Addleshaw Goddard has advised Par Equity on a new strategic partnership with Aviva Investors and Scottish Woodlands to capture 1.4 million tonnes of carbon from Glen Dye Moor in West Aberdeenshire.
The AG team was led by investment funds partner Jan Gruter and included associate Aidan McConville (investment funds), trainee Grace Towey (investment funds) and tax partner Michael Hunter.
The partnership involves the acquisition of 6,300 hectares of moorland, with plans for the planting of 2,000 hectares of native woodland, 1,000 hectares of productive conifer and the restoration of 1,800 hectares of degraded peatlands. This not only has huge carbon-capture potential, it also makes a substantial contribution to both Scottish and UK forestry planting targets and will create significant local employment and education opportunities.
The partnership is structured through an investment vehicle managed by Par Equity.
Jan Gruter said: "We are very excited to be involved in this project, which will deliver real benefits for both the local community and the environment as a whole and contribute to making "net zero" a reality".
Tom Croy, Senior Investment Manager at Par Equity said: "We have a decade-long track record of commercial forestry investment vehicles, and working in partnership with Aviva Investors means this mission-driven fund can make a real, positive, impact. The team at Addleshaw Goddard were instrumental in delivering this unique fund proposition – we greatly valued their insights and responsiveness.”