Terms
- Announced
- 28 May 2024
- Instrument
- Debt · StreamingCapital advanced now against a share of the credits the project delivers later.
- Amount
- US$23.0mReported as US$23m senior secured stream (derived from Imperative announcements)Derived from Imperative announcements: US$114m total committed capital less the US$91m Phase 2 package (Imperative states no Phase 1 amount)
- Source
- imperativeinc.com
Parties
- Project developer
- Imperative
- Country
- South Africa
- Capital providers
Capital providers and the amount counted for each Party Role Amount Basis Mirova Lead investor US$7.67m Estimated: an even share, 1 of 3 GenZero Lender US$7.67m Estimated: an even share, 1 of 3 Rubicon Carbon Lender US$7.67m Estimated: an even share, 1 of 3
Carbon
- Pathway
- ARR (afforestation, reforestation, revegetation)
- Project type as recorded
- Afforestation / reforestation
- Backed by offtakes from
- Amazon
What happened
- Senior secured stream agreement funding Phase 1 of the Spekboom ecosystem restoration programme in South Africa, led by Mirova with GenZero and Rubicon Carbon. Recorded at US$23m, an amount derived from Imperative announcements
Kumo note
- The first phase of what became one of the largest ecosystem restoration financings in the market, and the figure only became public two years later, in the release announcing the second phase. A senior secured stream rather than a loan, so the lenders' recovery runs through delivered credits rather than through a repayment schedule.
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