Wind Energy Project By Ramco Group In India

Audit Analysis

A wind energy avoidance project with a sound fundamental design (jurisdictional grid baseline, VVB-confirmed investment test, no permanence risk), but undermined by an unusually large volume of material findings (over 40 items) covering calibration gaps, meter-reading discrepancies, ownership mismatches, and a CDM/VCS double-counting concern. The project delivered approximately 98% of the pro-rata ex-ante expectation for the monitored period, and the registry's 'late to verify' status further erodes confidence in the MRV chain.

Project Description

Red Flags

• ⚠Over 40 material findings in the 2015 verification report, including double-counting of net energy from HTSC 1383 & 1384, uncalibrated meters (271 & 510), and missing calibration certificates for ELP 27 & 1532
• ⚠CDM validation contract for a 41.6 MW portion was terminated, but the verification report requires re-verification of CDM status in every subsequent cycle to rule out double counting
• ⚠Registry status is 'Late to verify', indicating a gap in the verification cadence expected under VCS rules
• ⚠Multiple WTGs changed utility (grid export vs. captive) during the monitoring period, complicating the net-export calculation and requiring wheeling-charge and transmission-loss corrections that were initially omitted
• ⚠Ownership of HTSC 973 attributed to Sri Ramco Spinners rather than the project proponent as stated in the PDD

Credit Vintages