Morgan & Morgan acted as local legal counsel to Carbon Streaming Corporation and Rubicon Capital LLC in relation to a Carbon Credit Stream Agreement by and between Azuero Reforestación Colectiva, S.A. (“ARC”), as Seller, and Microsoft Corporation, Rubicon Carbon Capital LLC, and Carbon Streaming Corporation, as Buyers.
ARC is a wholly owned subsidiary of project developer Ponterra Ltd. The Azuero Reforestation Project (the “Project”) is expected to restore 10,000 hectares of degraded tropical forest on the Azuero Peninsula in Panama; restoring this degraded land with over 75 native tree species.
The Project is viewed as one of the largest nature-based carbon removal initiatives in Central America, as it is expected that over six million trees will be planted and allowing over 100 landholders to participate in, and earn an income through, reforestation activities, receiving long-term annual payments and a share of carbon credit sales.
Partners Inocencio Galindo and Aristides Anguizola; and associates Arantxa Fernandez, Clarissa Vega, and Katia Pallares participated in this transaction.