Case Study 1: Large-Scale Solar Project under VCS (Verra) Standard
Project Name: Solar Power Project
Location: Rajasthan
Capacity: 100 MW
Carbon Standard: Verified Carbon Standard (VCS), Verra
Project Type: Grid-connected solar PV
Start Year: 2019
Objective:
Developer aimed to monetize the environmental benefits of its 100 MW solar PV plant through the international voluntary carbon market.
Process:
- The project was registered under the VCS program using an approved methodology (AMS-I.D).
- Third-party auditors conducted validation and verification.
- Emission reductions were calculated based on the displacement of grid electricity (primarily coal-based).
- Annual CER (Carbon Emission Reduction) estimation: ~160,000 tCO₂e per year.
Monetization:
- The company appointed consultant like us.
- Credits were sold via forward contracts and spot deals on platforms like CBL and Gold Standard Marketplace.
- Average carbon credit price realized: ~$4–$7 per tCO₂e (varied by buyer and year).
Outcome:
- Additional revenue stream of approx. ₹4–₹8 crore per year.
- Enhanced ESG reporting and reputation.
- Used revenue for expansion and community development projects.
Case Study 2: CDM Registered Solar Project
Project Name: Solar Power Project
Location: Rajasthan
Capacity: 15 MW
Carbon Standard: Clean Development Mechanism (CDM)
Registration Year: 2012
Project Type: Solar PV with UNFCCC CDM registration
Process:
- Registered under CDM using methodology AMS-I.D.
- Project received CERs after validation and periodic verification by a DOE (Designated Operational Entity).
- Annual CERs generated: ~23,000 tCO₂e.
Monetization:
- Initially sold CERs to European buyers under EU ETS via intermediaries.
- Average price realized (initial years): €3–€6 per CER.
- Due to the CDM market crash post-2013, prices dropped significantly, and monetization halted.
Outcome:
- Recovered investments during initial years.
- Later shifted to voluntary markets for new projects due to CDM's decline.
Case Study 3: I-REC Monetization for C&I Offtake
Project Name: Solar Rooftop Projects
Location: Multiple states (Delhi, Karnataka, Gujarat)
Capacity: Aggregated ~50 MW across C&I clients
Carbon Instrument: International Renewable Energy Certificates (I-REC)
Registration Year: 2021 onwards
Objective:
To provide renewable energy to corporate clients (like Amazon, Microsoft) and offer them green attributes through I-RECs.
Process:
- Each plant registered under the I-REC standard via an approved Issuer (like APX or TGO).
- Generation data integrated via SCADA or monthly reports.
- I-RECs issued on a monthly basis – 1 REC per 1 MWh.
Monetization:
- Sold I-RECs directly to corporate buyers (often bundled with PPAs).
- Pricing: ₹300–₹800 per REC (~$4–$10 depending on market and vintage).
- Some buyers preferred long-term procurement contracts for ESG compliance.
Outcome:
- Created a strong secondary income stream.
- Enhanced marketability of rooftop projects to large clients.
- Strengthened Azure’s position in green finance and ESG indices.
Case Study 4: Group Captive Rooftop Solar with I-REC
Project Name: Solar Rooftop for Metro Rail
Location: Delhi & Mumbai
Capacity: ~17 MW across multiple metro stations
Carbon Instrument: I-REC
Commissioned: 2020–2022
Consumers: Public Transport Authorities
Process:
- The rooftop plants were registered as individual projects under I-REC.
- Developer acted as the asset owner and aggregator for the certificates.
- Monthly solar generation data was recorded and submitted via a centralized dashboard.
- I-RECs were issued for each MWh of green power generated.
Monetization:
- I-RECs were sold to companies in the IT and manufacturing sectors with RE100 targets.
- Sales were facilitated through APX and direct buyer agreements.
- Price range: ₹600–₹900 per REC depending on buyer demand and vintage.
Outcome:
- Improved RoI for public-private rooftop solar projects.
- Metro corporations used RECs for public ESG reporting.
- Boosted investor confidence in urban C&I solar
Case Study 5: Solar Park with VCS and Direct Corporate Tie-Up
Project Name: Solar Park
Location: Haryana
Capacity: 50 MW (ground-mounted solar supplying C&I clients)
Carbon Standard: Verified Carbon Standard (VCS)
Buyers: FMCG and Data Center clients
Process:
- Registered under VCS using methodology AMS-I.D.
- Third-party audit and validation carried out by an accredited DOE.
- Annual VCUs issued: ~80,000 tCO₂e.
Monetization:
- Developer entered a long-term offtake and VCU purchase deal with a large consumer goods company aiming to achieve net-zero emissions.
- Carbon revenue structured as an add-on to PPA.
- Partial credits also sold through marketplaces at $6–$9/tCO₂e.
Outcome:
- Dual revenue from PPA and carbon.
- Boosted project IRR by 1.5%–2%.
- Buyers used credits for scope-2 emission offsetting.
Case Study 6: Small-Scale Solar Project under Gold Standard
Project Name: Solar Project
Location: Gujarat
Capacity: 5 MW
Carbon Standard: Gold Standard for the Global Goals
Type: Voluntary carbon market, focused on sustainable development
Process:
- Registered under Gold Standard with co-benefits (employment, energy access).
- Included community development measures like women’s training and LED distribution.
- Used AMS-I.D methodology with SDG co-benefit tagging.
Monetization:
- Carbon credits sold at premium prices to European buyers via South Pole.
- Price per credit: $9–$12, owing to high-impact SDG tagging.
- Also used by Developer in their own ESG disclosures.
Outcome:
- Revenue from carbon credits used to fund CSR in the region.
- Enhanced global visibility and brand positioning for Jakson Solar.
- Recognized in sustainability awards for integrated impact.
