Key Takeaways:
- Chestnut Carbon secures $90 million in follow-on financing from CPP Investments
- Total Series B funding rises to $250 million, up from $160 million announced earlier this year
- Company also closed a $210 million non-recourse project finance credit facility
- Funds to support U.S. afforestation projects and technological innovation
Chestnut Carbon Expands Series B Financing
Chestnut Carbon has raised an additional $90 million for its Series B financing through continued support from existing equity investor Canada Pension Plan Investment Board (CPP Investments). This new investment increases Chestnut Carbon’s total Series B funding to $250 million, compared to the $160 million announced earlier in the year.
The company recently secured a non-recourse project finance credit facility of up to $210 million, the first of its kind in the U.S. voluntary carbon removal afforestation sector.
Chestnut Carbon Focuses on Afforestation Projects
Chestnut Carbon develops U.S.-based afforestation initiatives that transform marginal crop and pasture lands into biodiverse ecosystems. These projects aim to generate Gold Standard® verified carbon credits, supporting companies with decarbonization and net zero goals.
The additional capital will be used for land purchases—over 60,000 acres have already been acquired across eight southern states—and for technology development. The company is advancing proprietary data tools and patented systems designed to enhance forest modeling and operational efficiency.
Statements from Investors and Leadership
“This additional investment in Chestnut exemplifies CPP Investments’ commitment to finding superior investment opportunities across the energy value chain,” said Bill Rogers, Head of Sustainable Energies at CPP Investments. “Our continued support of Chestnut and Kimmeridge’s pioneering work underscores our belief that high-quality, verifiable carbon removal projects will play a critical role in supporting global decarbonization goals while generating long-term value for CPP contributors and beneficiaries.”
Greg Adams, Chief Financial Officer of Chestnut Carbon, added: “We are grateful for the follow-on investment by CPP Investments, which along with the support we have received from other investors is critical to scaling Chestnut’s impact while maintaining our high standards for quality and permanence. We’re committed to helping our customers meet their decarbonization goals and ensuring that they can rely on us as their trusted partner in the process.”
Outlook for Chestnut Carbon
With expanded Series B financing and the recently secured credit facility, Chestnut Carbon is positioned to scale its afforestation projects and further develop its technological tools. These steps are designed to strengthen its role in delivering high-quality carbon credits and advancing nature-based climate solutions.
