Vaspet-II and Vaspet-III Wind Power Project, Maharashtra

Audit Analysis

A 10-year VCS wind power project in Maharashtra with a solid investment-test additionality assessment and low inherent permanence risk, but undermined by a missing leakage justification in the latest verification report, a baseline-method contradiction between documents, an unresolved proof-of-rights issue, and a cluster of open corrective actions that signal documentation and governance gaps.

Project Description

Red Flags

• ⚠Registration was signed by Value Network Venture Advisory Services LLP without a proof-of-right document demonstrating sole assignment of GHG emission reductions for the full crediting period
• ⚠Leakage deduction of 0% is reported in the 2024 verification report with no supporting justification, whereas the 2022 verification report had described the leakage as quantified
• ⚠Baseline method is described as 'project' in the 2024 verification report but 'jurisdictional' in the 2025 monitoring report, creating ambiguity about the actual baseline approach
• ⚠Eleven corrective actions remain open, including gaps in SDG assessment, meter-calibration impact on ERR, and inconsistent information across the PDMR and JVVR
• ⚠Minimum extraction confidence across the 44 source documents is rated low, reducing reliability of the structured data

Credit Vintages