WEB Aruba N.V.

Audit Analysis

Wind Park Vader Piet Aruba is a Gold Standard wind project with VVB-confirmed additionality and inherently low permanence risk, but the project is undermined by a dated 2008 grid emission factor, a significant under-delivery relative to the pro-rata ex-ante expectation (approximately 42%), unresolved contradictions in baseline method and ERR figures across documents, and a low extraction confidence rating that limits assurance in the extracted data.

Project Description

Red Flags

• ⚠Verified ERR of 328,253 tCO2 represents only ~42% of the pro-rata ex-ante expectation (~781,020 tCO2) for the ~4-year monitoring period out of the 10-year crediting period, indicating substantial under-delivery or an overly optimistic ex-ante estimate
• ⚠Grid emission factor of 1.18335 tCO2/MWh is from 2008 and has not been updated, potentially overstating the baseline if the Aruban grid has decarbonised since then
• ⚠Contradiction in baseline method: the 2022 verification report states a project-specific baseline while the 2017 monitoring report references a jurisdictional baseline, creating uncertainty about which baseline was actually applied
• ⚠ERR figure discrepancy: the 2017 monitoring report records 403,138 tCO2 while the 2019 issuance and 2022 verification report both record 328,253 tCO2, a difference of ~75,000 tCO2 that is not fully explained by the noted Cell F7 calculation error
• ⚠Low extraction confidence across the document set reduces reliability of the structured data used for this assessment

Credit Vintages