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Weyerhaeuser Co (NYSE:WY) penned a deal to sell around 32,000 forest carbon credits at $29 per credit.
The deal marks the company's first transaction in the voluntary carbon market and represents the sale of all credits issued by ACR for the first year of the company's Kibby Skinner Improved Forest Management (IFM) Project in Maine.
The company plans to retire these credits immediately on behalf of the buyer.
Weyerhaeuser is presently developing several IFM projects on select areas within its 11-million-acre land base in the U.S., which includes two in the U.S. South that are projected to be approved in 2024.
Russell Hagen, senior vice president and chief development officer, said, "All projects we are developing follow three key principles: they must represent real, measurable changes to our business operations to capture additional carbon, deliver long-term climate benefits and be based on a transparent methodology."
Last month, WY disclosed two distinct agreements with Forest Investment Associates to sell around 69,600 acres in Upstate South Carolina for $170 million and purchase about 60,700 acres of high-quality timberlands in Coastal North Carolina, South Carolina, and Mississippi for $163 million.
As of September 30, cash and cash equivalents stood at $1.8 billion.
Price Action: WY shares are trading higher by 0.71% at $34.88 on the last check Wednesday.
Posted In: WY
