DLA Piper advises Carbon Streaming in US$20M carbon credit streaming agreement
DLA Piper advised Carbon Streaming Corporation (NEO:NETZ)(OTCQB:OFSTF) in its signing of a US$20 million carbon credit streaming agreement with Community Carbon, established by UpEnergy Group, bringing fuel-efficient cookstoves and safe water devices to millions of households in eastern and southern Africa.
Carbon Streaming Corporation will make an upfront cash investment of $6.5 million on closing, with additional payments of up to $13.5 million as the company hits emissions reduction milestones and distributes cookstove and water purification devices. The agreement’s goal is to reduce approximately 50 million tons of carbon equivalent emissions over the 15-year life of the project. Under the Carbon Stream, Carbon Streaming expects to receive a portion of the credits generated from the Portfolio’s emissions reductions.
“It was a pleasure advising Carbon Streaming in this transaction, showcasing our extensive commodities industry expertise,” said of counsel Deanna Reitman, who led the DLA Piper deal team. “Bringing important clean technology to developing markets in Africa showcases DLA Piper’s cross-border capabilities, serving client needs wherever they might crop up.”
In addition to Reitman (Houston), the DLA Piper team advising Carbon Stream included partner Glenn Reitman (Houston) and of counsel Michael Styczen (Canada).
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