Hy24's Clean Hydrogen Investment Fund is in discussions to commit $115 million to finance Atome's green hydrogen-based fertiliser project in Villeta, Paraguay. This investment would position Hy24 as the project's lead equity partner, with a commitment of $100m to $115m. The project aims to convert green hydrogen produced through 145MW of electrolysis powered by hydropower into green calcium ammonium nitrate fertiliser. Atome has already secured a non-binding offtake agreement for the entire project output with Yara and is expected to finalize a definitive agreement soon. To move forward, Atome needs to reach pre-defined milestones, sign binding offtake and EPC contracts, and finalize lending agreements. Hy24 will conduct its due diligence before the deal is finalized. This investment marks Hy24's first venture in South America and is part of its €2bn hydrogen project allocation. The project's financial close is anticipated in the first half of 2025, pending the completion of all necessary agreements and approvals. The partnership between Atome and Hy24 underscores the growing interest in green hydrogen projects and sustainable energy solutions in the region.