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aDryada

Carbon credits, finally at infrastructure grade

aDryada develops, finances, and operates large-scale nature-based projects, reforestation, land restoration, mangroves and wetlands, and runs them with the contracting and structuring rigour of infrastructure project finance. The output is something the carbon market has been waiting for: high-integrity removal credits with permanence, biodiversity outcomes, and the contractual depth institutional buyers need to commit at scale.

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Their mission
Make nature restoration a permanent feature of institutional finance
Challenge
Restoring biodiversity
HQ
Paris, France

Their UVP

Through infrastructure-grade structuring of large-scale reforestation, aDryada is turning nature restoration into an investable asset class for institutional capital, with permanence and biodiversity built in.
ESG 2
Grand challenge

Restoring biodiversity

70,000 ha
Secured under Karidja, aDryada's first project in Côte d'Ivoire, on a multi-decade sovereign concession
€10–40
tCO2e Cost attractiveness: lower cost than other carbon removal solutions (BECCS €60–270, DAC €500–1,000 / tCO2e)
3
GtCO2e | Potential scale-up of projects and investment expected over the next 5 years

Reaching the climate goals we have set ourselves is no longer a question of cuts alone. It also requires removing carbon at planetary scale, and nature is one of the few proven, durable technologies for doing it today. Yet the market for high-integrity removal credits remains structurally undersupplied, with demand running well ahead of credible supply.

Building those projects is hard for reasons that have nothing to do with biology. Land access requires multi-decade contracts with sovereigns. Cash flows arrive slowly, over decades rather than years. And permanence depends on biodiversity outcomes and on real, ongoing partnership with the people who live on and depend on the land.

On the demand side, the buyers are now organised. Corporate net-zero commitments increasingly require high-integrity removal credits, and procurement teams are signing longer, larger offtake agreements to secure them. The supply of developers who can underwrite, contract and deliver projects like infrastructure assets is the binding constraint on the entire category.

This is where aDryada is built to win. By treating restoration as project finance rather than philanthropy, the team can originate at sovereign scale, structure cash flows buyers trust, and turn nature into an asset class institutional capital can actually fund.

Why did we invest?

Finance nature restoration like infrastructure

FOUNDERS
A Dryada Founder Ferrari FIXED
Fabio Ferrari, Founder & CEO
A Dryada Founder Flex FIXED
Fabiola Flex, Co-Founder & Head of Public Affairs

The voluntary carbon market has spent the last decade looking for a serious institutional model and not finding one. Demand from corporates with net-zero commitments has grown, supply from nature restoration has lagged, and confidence in credit integrity has been repeatedly shaken. Most operators have been too small and too project-by-project to matter at the scale the category now requires.

We feel fortunate that an entrepreneur with a rare mix of industrial track record and infrastructure-grade discipline took this category on. We met Fabio Ferrari after he had already built one European leader from scratch: Symbio, founded in 2010, which grew into the European leader in hydrogen fuel cells and became a Michelin-Faurecia joint venture. He has been an Ardian Operating Partner since 2020 and now brings the same playbook to nature restoration.

aDryada secures land through long-term concessions with national authorities and partners with local communities through agroforestry, structuring projects to generate the high-integrity carbon credits institutional buyers actually want, with around twenty projects in the pipeline and four advanced in Brazil, Côte d'Ivoire and the Philippines.

In May 2025, aDryada raised 10M euros from Eurazeo and Future Positive Capital. It is also the development partner of Averrhoa Nature-Based Solutions, launched with Ardian in September 2023, which secured a 100M euro first close in November 2025 anchored by the European Investment Bank, Proparco and British International Investment, on a deployment ambition of around 1.5 billion euros and 85 million tonnes of carbon sequestered.

CO-INVESTORS
  • Y6 a Dryada Eurazeo
  • Y6 a Dryada Ardian
  • Y6 a Dryada Banpu
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