IDB Invest approves US$200 million for Atome’s Villeta Project | World Fertilizer
IDB Invest approves US$200 million for Atome’s Villeta Project
Atome has announced that the Board of Directors of IDB Invest, the private-sector arm of the Inter-American Development Bank Group, has approved a debt financing package of up to US$200 million, representing its contribution to the total project finance for the landmark US$630 million, 260 000 tpy low-carbon fertilizer plant at Villeta, Paraguay.
Key points
The IDB Invest Board has approved a financing package of up to US$200 million for Villeta, comprising senior debt, blended finance, and an LC-backed reserve facility, which provides a valuable financing package to the project.
IDB Invest was mandated over two years ago and was the first lender formally involved in the project, committing to structure a bankable facility, coordinating financing parties and due diligence, among other matters.
IDB Invest is a multilateral development bank focused on the private sector in Latin America and the Caribbean. It provides financing and advisory services to promote sustainable economic development across the region.
The IDB Invest Board approval is yet another important step towards on the path to final investment decision (FID) following the recent announcement made in relation to the IFC Board approval for a total financing package of up to US$100 million for Villeta.
The approval follows IDB Invest's Credit approval in September with the IDB Invest funding now only conditional on finalisation and execution of agreed debt and project documentation and closing of the equity package at financial close.
