DSK Legal Advised Climate Impact Partners On 20,000-Hectare Panna Afforestation Project With Microsoft And Terra Natural Capital
DSK Legal advised Climate Impact Partners on 20,000-hectare Panna afforestation project with Microsoft and Terra Natural Capital
DSK Legal advised and assisted Climate Impact Partners, United Kingdom (“CIP”) in relation to its landmark 20,000-hectare afforestation project in Panna, Madhya Pradesh (“Panna Project”), aimed at removing three million tonnes of carbon while delivering significant benefits to local communities.
CIP, a global leader in the carbon market, has supported over 600 carbon removal and reduction projects across 56 countries, delivering measurable benefits in emission reduction, health, livelihoods, and biodiversity. In the Panna Project, CIP entered into a long-term financing arrangement with Terra Natural Capital, under which Microsoft will purchase 1.5 million tonnes of verified carbon removal credits over a 30-year period, representing 50% of the Panna Project's output. The initiative will see the planting of up to 11.6 million native trees across 20,000 hectares of farmer and community land—with over 1.2 million trees already planted across 100 communities.
DSK Legal’s scope of work included:
- Advising on transaction structuring;
- Advising on carbon assets, real estate, FEMA compliance, financing, and data collection;
- Legal guidance on India’s carbon market, carbon credit trading schemes, and the offset mechanism;
- Incorporation of a subsidiary in India;
- Drafting, reviewing, and finalizing various transaction agreements including funding agreement, implementation agreement, and carbon rights agreement between farmers/grantors, CIP, and implementation partners.
The DSK Legal team advising CIP comprised: Avinash Khard (Partner), Roochi Loona (Partner), Shruti Dogra (Associate Partner), Mala Mehto (Principal Associate), Brijesh Ranjan Sahoo (Associate), and Sumedha Tewari (Associate).
Aparajit Bhattacharya (Partner) acted as the relationship partner, and Harvinder Singh (Partner) served as the lead transaction partner. Anjan Dasgupta (Partner) provided strategic inputs throughout the transaction.
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