Imperative Closes US$91 Million Blended Project Financing for Phase 2 of South Africa Ecosystem Restoration Project

The 50,000 hectare Phase 2 of Imperative’s project is funded under a first-of-kind combination of a World Bank outcome bond alongside a syndicated private capital streaming facility from GenZero, Mirova, Rubicon Carbon and Bregal Sphere

KEY HIGHLIGHTS

• Final Investment Decision reached on 50,000 hectare Phase 2: Imperative has reached final investment decision and commenced works on its 50,000 hectare expansion of its Spekboom Ecosystem Restoration Project, the 10,000 hectare Phase 1 of which was launched in 2024.
• Foundational long-term ERPA with Amazon: Offtake provides the revenue certainty to underwrite long-term project financing for Phase 2 of the project.
• US$91 million Phase 2 blended finance close: US$25 million private capital directed from an IBRD principal-protected outcome bond issued by the World Bank (structured by BNP Paribas) combined with a US$66 million streaming capital facility from Mirova, GenZero, Rubicon Carbon and Bregal Sphere.
• Strong investor follow-on: all three Phase 1 investors increased their capital commitments, joined by Bregal Sphere. Total committed project capital across Phases 1 and 2: US$114 million across 60,000 funded hectares.
• Full-scale target of at least 100,000 hectares with a projected yield of more than 35 million tonnes of CO2e over a 40-year crediting period. BeZero Carbon ‘AApre’ rating with low execution risk. UNEP World Restoration Flagship.

SINGAPORE, 23 April 2026 – Imperative, the Nature Infrastructure Company™, has taken final investment decision on Phase 2 of its Spekboom Ecosystem Restoration Project in South Africa, backed by a long-term strategic offtake agreement signed with Amazon.

In parallel, Imperative has closed a US$91 million blended project financing to support the 50,000-hectare Phase 2 expansion. The financing combines US$25 million of capital directed from a US$120 million outcome bond issued by the International Bank for Reconstruction and Development (IBRD), structured by BNP Paribas, with a US$66 million syndicated streaming facility from GenZero, Mirova, Rubicon Carbon and Bregal Sphere. This builds on the 10,000-hectare Phase 1 previously announced in May 2024 that was funded by Mirova, GenZero and Rubicon.

The outcome bond is a World Bank principal-protected instrument. A portion of the fixed coupon ordinarily payable to bond investors is channelled to support the project’s Phase 2 expansion; investors receive a coupon that includes a fixed component plus a variable component linked to nature-based carbon removal credits delivered by the project to Amazon.

QUOTES

Scobie Mackay, CEO, Imperative, commented: “We are grateful for the support and collaboration of all the parties involved. Amazon’s anchor demand has enabled us to bring together four institutional streaming capital partners and a World Bank outcome bond in a single financing structure. This combination creates a financing blueprint that we believe can be replicated across geographies and project types. We see this deal as contributing to global efforts to make nature an investable asset class.”

Kimberly Tan, Head of Investments, GenZero, commented: “A critical challenge in nature-based carbon removal is to drive scale and replicability. Infrastructure-grade execution and an unwavering commitment to project integrity is a prerequisite to attract meaningful fund flows. Imperative’s spekboom project delivers on this by leveraging knowhow from more mature markets and deep carbon expertise. Anchor offtake from Amazon also provided the demand certainty required to unlock both commercial financing from investors and outcome financing from the World Bank. This innovative structure has allowed Imperative to secure the quantum of capital required to drive large-scale, high quality ecosystem restoration in South Africa.”

Charlotte Lehmann, Managing Director, Head of Carbon Solutions, Mirova, commented: “This transaction demonstrates how high-integrity nature restoration can be financed at scale when long-term investors, public institutions and project developers align around a robust and transparent framework. We see the Spekboom project as a compelling example of how blended finance structures can mobilise private capital while delivering measurable environmental and social outcomes over the long term.”

Tom Montag, CEO, Rubicon Carbon, commented: “As an initial backer of Spekboom, we at Rubicon Carbon are proud of what this project has become. Our early investment helped catalyze a trajectory that attracted a World Bank outcome bond and an impressive group of institutional investors. Financing excellent nature-based projects at scale is central to our mission, and it’s gratifying to be part of this milestone.”

Agustin Silvani, Managing Partner, Bregal Sphere, commented: “We are proud to partner with Imperative on this project. The combination of leading institutional investors, a World Bank outcome bond, long-term blue-chip offtake, and proven execution capacity on the ground is precisely the model the sector needs to achieve scale. We believe the Spekboom project has the potential to become a global reference for large-scale, high-quality restoration.”

PROJECT CREDENTIALS

The project is registered under Verra’s VCS VM0047 ARR methodology, targeting ABACUS Label and CCB Gold certification. Phase 1 received a BeZero Carbon ex ante Carbon Rating of ‘AApre with Low Execution Risk’, placing it among the highest-rated ARR projects globally. In December 2025, spekboom restoration initiatives in South Africa were recognised as a UNEP World Restoration Flagship. Carbon credits from the project can also be eligible for supply into the South African domestic carbon tax regime, providing additional optionality for the project and its funders and offtakers.

The project is located in a region of South Africa with significant economic development potential, creating jobs and supporting local Small, Medium and Micro Enterprises: Approximately 11,000 employment opportunities are expected to be created through 2031, and to-date over two-thirds of contracted SMMEs are Black-owned and over 40% are female-owned.

The combination of private institutional streaming capital, a World Bank outcome bond and long-term corporate offtake creates a replicable financing model for ecosystem restoration at infrastructure scale. Imperative’s project pipeline spans Europe, Africa, Asia, and Latin America, with additional projects in active development.

NOTES TO EDITORS

About Imperative

Imperative, the Nature Infrastructure Company™, designs, develops and operates large-scale ecosystem restoration projects across multiple jurisdictions. The company applies an infrastructure-grade approach to nature-based carbon removal. For more information, visit www.imperativeinc.com.

About Mirova

Mirova is a global asset management company dedicated to sustainable investing and an affiliate of Natixis Investment Managers. At the forefront of sustainable finance for over a decade, Mirova has been developing innovative investment solutions across all asset classes, aiming to combine long term value creation with positive environmental and social impact. Headquartered in Paris, Mirova offers a broad range of equity, fixed income, multi-asset, energy transition infrastructure, natural capital and private equity solutions designed for institutional investors, distribution platforms and retail investors in Europe, North America, and Asia-Pacific. Mirova and its affiliates had €36.4 billion in assets under management as of December 31, 2025. Mirova is a mission-driven company, labeled B Corp.

About GenZero

GenZero is an investment platform company focused on accelerating decarbonisation globally. Founded by Temasek, GenZero seeks to deliver positive climate impact alongside long-term sustainable financial returns. For more information, visit https://genzero.co/.

About Rubicon Carbon

Rubicon Carbon is a carbon credit management firm that empowers businesses to invest in climate solutions through diversified carbon credit portfolios built for transparency, trust, and scale. Beyond commercializing high-quality carbon credits, Rubicon deploys capital into global projects that generate these credits, advancing both environmental impact and long-term market integrity. Backed by TPG Rise Climate and led by top executives from across finance, technology, and climate science, Rubicon Carbon delivers innovative carbon credit solutions to global businesses while unlocking carbon avoidance and removal projects at scale, all backed by rigorous in-house scientific diligence. For more information, visit www.rubiconcarbon.com.

About Bregal Sphere

Bregal Sphere is an impact investing platform launched by Bregal Investments, a global investment firm managing over €19 billion AUM across multiple private markets strategies. As a leading institutional natural capital investor, Bregal Sphere partners with nature-based project developers to deliver large-scale carbon removal projects that generate measurable positive impact for nature, climate and local communities, alongside financial returns. For more information, visit www.bregalsphere.com.

About the World Bank

The World Bank (International Bank for Reconstruction and Development, IBRD), rated Aaa/AAA (Moody’s/S&P), is an international organization. Created in 1944, it is the original member of the World Bank Group and operates as a global development cooperative owned by 189 nations.

About BNP Paribas

Leader in banking and financial services in Europe, BNP Paribas operates in 64 countries and territories with more than 180,000 employees, including more than 146,000 in Europe. The Group’s activities are structured by three operating divisions: Commercial, Personal Banking & Services covering commercial & personal banking entities and specialised businesses; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, a bridge between corporate and institutional clients.

Media Contact:
Santiago Lopez, Imperative Inc. santiago.lopez@imperativeinc.com

This press release contains forward-looking statements. These are based on management’s current expectations and involve risks and uncertainties that could cause actual results to differ materially.