LONDON, UK: ATOME Energy (AIM: ATOM), the one pure worldwide inexperienced hydrogen and ammonia manufacturing firm on the London Stock Exchange with present large scale projects in Europe and South America and mobility projects, introduced the entry right into a mandate letter with the multi-lateral IDB Invest.
ATOME has today signed a mandate letter with the multilateral funding establishment IDB Invest to consider financing the Company’s industrial scale inexperienced hydrogen and ammonia facility at Villeta, Paraguay. ATOME has already handed IDB Invest’s stringent eligibility test for taking on of potential entities for such consideration.
As a half of the Mandate, IDB Invest has agreed to present sure grant funding towards the prices of the Environmental and Social Impact Assessment (“ESIA”), with the ESIA being a key step of project development and necessary as a matter of course by all funders earlier than Final Investment Decision (“FID”).
The Mandate enables IDB Invest to entry confidential information and monetary resources to conduct all required due diligence, with the project having to conform with the excessive requirements set by IDB Invest’s Policy on key issues such because the IDB Invest Environmental and Social Sustainability Policy. Any project financing decision of IDB Invest is contingent on passable outcomes from the above due diligence and approval by the Board of Directors of IDB Invest.
The 120MW Villeta project is widely recognised as a key strategic element in Paraguay’s de-carbonisation energy plan and is currently the largest inexperienced hydrogen and ammonia manufacturing project in South America utilizing 24/7 available baseload power. The projected timescale for Final Investment Decision is in Q2 2023 with graduation of full manufacturing in 2025. Green hydrogen and ammonia firmly falls into the class of projects inside the IDB Invest sphere of curiosity to advertise and finance.
IDB Invest, a member of the IDB Group, is a multilateral development financial institution dedicated to selling the financial development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest funds sustainable companies and projects to obtain monetary outcomes and maximize economic, social and environmental development inside the region. With a portfolio of $15.3 billion in asset administration and 375 clients in 25 countries, IDB Invest provides innovative monetary options and advisory services that meet the wants of its clients in a number of industries.
Olivier Mussat, CEO of ATOME, commented: “The Inter-American Development Bank (IDB) and IDB Invest, the IDB Group’s private-sector arm, provided greater than $26 billion in local weather financing for Latin America and the Caribbean between 2016 and 2021. We welcome IDB Invest’s curiosity in our 120MW Villeta project and are grateful for his or her immediate support inside the project by offering grant funding for the ESIA.
“IDB Invest’s mandate is an important step inside the matrix of our funding strategy, complementary to the ongoing work with our Financial Advisor Natixis and reflective of the increasing incoming curiosity proven by credible substantial events in funding Villeta on the project level.”