On February 12, 2025, Chestnut Carbon announced the successful close of its US$160 million (approximately C$215 million) Series B financing round to scale its U.S.-based afforestation operations under the Sustainable Restoration Project. The project aims to sequester an estimated 100 million tons of carbon over its lifetime. The round was co-led by returning investor Canada Pension Plan Investment Board (CPP Investments) and included new investors Cloverlay and DBL Partners. Additional capital was provided by limited partners of founding firm Kimmeridge, including university endowments, family offices, funds of funds, and other institutions.

Chestnut Carbon specializes in converting marginal crop and pasture land into long-lasting forests, with operations across Arkansas, Louisiana, Alabama, Mississippi, Oklahoma, and Texas. Its projects produce Gold Standard® certified carbon credits, aligning with the needs of corporations committed to net-zero goals. Chestnut employs proprietary data models and patented technology to enhance land acquisition, forest growth prediction, and carbon credit generation, enabling cost-effective and scalable carbon removal solutions. Since its inception in 2022, the company has acquired over 35,000 acres of land and is continuing to expand its footprint and talent pool.

Proceeds from the Series B raise will fund further land purchases, technological advancement, and hiring of experts in forestry, environmental science, and finance. Torys LLP acted as legal counsel to CPP Investments, while Latham & Watkins LLP represented Chestnut Carbon. This investment reaffirms CPP Investments’ focus on high-integrity climate solutions and Chestnut’s growing influence in the international carbon offset sector.