Mich. forestland purchased for carbon project
The 29,000 acres has a big presence in five UP counties
MADISON, Wis. – A block of 29,000 acres of Upper Peninsula forestland spread across five counties has been purchased by a partnership of a carbon sequestration firm and a large alternative investment firm.
The partnership, Blue Source, pledged to “target forest land where selective harvesting can prioritize and balance critical carbon while maintaining sustainable forest products that local and national communities need to survive and thrive,” according to the announcement of the purchase. However, “when deemed appropriate [Blue Source] plans to initiate a selective logging operation well below annual growth levels,” according to Blue Source.
Bluesource Sustainable Forests Co. is a joint venture between Oak Hill Advisors, L.P. and Anew Climate, LLC. The land was purchased from The Lyme Timber Company. The land is located in Alger, Chippewa, Luce, Mackinac and Schoolcraft counties — all in the Eastern Upper Peninsula of Michigan.
The partnership held 90 forest carbon projects in North America prior to the Michigan purchase.
Oak Hill Advisors is a $57 billion fund headquartered in New York City. Anew Climate was formed in a combination of two carbon sequestration companies, Blue Source, LLC, and Element Markets, LLC.