Legal Support for setting up a Cumbria-wide Nature Special Purpose Vehicle

Tender description

Lake District National Park Authority (LDNPA), in partnership with Westmorland and Furness Council (WFC), the Yorkshire Dales National Park, Cumberland Council (CC), and Cumbria Wildlife Trust (CWT) (“the partners”), seeks to appoint a legal advisor to assist them in the setup of a Cumbria wide Nature Special Purpose Vehicle (SPV). The purpose of a Cumbria Nature SPV is to increase nature restoration and nutrient mitigation for the benefit of Natural Capital in Cumbria. The scope of a Cumbria-wide Nature SPV would be to support the development of ecosystem service projects, and the creation and trading of ecosystem service outcomes as units or credits. The Nature SPV would ultimately have the capacity to support a variety of different ecosystem service models, facilitating the stacking of different ecosystem service revenues from a given site or project. In the near term the Nature SPV would seek to prioritise Biodiversity Net Gain (BNG) and Nutrient Neutrality (NN) opportunities. The Nature SPV’s primary geographical focus would be within, but not restricted to, a Cumbrian footprint. It would be jointly owned by the partners but would be managed on an arms-length basis; it would reflect our collective strategic ambitions and would operate within an agreed set of principles. To meet the expectations of our funders, the Nature SPV should be ready for trading no later than March 2025. A Cumbria wide Nature SPV would: ? Enable the strategic delivery of nature recovery (or mitigation) across the county. ? Make the most efficient use of our collective resources. ? Help meet the needs of Cumbrian developers and corporations by providing a simple one-stop-shop for the purchase of units/credits. ? Help unlock housing development across Cumbria which has currently stalled due to the requirement for nutrient mitigation. ? Provide a mechanism for landowners to take their units/credit to the market with a greater confidence in local authority, Lake District National Park Authority (LDNPA), the Yorkshire Dales National Park Authority and Cumbria Wildlife Trust (CWT) backing. ? Create a credible, strong and reputable SPV brand, one which will provide confidence to both sellers and buyers. ? Provide a local ‘quality mark’ for interventions by setting standards, undertaking quality control, and seeking to avoid dis-benefits. Keywords: Legal Advice, Special Purpose Vehicle, Governance, Biodiversity Net Gain, Nutrient Neutrality