Current working draft with the Virridy / Marina / Amit / Elke comment round (8–11 Aug). Evan’s further comments, if any, will be uploaded as a revised version — counsel should treat this as the latest agreed starting point.
The governance architecture agreed between Bridges and Virridy: structure & standing meetings (no formal SPV board; TopCo board observer; SPV management meeting with tapering cadence), the three-trigger consent test, reporting & financial arrangements, and open items for counsel. Definitive documentation to follow from the lawyers.
Execution version, PCSG-signed (26 Jan 2026) — PetroChina is the offtaker named for the Amazi Meza ITMOs in the Trust Law Chambers opinion (see 06 below). Also: Addendum 1 (PCSG-signed draft, 7 Jul 2026).
Executed forward purchase. A further Mortenson offtake agreement is in draft and will be added here once executed. Backstop/offtake terms are referenced in the term sheet (CORSIA gating applies only to credits not covered by the Mortenson arrangement).
Carbon credits management contract, signed both parties 15 May 2025.
N/A
Amazi Meza — Rwanda
No third-party implementation partner agreement: the program is implemented directly through Virridy Rwanda Ltd (wholly owned — see the entity chain in 06).
License NEMA/ENVIS/CPR/LIC-2260, issued 11 Mar 2026 for the MWA/Virridy Clean Drinking Water Supply Program (five counties). Note: an environmental permit, not a carbon-transfer authorization.
Awaiting
Tanzania / GoT — Water Mission: international-transfer authorization (CORSIA)
Newly received by Water Mission (per Marina, 3 Sep) — copy requested for counsel review. Closes the “Tanzania Article 6 authorization not yet issued” exposure named in the governance plan.
Owner: Evan → Water Mission
To collect
Kenya / GoK — MWA: carbon authorization / corresponding adjustment
MWA’s CORSIA letter is in default and Kenya corresponding adjustments are currently considered unlikely (Stockholm open items). Counsel to review whatever documentation exists around the defaulted letter.
Owner: Evan
To collect
Kenya / GoK — LifeStraw: carbon authorization
No government carbon letter on file; same Kenya corresponding-adjustment outlook as above (voluntary-market credits meanwhile).
Owner: Evan
Partial
Burundi / DNA — Amazi Water: Letter of No Objection (Article 6 authorization to follow)
DNA-Burundi (Ministry of Environment, Agriculture & Livestock) has issued a no-objection decision for the Amazi Water Carbon Credit Program, enabling MADD development: English · French. Per the letter’s own terms it does not constitute authorization for the Mitigation Activity — the Article 6 authorization remains outstanding (named CORSIA-risk item in the governance plan).
Owner: Evan → DNA-Burundi
To collect
DR Congo / GoDRC — Asili: authorization if moved to CORSIA
Currently a voluntary-market project (GS13143); an authorization becomes relevant only if the contemplated move from voluntary to CORSIA proceeds.
Owner: Evan
To collect
Madagascar / GoM — Helvetas: government approvals
Status to confirm — no letter on file (verification pending; audit pushed to 2026).
Owner: Evan
06 · Carbon rights / ownership — for the carbon-rights analysis (credits to sit with the SPV)
Legal opinion & entity chain — on file from the DD room
Covers ~41,576 Rwanda credits — relevant to the corresponding-adjustment risk analysis.
To produce with counsel
To produce
TopCo → SPV assignment of carbon rights / registry position
The projects are currently registered at Gold Standard under SweetSense, Inc. (TopCo). An internal assignment is needed so the credits sit with Virridy Carbon LLC (SPV) — mechanics to be worked through with the lawyers, per the term-sheet discussion.
Owner: Counsel + Evan + Amit
Provided
Gold Standard registry records — per-project links