Imperative - Spekboom Phase 2 syndicated streaming facility (South Africa)

Terms

Announced

23 Apr 2026

Instrument

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

Amount

US$66.0mReported as $66M (part of $91M blended package)

Source

imperativeinc.com

Parties

Project developer

Imperative

Country

South Africa (Eastern Cape) / United Kingdom (HQ)

Capital providers

Capital providers and the amount counted for each

Party	Role	Amount	Basis
Mirova	Lender	US$16.5m	Estimated: an even share, 1 of 4
GenZero	Lender	US$16.5m	Estimated: an even share, 1 of 4
Rubicon Carbon	Lender	US$16.5m	Estimated: an even share, 1 of 4
Bregal Sphere	Lender	US$16.5m	Estimated: an even share, 1 of 4

Carbon

Pathway

ARR (afforestation, reforestation, revegetation)

Project type as recorded

Afforestation / reforestation

Backed by offtakes from

• Amazon

What happened

Carbon streaming facility funding 50,000-ha Phase 2 of Imperative's Spekboom Ecosystem Restoration Project in South Africa's Eastern Cape. Combined with $25M of capital directed from the World Bank IBRD outcome bond, total $91M package backs nature-based CO2 removal over a 40-year crediting period (>35Mt CO2e expected). Total committed capital across both phases now $114M; Phase 1 (10,000 ha) launched 2024. Underpinned by a long-term Environmental Risk Purchase Agreement with Amazon. Final investment decision announced 23 April 2026.

Kumo note

A syndicated streaming facility, where lender recovery runs through delivered credits rather than a repayment schedule. It sits alongside a US$25m World Bank outcome bond in a US$91m blended package.

Next step