LGAI Technological Center S.A. (Applus+ Certification) has performed a verification of the “70 MW Kayamkulam Floating Solar PV Project”. The verification is performed on the basis of GCC criteria project verification standard, Version 3.1 for the project activity, GCC guideline and host country criteria, as well as criteria given to provide for consistent project operations, monitoring and reporting.

The review of the final version of GCC PSF and the subsequent Onsite Visit / follow-up interviews has provided Applus+ Certification with sufficient evidence to determine the fulfillment of stated criteria. In our opinion, the project meets all relevant GCC project standard requirements for the GCC. The project will hence be recommended by LGAI Technological Center S.A. (Applus+ Certification) for registration with the GCC.

By displacing fossil fuel-based electricity with electricity generated from a renewable source, the project results in reductions of CO₂ emissions that are real, measurable and give long-term benefits to the mitigation of climate change. Emission reductions attributable to the project are hence additional to any that would occur in the absence of the project activity. Given that the project is implemented as designed, the project is likely to achieve the estimated amount of annual emission reductions of 149,455 tCO₂e per year.

The verification has been performed following the requirements of the latest version of GCC verification standard, Version 03.1, GCC Project Standard, version 04.0 and on the basis of the contractual agreement.

In detail the conclusions can be summarized as follows:

The project does not result in negative social, environmental and/or economic impacts.

-      The project contribution to Environment, Social Development and Economic and technological development

-      The project additionality is sufficiently justified in the GCC PSF.

-      Conservative assumptions were applied in the project description.

-      The monitoring plan of SDG parameters is transparent and adequate.

-      The project meets the local stakeholder consultation requirements.

-      The project is not likely to cause any net-harm to the environment and/or society and complies with the Environmental and Social Safeguards Standard, and therefore requests the GCC Program to register the Project Activity, which is likely to achieve the requirements of the Environmental No-net-harm Label (E+) and the Social No-net-harm Label (S+); and

-      The project is likely to contribute to the achievement of United Nations Sustainability Development Goals (SDGs), comply with the Project Sustainability Standard, and contribute to achieving a total of 3 SDGs (7, 8, and 13), which is likely to achieve the gold SDG certification label (SDG+)

-      The Project Activity is not eligible for and has not claimed CORSIA Certification label (C+).

The conclusions of this report show that the project, as it was described in the project documentation, is in line with all criteria applicable for the verification.