Ponterra Azuero - Carbon Streaming / Rubicon Carbon reforestation stream

Terms

Announced

21 May 2024

Instrument

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

Amount

UndisclosedReported as a cumulative US$1.2m paid by Carbon Streaming to December 2025, against a potential US$7.065m ceiling; Rubicon Carbon and Microsoft amounts not disclosed

Source

carbonstreaming.com

Parties

Project developer

Ponterra

Country

Panama

Capital providers

Capital providers and the amount counted for each

Party	Role	Amount	Basis
Carbon Streaming	Streaming counterparty	US$1.20m	Disclosed
Rubicon Carbon	Streaming counterparty	Undisclosed	No value disclosed
Microsoft	Streaming counterparty and offtaker	Undisclosed	No value disclosed

Carbon

Pathway

ARR (afforestation, reforestation, revegetation)

Project type as recorded

Afforestation, reforestation and revegetation (ARR), Verra VM0047

What happened

Carbon Streaming, Rubicon Carbon and Microsoft agreed to fund 100% of project costs over seven years for the 10,000 ha Azuero Peninsula reforestation project, with Ponterra developing and operating. Carbon Streaming committed US$0.315m upfront plus up to US$6.75m in milestone payments for 13.5% of credits (~438,000). Amended 15 December 2025: Carbon Streaming's ongoing funding obligations ended after US$1.2m paid, project scope cut from 10,000 ha to a minimum of 7,500 ha, expected removals cut from 3.24m to 2.32m tCO2e, and its entitlement cut to ~54,000 credits (~2.3%). It retains options to fund US$4.6m by 30 Jun 2026 or US$3.8m by 30 Jun 2027. Its accounts to 30 Jun 2026 show no further payment. First issuance now expected 2029, running to 2052.

Kumo note

Streaming rights running thirty years, funded by three counterparties, with a corporate offtake on top. Carbon Streaming's commitment had a ceiling of US$7.065m and it was never reached: US$1.2m was paid before a December 2025 amendment released it from its forward funding obligations, leaving only options to pay in. If those lapse, its entitlement falls from about 438,000 credits (13.5 per cent) to about 54,000 (2.3 per cent), and the project shrinks from 10,000 hectares to at least 7,500. Rubicon Carbon and Microsoft keep their funding obligations, and the offtake is unchanged. One example of a streaming commitment being unwound.

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