Deal: The Commonwealth Bank (CBA) has been advised on financing the acquisition of pastoral leases under a prepayment structure involving the supply of Australian Carbon Credit Units (ACCUs) to CBA over a five-year period.

Value: $1.7 million

Area: Banking and finance

Key players: The Gilbert + Tobin team was led by head of banking and projects partner John Schembri, special counsel Louise McCoach and head of climate change partner Ilona Millar.

The trio were supported by lawyers Tim Dobson, Clarke Heap and Isham Sanjiv.

Deal significance: According to a statement from Gilbert + Tobin, this transaction is one of the first known private ACCU finance deals in Australia and supports the development of a carbon credit supply from Forever Wild, an ecological and social enterprise operating in the domestic agriculture sector.

Commenting on the transaction, Gilbert + Tobin special counsel Louise McCoach said: “It was a pleasure to advise on this innovative ACCU financing deal which plays an integral part in CBA’s strategic priorities.

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“This landmark transaction paves the way for how other organisations can look to achieve a more sustainable future.

“We are delighted to have the opportunity to support CBA as pioneers in the industry on this sector-first initiative.”