Atome secures USD50 million GCF funding for Villeta fertiliser project

(Alliance News) - Atome PLC on Thursday said it has secured USD50 million in concessional finance from the Green Climate Fund for its flagship green fertiliser project in Villeta, Paraguay.

The developer of international green fertiliser projects in Paraguay said the GCF funding was approved via the International Finance Corp, part of the World Bank Group, acting as the accredited entity.

The finance is in addition to a senior debt package being arranged by a consortium of leading international development finance institutions. Atome said the concessional funding will significantly reduce the project's cost of capital and improve its competitiveness.

Chief Executive Officer Olivier Mussat called the GCF support a "powerful validation" of the project's credibility and its alignment with global sustainability goals. He added that it would enhance the bankability of the USD630 million Villeta project and support shareholder returns.

Atome is targeting a final investment decision for Villeta in the coming months.

The company is also backed by Hy24, a clean hydrogen asset manager, and has a fixed-price EPC contract in place with Swiss engineering firm Casale SA. A power purchase agreement for 145 megawatts of renewable electricity and land in a tax-free zone have already been secured.

The Villeta project is designed to produce green calcium ammonium nitrate fertiliser, aimed at reducing the heavy carbon footprint of conventional fertilisers in the Mercosur region and beyond.

Atome shares rose 4.7% to 56.00 pence in London on Thursday afternoon.

By Eva Castanedo, Alliance News reporter

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