Otway Silva 2025_2 Carbon Project

Otway Silva 2025_2 Carbon Project is a plantation forestry project located across the Murrindindi and Strathbogie Shires in central Victoria, roughly 100 to 150 km north-east of Melbourne near towns such as Yea and Euroa. It was registered in August 2025 and covers an area of 1,192.78 hectares.

Plantation forestry projects involve establishing a new plantation forest or avoiding the conversion of an existing plantation to non-forested land. Standard requirements include planting trees at a sufficient stocking density to achieve forest cover, typically reaching at least 2 meters in height and 20% canopy cover at maturity, and managing the forest specifically for the commercial harvesting of wood products.

The central Victorian region, including the Strathbogie Ranges, is heavily utilised for livestock grazing (cattle and sheep), broadacre cropping, and commercial forestry. The environment experiences a temperate climate with moderate to high rainfall, and the region's soils commonly consist of duplex clays, granitic sandy loams, and occasional basalt-derived soils.

This project was established by Otway Silva Pty Limited, an entity backed by a special purpose vehicle established by MEAG, the asset management arm of Munich Re. In 2022, MEAG acquired a 17,000-hectare plantation estate from Midway Limited for $154.1 million, committing a further $200 million for the development of new hardwood plantations in the region. Midway Plantations Pty Ltd continues to act as the project agent and manager, leveraging its expertise as one of Australia's largest woodfibre processors. The project sequesters carbon by maintaining existing plantations that were at risk of agricultural conversion, and establishing new plantation areas for the commercial harvesting of wood products.