DSK Legal assists Climate Impact Partners on 20,000-Hectare Panna Afforestation Project in Madhya Pradesh

DSK Legal assisted Climate Impact Partners, United Kingdom (“CIP”) in relation to their 20,000-hectare Panna afforestation project in the State of Madhya Pradesh, India (“Panna Project”), which aims to remove three million tonnes of carbon while providing significant benefits to local communities. CIP are specialists in the carbon market, offering comprehensive end-to-end services that deliver high-quality, rigorously vetted climate projects and has collaborated with climate-leading businesses to support more than 600 carbon removal and reduction projects across 56 countries. These initiatives not only reduce carbon emissions but also improve health, enhance livelihoods, and support biodiversity.

In relation to the Panna Project, CIP has entered a deal with Terra Natural Capital to deliver long-term finance to the Panna Project, from which Microsoft will purchase 1.5 million tonnes of verified carbon removal credits over 30 years, representing 50% of the Panna Project’s output. CIP will work with the local implementation partners, and up to 11.6 million mixed native trees will be planted across 20,000 hectares of farmer and community lands. To date, over 1.2 million trees have been planted across 100 communities.

DSK Legal’s scope of work included: (a) assistance in relation to structuring of the transaction; (b) advisory in relation to carbon assets, real estate, Foreign Exchange Management Act, 1999, financing, data collection etc.; (c) legal advice in relation to carbon market in India, carbon credit trading scheme, Indian carbon market, offset mechanism; (d) incorporation of a subsidiary in India; (e) drafting/reviewing and finalizing various transaction agreements and ancillary documents, such as such as: funding agreement, implementation agreement, carbon rights agreement between the farmers/grantors, CIP and implementation partner.

The team at DSK Legal representing CIP comprised of Mr. Avinash Khard (Partner), Ms. Roochi Loona (Partner), Ms. Shruti Dogra (Associate Partner), Ms. Mala Mehto (Principal Associate), Mr. Brijesh Ranjan Sahoo (Associate) and Ms. Sumedha Tewari (Associate).

Mr. Aparajit Bhattacharya (Partner) acted as the relationship partner for Climate Impact Partners/CIP in the firm, and Mr. Harvinder Singh (Partner) acted as the lead transaction partner. Mr. Anjan Dasgupta (Partner) provided his strategic inputs on the transaction from time to time.