verico SCE has undertaken the project verification of the proposed project «Carhuac HPP» in the Republic of Peru implemented by the Project Proponents “Andean Power S.A.C.” (AP) and “Carbon Climate Protection GmbH” (CCP)” based on the requirements defined by the GCC program for the project activity, and other rules applicable to the project verification including the host country’s legislation and its specific requirements for sustainable development.

The purpose of the project is to operate a 20 MW hydro power project which results in reductions of GHG emissions of 49,877 tCO₂e annually during the fixed 10-year crediting period to replace the electricity generated by fossil fuel dominated power grid in the host country. It is demonstrated that the project is not a likely baseline scenario and the emission reductions attributable to the project are, hence, additional to any that would occur in the absence of the project activity. The project correctly applies the approved baseline and monitoring methodology ACM0002 version 20.0 and is assessed against latest valid Project Standard, Verification Standard and Environment and Social Safeguards Standard and/or other applicable GCC/CDM Decisions/Tools/Guidance.

To arrive at the final verification conclusions and opinion, verico SCE carried out desk reviews, background investigations and an on-site mission, taking into account the sustainable development related regulations/laws in the host country and specific GCC rules/requirements as well as applicable CDM standards, in particular the approved methodology ACM0002, version 20.0.

Through the project verification process, the verification team identified 3 corrective action requests and 5 clarification requests and one forward action request. The project proponents have taken actions to address the findings and submitted to verico SCE project document revisions resulting in a final Project Submission Form, version 2.2 dated 04/09/2023 substantiated by supporting evidence. All findings have been appropriately closed before the issuance of this project verification statement.

The verification team is of the opinion that the GCC project: «Carhuac HPP» with the verified final version of Project Submission Form is:

a.  in accordance with all the relevant GCC program requirements as well as the host country’s national requirements and if implemented as designed, is likely to achieve the emission reduction of 49,877 tCO₂e annually, following the monitoring provisions fixed in the final documentation;

b.  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 Nonet-harm Label (E+ ) and the Social No-net-harm Label (S+ ); and

c.  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 5 SDGs, which is likely to achieve the Platinum SDG certification label (SDG+).

The project meets all of the GCC Rules and criteria for CORSIA and the project owner has clarified the intent to use carbon credits for the pilot phase of CORSIA hence for carbon credits issued generated during 01/01/2016 to 31/12/2020, HCA is not required for CORSIA labelled credits.

Therefore, verico SCE hereby certifies that the Project Submission Form version 3.0 dated 09/11/2023 of the proposed GCC project «Carhuac HPP» is in accordance with the above stated requirements.