NEW YORK — Chestnut Carbon, a nature-based carbon removal developer, announced the successful closing of a landmark non-recourse project finance credit facility of up to $210,000,000—a first-of-its-kind bank financing for a U.S. voluntary carbon removal afforestation project. Led by J.P. Morgan and a syndicate of leading lenders including CoBank, Bank of Montreal, and East West Bank, this transaction marks a pivotal step towards achieving increasing commercial scale for both the company and the broader voluntary carbon market and U.S. afforestation space. This innovative credit facility uses the long-term carbon removal supply agreement executed earlier this year between Chestnut and Microsoft Corporation, which reflects one of the largest carbon removal agreements in the U.S. The success of the financing also demonstrates that this asset class can be structured as investable, bankable assets, like more established infrastructure classes.