Cyril Amarchand Mangaldas advised Hexa Climate (the portfolio company of I-Squared Capital), in structuring and execution of a novel afforestation project in Purulia district of West Bengal, in partnership with Asvata (the carbon credit venture of RPG group). The project aims to convert fallow land in certain identified land parcels of Purulia district into thriving forest area with an initial coverage of 500,000 trees with a potential to grow to an aggregate capacity of more than 1.5 million trees. The project aims to harness the carbon credits generated from the afforestation programme through VERRA (formely Voluntary Carbon Standard, a carbon credit offset organisation based in the USA), specialising in AFOLU (Agriculture, Forestry, and Other Land Use) sector, as well as other sectors such as energy, transport, waste, manufacturing industries. The project will use VM 0047 methodology for mapping of carbon credits and monitor the afforestation and conservation efforts through drones and remote monitoring programmes.
The transaction team was led by Ajay Sawhney, Partner (Head – Northern Region); and Bhupendra Verma, Partner; with support from Shubham Singh, Senior Associate; and Anurag Mawai, Associate.
