IN BRIEF: Atome seeks clarity over status of PPA, key to Villeta deal

Atome PLC - Leeds, England-based green fertiliser project developer - Updates on work to satisfy all conditions precedent prior to first disbursement in respect of the Villeta Project financing. Notes the conditions include the execution of an already agreed form of power purchase agreement with ANDE, the Paraguay state-owned electricity supplier, incorporating the electricity tariffs and terms which had been established and mandated by a signed Presidential decree issued in January. The agreed PPA was intended to replace the previous executed variable rate power purchase agreement with a fixed rate agreement for the period of the project funding. However, Atome has become aware that the decree, had without prior notice or consultation been cancelled and replaced by a further decree. As a result, the agreed PPA has not yet been executed as anticipated. Atome says it is seeking to clarify with ANDE and the government the status of the agreed PPA, the applicable electricity tariffs, and the ongoing arrangements between Atome and ANDE, which underpin the project funding.

Chair Peter Levine says: ‘We had received assurances and guarantees at the highest level that the agreed PPA would be executed in accordance with the decree before the end of June. This was conveyed to our key project investors in whom Paraguay relies for its future growth and inward investments. We are therefore perplexed by this unforeseen development but will nevertheless continue to work constructively with ANDE and the Government of Paraguay with the aim to resolve this issue urgently.’

Current stock price: 35.10 pence

12-month change: down 46%

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