with confirmed additionality and inherent permanence, but seriously undermined by evidence of seven sub-projects migrating to Gold Standard, multiple open corrective actions, contradictory leakage and baseline descriptions across documents, and a 0% leakage deduction lacking justification. The project's double-claiming risk and data inconsistencies significantly erode confidence in the integrity of the verified emission reductions.
Red Flags
- Seven sub-projects (SPDs) are reported as migrating to Gold Standard, creating a serious double-registration and dual-issuance risk; the VVB was required to clarify the status of registration with another program for each SPV.
- Multiple corrective action requests remain open, including missing declarations against double counting, missing metering details for the 350 MW Kurnool sub-project, and inconsistencies between the MR and ER calculation sheet.
- Leakage deduction is 0% with the justification described as 'not addressed' in the 2024 verification report, while the 2023 verification report described it as 'quantified' — a direct contradiction that undermines confidence in the leakage treatment.
- The baseline method is described as 'project' in the 2024 verification report but 'jurisdictional' in the 2024 monitoring report, creating ambiguity about the actual baseline approach.
- Total verified ERRs differ between the 2023 verification report (1,115,742) and the 2024 verification report (1,393,764), with no clear explanation for the ~25% increase.
Credit Vintages
| Issued | Retired | Available | ||
|---|---|---|---|---|
| 2017 | 521,071 | 519,791 | 1,280 | |
| 2018 | 810,552 | 801,385 | 9,167 | |
| 2019 | 626,090 | 626,090 | 0 | |
| 2020 | 1,519,558 | 1,519,558 | 0 | |
| 2021 | 1,730,865 | 1,680,865 | 50,000 | |
| 2022 | 2,515,797 | 1,059,351 | 1,456,446 | |
| 2023 | 1,576,896 | 5,329 | 1,571,567 | |
| Total | 9,300,829 | 6,212,369 | 3,088,460 |
Risk Indicators
VVB-confirmed investment test
Solar – no reversal risk
0% deduction, justification contradictory
Project-specific, grid EF from 2018, method disputed
FPIC and grievance present, but stakeholder engagement CARs
7 SPDs migrating to Gold Standard; other GHG program CARs op
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