We see the securing of equity funding for ATOME’s 145MW green fertiliser project at Villeta in Paraguay as an important milestone for the company. Not only does it move the project towards financial close, but the structure of the deal opens a potential new chapter in clean energy project financing, allowing ATOME a potentially valuable model to develop its pipeline of future project while retaining exposure to each project. We have valued the company based on the current deal’s structure and get a central valuation of 174p per share.