Otway Silva 2024 Carbon Project_1

Otway Silva 2024 Carbon Project_1 is a plantation forestry project located approximately 15km east of Timboon and 10km northeast of Port Campbell in the Corangamite Shire of south-west Victoria. Registered in December 2023, the project covers an area of roughly 878 hectares. The surrounding Heytesbury region is a highly productive agricultural zone, primarily dominated by intensive dairy farming and extensive commercial blue gum (Eucalyptus globulus) forestry operations.

The project operates under the 2022 Plantation Forestry methodology, specifically focusing on the establishment of a new plantation forest (Schedule 1). This method generates carbon credits by sequestering carbon in trees planted on land where intensive forestry has not occurred for at least seven years. As a commercial plantation, the project allows for the harvesting of wood products, calculating abatement based on the long-term average carbon stocks rather than the peak biomass.

Environmentally, the site sits within a high-rainfall zone, typical of the Otway coastal plains, which receive reliable precipitation essential for rapid timber growth. The local geology generally supports sandy loams and clay loams (often classified as Podosols or Chromosols), which are well-suited to deep-rooted plantation species but can require careful management to maintain soil structure.

A notable aspect of this project is its proponent structure. "Otway Silva Pty Limited" appears to be the special purpose vehicle created following the sale of Midway Limited’s plantation estate to MEAG (the asset manager of Munich Re) in 2022/2023. While the land and trees are owned by this investment vehicle, the project is managed by Midway Plantations, leveraging their long-standing forestry expertise in the region. This structure represents a growing trend of institutional investment decoupling land ownership from forestry management while actively participating in the carbon market.