ATOME PLC (AIM:ATOM) has secured a provisional commitment of up to $135 million in senior debt from the European Investment Bank to support its flagship green fertiliser plant in Paraguay.
The deal, still subject to final approvals, would see the EU’s long-term lending arm join a group of development finance institutions backing the Villeta project.
The bank’s decision follows earlier support from the Green Climate Fund and is a significant boost for ATOME’s financing plans. Chief executive Olivier Mussat called it a “milestone in the project’s maturity and credibility”.
Villeta will produce fertiliser using green hydrogen made from renewable electricity, part of a wider push to decarbonise agriculture.
ATOME is aiming to finalise financing arrangements and reach a final investment decision by the end of September. The EIB, one of the world’s largest public climate lenders, has invested over €270 million in Paraguay since 1959.
"EIB is one of the largest providers of climate finance in the world and we are pleased to have EIB as one of the key supporters of this impactful, first-of-a-kind project," said Mussat.
"The equity component of the project is coming through with target closing and FID remaining end of September."