IDB Invest to consider financing ATOME Energy’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.
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”).
IDB Invest will be provided 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 Invests 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 recognized as a key strategic element in Paraguay’s de-carbonization 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 fall into the category of projects within the IDB Invest sphere of interest to promote and finance.
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.