4K Earth Science Private Limited has been contracted by ‘VN Green Holdings Pte. Ltd.’ to undertake verification of the project activity “VSP Binh Thuan II Solar Power Project” in Vietnam. The verification was performed based on rules and requirements defined by GCC for the project activity.

The project activity involves the construction and operation of VSP Binh Thuan II Solar Power Project in Vinh Hao commune, Tuy Phong district, Binh Thuan province, Viet Nam. The project activity has the design capacity of 37.588 MWp (MW_DC), equivalent to 29.99 MW_AC, it has been approved by the national authority. Project capacity was also cross-checked during the site visit interviews and various documents i.e., investment decision /10/, Investment license /11/, electricity generation license /12/ and power purchase agreement (PPA) /13/.

Solar power projects completed after 30/06/2019 were not entitled to Fit-In Tariff (FIT1) according to Decision No. 11/2017/QD-TTg on promotion mechanism on solar projects in Viet Nam. The legal owner had to rush to complete the project before this deadline. According to the project design, 40.6 hectares[1] of land are needed for the construction and installation of the plant. However, the legal owner only had time to compensate and get land use license for 33.75 hectares[2] of land. Therefore, only 26.48 MWac[3] was installed and put into operation. The actual installed capacity of 26.48 MWac (33.106 MWp) is fixed throughout the project lifetime[4] as verified from the commissioning certificate /14/ of the project and Minutes of site inspection /15/.

The purpose of the project is to generate a clean energy source by converting solar energy into electricity and supplying it to Viet Nam’s national electricity grid. The annual average net electricity generated of 46,803 MWh[5] from this project (annual average in 9 years and 168 days crediting period) is supplied to the national grid via the electricity transmission line.

VSP Binh Thuan II Solar Power Project uses polycrystalline solar panels to recover solar radiation energy. Polycrystalline modules are the most used technology in commercial and industrial solar projects. Solar panels used in this project are imported from China, with a lifespan of 25 years.

The solar PV system mainly consists of PV modules, mounting module structures, junction boxes, inverters, regulators, transformers, and monitoring devices, and so on. The solar PV cells convert solar radiation into DC current. The solar panels are installed in arrays. The models in each array are connected in parallel and/or in string to get the preferred current and voltage which match with the rated input of the inverter. The inverter connected in each array converts the DC current to AC current. The electricity collected from all the inverters is stepped up to 110 kV by using transformers. It then is exported to the national grid through metering system. The operational lifetime of project activity is 25 years.

Technical details of the project components are mentioned under section A.3 of the PSF /02/.

The above details of the project have been verified from site visit, FSR /05/, EIA report /07/, Business License /09/, Project Investment License /11/, Power Purchase Agreement /13/, COD supportive /14/, EPC contract /17/, /18/ etc.

The project activity is located in Vinh Hao commune, Tuy Phong district, Binh Thuan province, Viet Nam as confirmed from during the site visit, EIA report /07/, Business License /09/, Project Investment License /11/, Power Purchase Agreement /13/ etc. The geo-coordinates of the project are given under section A.2 of the PSF /02/ which have been verified by the validation team and found OK.

The project activity generated renewable electricity without any GHG emissions, which displaced part of the electricity otherwise supplied by grid connected fossil fuel fired power plants. Thus, GHG emission reductions can be achieved. The expected CO2 emission reduction from the proposed project is 40,442  tCO2e annually and 382,926 tCO_2e in the fixed 9 years and 168 days crediting period.

The project correctly applies the approved baseline and monitoring ACM0002 version 21.0 and is assessed against latest valid PS, VS and Environment and Social Safeguards Standard, Project-Sustainability-Standard and/or other applicable GCC/CDM Decisions/Tools/Guidance/Forms.

The project activity is likely to achieve the anticipated emission reductions stated in the PSF provided the underlying assumptions do not change. The expected emission reductions (annual average) from the project activity are estimated to be 40,442  tCO₂e/year over the 9 years and 168 days crediting period starting from 01/01/2020.

4K Earth Science Private Limited has verified and hereby certifies that the GCC Project Activity “VSP Binh Thuan II Solar Power Project”:

·        has correctly described the Project Activity in the Project Submission Form (version 2.4, dated 02/04/2025) including the applicability of the approved methodology ACM0002, version 21.0 and meets the methodology applicability conditions, is additional and is expected to achieve the forecasted real measurable and additional GHG emission reductions, complies with the monitoring methodology, has appropriately conducted local and global stakeholder consultation processes and has calculated emission reduction estimates correctly and conservatively;

·        is likely to generate GHG emission reductions amounting to the estimated 382,926 tCO_2eq over the fixed crediting period of 9 years and 168 days, as indicated in the PSF, which are additional to the reductions that are likely to occur in absence of the Project Activity and complies with all applicable GCC rules, including ISO 14064-2 and ISO 14064-3, and therefore requests the GCC Program to register the Project Activity.

·        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

·        is likely to contribute to the achievement of United Nations Sustainable Development Goals (SDGs), comply with the Project Sustainability Standard, and contribute to achieving a total of 3 SDGs, which is likely to achieve the Silver SDG certification label (SDG+).

·        The Project Activity complies with all the applicable requirement of the GCC Program and ICAO’s requirements on CORSIA Emissions Unit Eligibility Criteria and CORSIA Eligible Emissions Units, as per Clarification No 1., v1.3 paragraph 23-25, and the ACCs expected to be issued during the crediting period falling between 01 Jan 2016 till 31 Dec 2020 is likely to be CORSIA eligible and can be used by International Airlines for offsetting their emissions during pilot phases of CORSIA and therefore requests GCC Steering Committee to append CORSIA Certification label (C+) to this project. “CORSIA (C+)- Pilot Phase” can be labelled to ACCs issued after 31^st December 2020, the project activity for the crediting period falling between 01 January 2016 till 31 December 2020. The ACCs issued by the project activity are NOT eligible for CORSIA First Phase (2024-2026 compliance period).

[1] Project Investment Decision of the Management Board

[2] Land Use Right Certificates

[3] The minutes of site inspection to verify the actual installed capacity of VSP Binh Thuan II solar power plant signed between the legal owner and Viet Nam Electricity (EVN); and the project commissioning certificate issued by EVN.

[4] The project investment analysis is based on the designed capacity of 29.99 MWac available at the time of making project investment decision. Emission reductions are estimated based on the actual installed capacity of 26.48 MWac.

[5] Feasibility Study Report was prepared by the third party and approved by the national authority.