Base Carbon - Vietnam Household Devices

Terms

Announced

27 May 2022

Instrument

Debt · StreamingCapital advanced now against a share of the credits the project delivers later.

Amount

US$20.8mReported as $20.8M (capital allocated)

Source

globenewswire.com

Parties

Project developer

SIPCO

Country

Vietnam

Capital providers

Capital providers and the amount counted for each

Party	Role	Amount	Basis
Base Carbon	Investor	US$20.8m	Sole provider: the whole transaction

Carbon

Pathway

Cookstoves

Project type as recorded

850,000 fuel-efficient cookstoves plus 364,000 water purifiers distributed to rural households in Vietnam via SIPCO and the Women's Union of Vietnam

Backed by offtakes from

• Citi
• Base Carbon Capital Partners Corp.

What happened

Base Carbon funded manufacturing and distribution of 850K fuel-efficient cookstoves and 364K water purifiers in rural Vietnam. Partner: SIPCO (via Women's Union of Vietnam). Citigroup contracted to purchase first 7.4M credits. 18.4M total credits expected over project life. 7.4M credits issued as of May 2026. ~$36.3M net cash received from contracted credit sales.

Kumo note

- A prepayment, not a loan: Base Carbon's own releases call the money purchase price prepayments for project carbon credits, so it is repaid in credits rather than cash and is booked as inventory when the credits are delivered. - Citigroup contracted to buy the first 7.4m credits from SIPCO, the Vietnamese developer, which carries the buyback obligation on that first tranche; Phase 1 has returned Base Carbon's capital. SIPCO is also the recipient of the 2023 World Bank emission reduction-linked bond (DEBT-114).

Next step