Morimor acts for Azuero Reforestation Project
Morgan & Morgan has acted as local counsel to Carbon Streaming Corporation and Rubicon Capital in connection with an advance payment purchase agreement for carbon credits between Azuero Reforestación Colectiva (ARC), as seller, and Microsoft Corporation, Rubicon Carbon Capital and Carbon Streaming Corporation, as purchasers.
ARC is a subsidiary of Ponterra, the project developer, advised by Latham & Watkins. The Azuero Reforestation Project is expected to restore 10,000 hectares of degraded tropical forest on Panama’s Azuero Peninsula, with more than 75 species of native trees.
The project is seen as one of the largest nature-based carbon removal initiatives in Central America, as it is expected to plant more than six million trees and allow more than 100 landowners to participate and earn income through reforestation activities, receiving long-term annual payments and a percentage of the revenue resulting from carbon credits.
L&W’s team included partner Joe Bargnesi and counsels Michael Dreibelbis, Sosi Biricik and Jeff Mispagel.
Morimor’s team consisted of partners Inocencio Galindo (pictured left) and Aristides Anguizola (pictured right), and associates Arantxa Fernández, Clarissa Vega and Katia Pallares.
