Finterra Global Plantations has entered into a joint venture with United Paulownia Plantation Sdn Bhd (UPP), a subsidiary company of Green Afforestation International Network (Gain Green).
The focus of the joint venture is on the sustainable afforestation sector and will see more than 150,000 Paulownia trees being planted over the next six months in Kedah on a 500-acre land.
Finterra Global Plantation’s CEO, Satesh Khemlani said “Gain Green after years of R&D, has come up with a Paulownia selected variety which has the ability to grow in tropical climates and be ready for harvest in a short period of just 40 months..
“With the joint venture project with UPP, we will be able to meet the demands of the timber industry since the wood has been developed not only to grow fast, but to have characteristics and features that are highly desirable to the timber industry both locally and internationally”.
In the first phase, Finterra together with UPP, will be planting the Paulownia tree on 500 acres and this will be scaled up to 5,000 acres by 2022.
The Paulownia timber wood is a light, yet hardwood with numerous applications and is used for plywood, furniture, decking, doors, wood shavings and many other uses.
It is able to absorb ten times more carbon dioxide while also producing ten times more oxygen as compared to other trees.
Finterra is known for its role in developing Waqf. This project will bring Finterra’s Waqf asset development knowhow to large scale sustainable land development with impact investing.
This venture marks a new beginning for Finterra, which has its eyes set on sustainable yet profitable green ventures.
Satesh added that Finterra is evolving and looking at other sustainable development projects which benefit the environment and calls upon landowners who sit on large parcels of land to become partners with Finterra in exploring opportunities of embarking on environmentally sustainable projects on their land.
This new area of business will be an addition to its current business which is providing a blockchain based technology solution for crowdfunding, transparency, and traceability. Finterra will be utilising the blockchain to monitor the development of its plantations.