ATOME, a UK-listed developer of industrial-scale green fertiliser projects, has raised $420M in debt financing from a consortium led by IDB Invest, IFC, EIB, FMO, and Green Climate Fund. The funds target the $650M Villeta plant in Paraguay, which will produce 260,000 tonnes per year of zero-carbon Calcium Ammonium Nitrate (CAN) using 145MW renewable-powered electrolysis for green hydrogen. Signing occurred at IDB Annual Meetings in Asuncion, with 15-year terms including 25% concessional finance, conditional on $244M equity raise within 30 days.
DFIs Fuel Green Ammonia Surge
The deal aligns with low-emission ammonia final investment decisions doubling to 3.4M tonnes in 2024 per Ammonia Energy Association. Incumbents like Yara advance low-emission projects via partnerships, such as with Air Products on US and Saudi facilities. ATOME's pure-play focus on green fertiliser in Paraguay leverages cheap hydro power, addressing LatAm supply chains amid urea price spikes from geopolitics.
Fertiliser Sector Emits 2.6B Tonnes CO2
Agriculture emits 2.6 billion tonnes of CO2 annually—more than shipping and aviation combined per ATOME. Fertiliser production drives much of this, vulnerable to fossil fuel dependence and geopolitical shocks, with urea prices up 40% recently. Current grey ammonia relies on gas, exposing farmers to volatility; EU CBAM tariffs further pressure high-carbon imports.
Hydro-Powered CAN Beats Urea
ATOME produces green CAN from air, water, and 100% renewables, offering superior agronomic properties without a green premium. The Villeta project secured a power purchase agreement, front-end engineering design, and $465M EPC contract with CASALE—believed the first global for a dedicated green fertiliser facility at this scale. A 10-year offtake with Yara covers 100% output for South American distribution. This displaces 12.5M tonnes CO2 over the plant's life.
As ATOME Chairman Peter Levine noted:
"This is a significant, world-leading project with clear environmental benefits."
DFI Consortium Validates Execution
Top-tier development finance institutions provide the $420M, signaling de-risked viability for ATOME's 600MW pipeline. IDB Invest ($200M+ focus on LatAm agribusiness), IFC (green energy expert), EIB ($240M tranche for climate), FMO, and GCF (concessional climate fund) align mandates with ATOME's ESG impact. Their involvement, post-Yara offtake and EPC, positions the project for financial investment decision soon.
Green Ammonia Market Hits $6.2B
Green ammonia grows from $0.3B in 2024 to $6.2B by 2030 at 66% CAGR per MarketsandMarkets. Another forecast sees $2.8B TAM in 2026 expanding 20.7% CAGR to $18.3B by 2036 per Mordor Intelligence. Competitors include public giants Yara and CF Industries alongside startups like Nitricity ($50M Series B, 2025). ATOME stands out as the first UK-listed pure-play green fertiliser developer with advanced projects.
Serial Exits Lead Energy Pivot
Chairman Peter Levine sold Imperial Energy for $2.4B to ONGC in 2009 after scaling from flotation. CEO Olivier Mussat led $500M equity and $30B debt at IFC's Global Energy. Head of Engineering Sam Mackilligin directed hydrogen at AECOM, supporting ATOME's Villeta pre-joining. This team de-risks first-of-kind green fertiliser via proven energy finance and execution.
Construction Follows Equity Close
Post-$244M equity, ATOME targets FID and 38-month construction to 2028 operations. The EPC-fixed price and Yara deal secure revenue; ATOME will manage post-equity. Pipeline includes 300MW Yguazu and Costa Rica plants, plus ATOME Power solar/battery.