The support will come through a mix of concessional debts and project-level equity for the 145MW project in Villeta, Paraguay, which is set to produce 260,000 tonnes of green calcium ammonium nitrate (CAN).

ICF’s approval signals that the project is now bankable and ready for investment, making it easier for other financiers such as the European Investment Bank (EIB), IDB Invest, FMO, and the Green Climate Fund to finalise their contributions.

Together, the financiers are expected to make up the $630m total funding package required to build Atome’s plant.

“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 Olivier Mussat, CEO of Atome.

The IFC is part of the World Bank Group and focuses on investing in private companies in developing countries.

In 2024 alone, it invested over $9bn in climate-related initiatives and holds around $17bn in total investments across Latin America and the Caribbean.

Mussat added, “[The ICF support] is another important step towards finalising the $630m project funding as we remain focused on achieving FID before the end of the year.”

The project will use green hydrogen to produce low-carbon fertiliser, cutting emissions across the food supply chain. Major buyers, including Yara, PepsiCo, and Nestlé have already shown strong interest and signed preliminary agreements.

Speaking to H2 View earlier this year, Mussat explained that multinationals like PepsiCo and Nestlé are looking to shift from buying carbon credits to cutting actual emissions inside their supply chains.

He added that fertilisers produced at Villeta will be cost-competitive with conventional grey alternatives, with indications of a 20% premium for low-carbon fertilisers in the market today.