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(Sharecast News) - Green hydrogen and ammonia producer Atome Energy announced the appointment on Thursday of Natixis Corporate & Investment Banking (Natixis CIB), following a competitive bidding process, as its financial adviser to structure and secure financing for its Villeta project in Paraguay.
The AIM-traded firm said it would work with Natixis CIB to determine the optimal sources of funding at the project and group level for the successful completion of construction of the project, as well as to identify the best partners at the project level.
It said it was in a "favourable market leader position" due to its scale, cost base and expeditious timeframe to production, with "significant interest" already shown by international multilateral bodies as well as other institutions.
Atome's Villeta Project consists of a fast-track build-up of industrial scale production of green hydrogen and ammonia in Paraguay.
The company said the project would use sustainable hydroelectric power supply as baseload available renewable electricity.
It had entered into a long-term 60MW power purchase agreement, and secured 75 acres of land for the facility site, adjacent to a navigable waterway facilitating shipment of the company's production.
The final investment decision for the project was expected in the first quarter of 2023.
Atome said it and Natixis CIB were "confident" that it could achieve funding to support the project, targeting a start of construction by mid-2023 and the beginning of production in early 2025.
"Today's announcement highlights and marks another step in the fast track progress the company is making towards achieving final investment decision for its Villeta project in the first quarter of 2023, in line with expectations for commencement of facility construction by mid-next year and the starting of full-scale operations in early 2025," said chief executive officer Olivier Mussat.
At 1153 BST, shares in Atome Energy were down 2.12% at 103.75p.
Reporting by Josh White at Sharecast.com.
