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(Sharecast News) - Atome said on Thursday that the International Finance Corporation (IFC), the private investment arm of the World Bank Group, had approved up to $100m in debt and equity financing for its flagship Villeta low-carbon fertiliser project in Paraguay.
The AIM-traded firm described the approval as a major milestone in its progress towards finalising the full $630m funding package for the 260,000-tonne-per-year facility.
It said the IFC is part of a consortium of international lenders supporting the project, which also includes the European Investment Bank, IDB Invest, FMO - the Dutch development bank - and the Green Climate Fund.
The board said the financing underscored growing institutional backing for large-scale clean-energy and sustainable agriculture projects in Latin America.
"The IFC board's approval of up to $100m of debt and equity financing for Villeta is another strong endorsement of the project's maturity, bankability, and positive development impact," said Atome chief executive Olivier Mussat.
"This is another important step towards finalising the $630m project funding as we remain focused on achieving FID before the end of the year."
The company said the Villeta project was designed to produce low-carbon fertiliser using renewable energy sources.
At 1339 GMT, Atome shares were down 5.89% at 62.11p.
Reporting by Josh White for Sharecast.com.
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