Carbon Streaming Corp (NEO: NETZ) has entered into a support arrangement with another project, with the latest project being based in Canada. The details of the new arrangement were included within a corporate update issued by the company this morning.
The arrangement saw the company provide term sheet funding to the Citadelle Maple Syrup Producers Cooperative, which is based in Quebec, Canada. The funding is to be used to support a restoration project in the province, referred to as an Afforestation, Reforestation, Revegetation project.
The funding provided by Carbon Streaming will be used to allow Citadelle and its two project partners, Down to Earth Carbon and One Tree Planted, to conduct work in both the Fall 2022 and Spring 2023 planting windows. The company in exchange will receive a right of first refusal for future carbon credit-focused financings.
Outside of the project, the company also provided an update on the status of its major projects globally. The company expects credits to be issued from ten or more projects by the end of next year, with the firm indicating its portfolio now includes six streams from 13 projects across four continents.
“Near term, we are excited by the sustained organic growth potential as 10 or more projects for which we have stream investments are expecting credit issuance by the end of 2023. We look forward to continued collaboration with our project partners and forging productive new partnerships with operators and corporate clients as we advance the collective agenda to ensure a net-zero future,” said CEO Justin Cochrane.
The latest arrangement follows the company entering its first carbon investment within Canada just last month. That investment saw the company commit up to $20.0 million in funding to an operator of carbon reduction projects, primarily focused in Ontario and Quebec.
Carbon Streaming last traded at $3.46 on the Neo.
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