Lenz & Staehelin assists Climeworks in the project financing for Orca

Climeworks announced the launch of “Orca”, the world’s largest climate-positive carbon dioxide direct air capture (DAC) and storage plant in Hellisheidi, Iceland. The first of its kind plant will remove carbon dioxide from the air and ensure its permanent, safe storage through underground mineralization by Climeworks’ partner Carbfix within Icelandic basalt rock formations.  

The launch of Orca was not only a monumental moment for Climeworks but the direct air capture industry as a whole. This is the first time that DAC technology has been deployed at this scale. DAC technology will play a vital role in keeping global temperature rises below two degrees, a widely accepted global warning benchmark.
 
Lenz & Staehelin is assisting Climeworks as its Swiss counsel in the project financing for “Orca”. The team includes Beat Kühni (overall & project finance, pictured), Roland Fischer (project finance) and Lukas Aebi (tax).