Compliance Audit is defined as a systematic, independent and documented verification process of objectively obtaining and evaluating audit evidence to determine whether specified criteria are met.
What is REC?
A Certificate that is proof that 1 MegaWatt-hour (MWh) of electricity was generated from Renewable Energy resource. Once the electricity provider has fed the electricity into the grid, the Renewable Energy Certificate (REC) they received can then be sold on open market.
Who purchase REC?
The entities mandated to purchase a defined quantum on renewable energy of their overall consumption are obligated entities, who can fulfil their RPO requirements by either purchasing renewable energy or by purchasing RECs. Such entities usually include distribution licensees, captive consumers, open-access consumers.
Assess compliance with REC legislation.
Review statutory instruments issued to the RE Generators.
Report findings and follow-up action
SR has done 12 compliance audits under REC mechanism and covered more than 500 solar installations under RUV and DDG schemes of central government.