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Transaction

Varaha - Kheti soil-carbon project investment

Terms

Announced
13 Nov 2025
Instrument
Debt
Amount
US$30.0m

Parties

Project developer
Varaha
Country
India
Capital providers
Capital providers and the amount counted for each
PartyRoleAmountBasis
MirovaLenderUS$30.0mSole provider: the whole transaction

Carbon

Pathway
Soil carbon / regenerative agriculture

What happened

Mirova's first carbon investment in India and largest carbon transaction globally at the time. The capital was invested to expand the Varaha Kheti soil carbon project from 25,000 to 337,000 farmers across Haryana and Punjab and was understood to be structured as a project finance and carbon credit revenue-sharing agreement

Kumo note

This is understood to be effectively a revenue-sharing arrangement

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