ATOME Energy PLC ATOME signs finance mandate letter with IDB Invest (3152M)
January 11 2023 - 2:00AM
UK Regulatory
TIDMATOM
RNS Number : 3152M
ATOME Energy PLC
11 January 2023
11 January 2023
ATOME ENERGY PLC
("ATOME", "the Company", or "the Group")
ATOME signs finance mandate letter with IDB Invest
ATOME Energy (AIM: ATOM), the only pure international green
hydrogen and ammonia production company on the London Stock
Exchange with current large scale projects in Europe and South
America and mobility projects announces the entry into a mandate
letter with the multi-lateral IDB Invest.
The Mandate Letter
ATOME has today signed a mandate letter ("the Mandate") with the
multilateral investment institution IDB Invest to consider
financing the Company's industrial scale green hydrogen and ammonia
facility at Villeta, Paraguay. ATOME has already passed IDB
Invest's stringent eligibility test for taking on of prospective
entities for such consideration.
As part of the Mandate, IDB Invest has agreed to provide certain
grant funding towards the costs 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 before Final Investment Decision ("FID").
The Mandate enables IDB Invest to access confidential
information and financial resources to conduct all required due
diligence, with the project having to conform with the high
standards set by IDB Invest's Policy on key matters such as the IDB
Invest Environmental and Social Sustainability Policy. Any project
financing decision of IDB Invest is contingent on satisfactory
results 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 green hydrogen and ammonia production project
in South America using 24/7 available baseload power. The projected
timescale for Final Investment Decision is in Q2 2023 with
commencement of full production in 2025. Green hydrogen and ammonia
firmly falls into the category of projects within the IDB Invest
sphere of interest to promote and finance.
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral
development bank committed to promoting the economic development of
its member countries in Latin America and the Caribbean through the
private sector. IDB Invest finances sustainable companies and
projects to achieve financial results and maximize economic, social
and environmental development in the region. With a portfolio of
$15.3 billion in asset management and 375 clients in 25 countries,
IDB Invest provides innovative financial solutions and advisory
services that meet the needs of its clients in a variety 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 more than $26 billion in
climate financing for Latin America and the Caribbean between 2016
and 2021. We welcome IDB Invest's interest in our 120MW Villeta
project and are grateful for their immediate support in the project
by providing grant funding for the ESIA .
"IDB Invest's mandate is an important step in the matrix of our
funding strategy, complementary to the ongoing work with our
Financial Advisor Natixis and reflective of the increasing incoming
interest shown by credible substantial parties in funding Villeta
at the project level."
For more information, please visit https://www.atomeplc.com or
contact:
ATOME Energy PLC +44 (0) 113 337 2210
Nikita Levine, Investor Relations info@atomeplc.com
Beaumont Cornish (Nominated Adviser)
Roland Cornish, Michael Cornish +44 (0) 20 7628 3396
Liberum (Joint Broker)
Cameron Duncan, Kate Bannatyne +44 (0) 20 3100 2000
SP Angel (Joint Broker)
Richard Hail, Caroline Rowe +44 (0) 20 3490 0470
finnCap (Joint Broker)
Christopher Raggett, George Dollemore +44 (0) 20 7220 0500
Tavistock (Financial PR and IR) +44 (0) 20 7920 3150
Simon Hudson, Rebecca Hislaire, atome@tavistock.co.uk
Charles Baister
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018. The person who
arranged for the release of this announcement on behalf of the
Company was Peter Levine, Chairman.
About ATOME
ATOME Energy PLC is an AIM listed company targeting green
hydrogen and ammonia production with over 500-megawatt of projects
in Paraguay and Iceland, through its subsidiaries ATOME Paraguay,
which is wholly owned, and Green Fuel ehf, in which ATOME Energy
holds a 75 per cent interest, respectively.
Since its admission to AIM in December 2021 ATOME has signed its
first electrolyser purchase order for its hydrogen transport
Mobility Division due to start generating revenue in 2023 and
signed a large scale 120MW power purchase agreement with ANDE, the
state energy company in Paraguay for production of green hydrogen
and ammonia targeted to start operations at or around end 2024.
ATOME is in the process of operational planning, sourcing and
negotiations with green electricity suppliers, equipment providers
and offtake partners, including signed memoranda of understanding
and cooperation agreements in place with key parties, to use
electricity generated from existing geothermal sources in Iceland
and hydroelectric power in Paraguay. All chosen sites are located
close to the power and water sources and export facilities to serve
significant domestic and then international demand.
The Company has a green-focused Board which is supported by
major shareholders including Peter Levine, Trafigura, one of the
world's leading commodity and logistics company, and Schroders, a
leading fund manager.
-ends-
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