Latham & Watkins Advises Chestnut Carbon in US$160 Million Series B Financing

Chestnut Carbon (Chestnut), a nature-based carbon removal developer, announced that it has completed a raise of US$160 million in a Series B financing. The proceeds will be used to grow its afforestation capacity and sequester an estimated 100 million tons of carbon over the life of Chestnut's Sustainable Restoration Project. The financing round includes existing investor Canada Pension Plan Investment Board, as well as new investors, Cloverlay and DBL Partners. Additional participation came from limited partners of Chestnut's founding firm, Kimmeridge, including university endowments, family offices, funds of funds, and other institutional investors.

Latham & Watkins LLP represented Chestnut Carbon in the transaction with an Emerging Companies & Growth team led by New York partner Peyton Worley, with associates Evan Kirsch and Saem Kim.