Verico SCE has undertaken the project verification of the proposed upstream emission reduction project « Uğur-1 Bundle SPP » in Türkiye to be implemented by Project Owner “AKGEN ENERJİ SANAYİ VE TİC.LTD.ŞTİ. and TURRA ENERJİ DERİ TURİZM GIDA MADDELERİ İNŞAAT SANAYİ VE TİCARET LİMİTED ŞİRKETİ” based on the requirements defined by 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 build a solar PV project which results in reductions of GHG emissions of 127,540 tCO_2e 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 AMS-I. D Small-Scale Methodology: Grid-connected renewable electricity generation from, Ver. 18.0 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 project 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 AMS-I. D Small-Scale Methodology: Grid-connected renewable electricity generation from, Ver. 18.0.

Through the project verification process, the project verification team identified five (5) corrective action requests. The Project Owner has taken actions to address the findings and submitted to verico SCE several sets of project document revisions resulting in a final Project Submission Form, version 03 dated 10 September 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: «Uğur-1 Bundle SPP » with the verified final version of Project Submission Form:

a. is 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 verified emission reduction estimations of 127,540 tCO2e during the fixed 10 year crediting period, following the monitoring provisions fixed in the final documentation.

b. 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

c. 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 Silver SDG certification label (SDG+)

d. 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 is likely to be CORSIA eligible and can be used by International Airlines for offsetting their emissions during all phases of CORSIA and therefore requests GCC Steering Committee to append CORSIA Certification label (C+) to this project. The written attestation from the Host country on double counting shall be submitted by the project owner at ACCs issuance stage. A FAR remains open regarding the same.

Therefore, verico SCE hereby certifies that the Project Submission Form version 03 dated 10 September 2023 of the proposed GCC project « Uğur-1 Bundle SPP »  is in accordance with the above stated requirements.