The proposal
Credits generated through 2026 are paid under the current contract, unchanged. About
7,900 credits are expected for those vintages, so the 7,000-credit opening tranche at $30.00 is
paid in full, with the balance at $10.00 and the 30% share above $10.00 on both. Nothing already being produced is
reopened.
From 2027, one fixed price plus a share of the upside applies to every credit, from the existing
operation and the expansion alike. The $1,000,000 Virridy pays up front in 2027 funds expansion for a further
300,000 people, fully online by 1 March 2028. Asili's own programme reaches
100,000 people on 1 January 2028 either way, so the funded project serves 400,000. The amount owed
for the 2026 credits is paid out of that same $1,000,000.
Asili accepts a lower fixed price on the production it has today. In return that production quadruples.
Two ways to set the 2027 terms
Why the expansion is the whole point
Without this deal Asili's programme still reaches 100,000 people on 1 January 2028 and the current
contract keeps applying, which is the left column. The expansion adds 300,000 on top, online 1 March 2028, so 2028
earns on 306 of that leap year's 366 days. Credits are population served times the Gold Standard SDWS V2.0 yield of
0.41392 per person per year adopted in August 2026.
If the market moves
The fixed price is paid whatever happens. Only the share moves with the market, so the
two options carry different amounts of risk for Asili. They pay the same at a $13.00 credit, below the range this model realizes, so
the larger share is worth more at every price here and the gap widens as the market rises.
What Asili receives, year by year
Virridy's side of the same credits
Net revenue is gross less everything credited to Asili in that year, so 2027 carries the whole
$1,000,000 against only one year of sales and is negative. Margin is net over gross. Virridy sells
voluntary credits at $15.00 and compliance credits on a $13.00 floor plus 50% of
the price above $15.00, which on the CORSIA path in Virridy's model realizes $14.50 in 2027 rising to $20.50 from
2031.
Revenue here is what Virridy actually receives, and it is the same figure Asili's share is calculated on. Virridy's
costs of developing, verifying and selling the credits are not deducted, so the net is not a profit figure.
Terms alongside the price
- Vintages through 2026
- Paid at the current contract rate. The amount is settled out of the $1,000,000 rather than invoiced
separately, so Asili receives one payment in 2027 covering both.
- The advance
- What remains of the $1,000,000 after settling 2026 prepays future credits at the fixed price. Deliveries are
applied against that balance until it is used up, and those credits still earn the upside share when they sell.
- Condition
- The expansion funding and the advance depend on Virridy signing its debt facility with Bridges Outcome
Partnership. If that is not signed by 31 March 2027, the current contract simply continues for all vintages.
- While the advance is outstanding
- Credits from the project are not sold or pledged elsewhere. If the balance is not used up by 2030, Virridy may
take a refund on the remainder or continue at a reduced share until it clears.
- Minimum sale price
- Credits are not sold below $15.00 without Asili's agreement.
The volumes are indicative. They are Virridy's current projection on the Gold
Standard SDWS V2.0 basis adopted in August 2026. The project's first monitoring period has not been verified, so no
volume here is a figure either party should rely on, and nothing commits either party to a delivery quantity.