Otway Silva 2024 Carbon Project_1

Otway Silva 2024 Carbon Project_1 is a plantation forestry project located in the Corangamite Shire in south-west Victoria, approximately 60km south-west of Colac near Port Campbell. It was registered in December 2023 and covers 877.89 hectares, with variations in March and June 2024 adding further land to the project area.

Plantation forestry projects generate carbon credits by establishing new commercial plantations or converting existing short-rotation plantations to long-rotation forests. The methodology requires managing the forest for the commercial harvesting of wood products while ensuring the trees meet specific canopy cover and stocking density requirements.

The Corangamite region is a highly productive agricultural zone well known for intensive dairy farming, sheep and cattle grazing, and extensive commercial forestry operations. The regional environment features a temperate, high-rainfall climate. Soils in this area are generally rich volcanic basalts and clay loams, which are highly suitable for commercial timber species such as Tasmanian blue gum and Radiata pine.

This project sequesters carbon by establishing and maintaining a new plantation forest for commercial harvesting of wood products. The project involves Midway Plantations Pty Ltd as a key participant and agent, leveraging their significant forestry operations in the region. Interestingly, this project is part of a major strategic partnership in which Otway Silva acquired Midway Limited's 17,000-hectare Victorian estate for $154.1 million and committed a further $200 million to develop new hardwood plantations managed by Midway across south-west Victoria.