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.
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.
