Second Roundtable (24 April 2025)

What We Learned: Real-World Financing and Project Breakthroughs  

Thank you for joining our second Green Fertiliser Development Network (GFDN) roundtable on 24 April. We were delighted to hear from Christian Carraretto (EBRD) and Nikita Levine (Atome) on the real-world financing lessons emerging from green fertiliser project development, exactly what we need to keep this community useful and grounded in real-world challenges and breakthroughs.

What it takes to get money moving – EBRD’s view from the trenches 

Cristian Carraretto from the EBRD gave us a rare peek behind the curtain of green project finance. 

Some takeaways: 

• EBRD lends €15–16 billion/year, with over half going into green projects— mobilising an extra €20–26 billion. 

• They’ve backed renewable ammonia in Egypt ($80m), a green ammonia project in Uzbekistan, and transition infrastructure in North Africa. 

• Grants are and are going to be scarce—first-loss guarantees are where the action is. They can be worth up to 10% of project cost in reduced debt pricing. Practical, scalable, real. 

• Top success factor? A real Offtaker. Then secure renewables. Then developers who can handle the mad complexity of putting it all together. 

“Electrolysers, wind, solar—they’ve all been around. But combining them at this scale? That’s a different beast.” 

EBRD’s now looking at several green hydrogen and ammonia projects, with 2 at gigawatt scale. The message was clear: these are team sports. No one bank, company or government can do it alone. MDBs are learning to co-finance, not compete—and the same applies to developers. 

Spotlight on Villeta: What the Atome project looks like 

Nikita Levine from Atome walked us through the Villeta project in Paraguay—one of the most advanced green fertiliser projects. It is powered by 145 MW of hydropower, drawing from a 100% renewable grid, and is designed to produce up to 260,000 tonnes per year of low-carbon ammonium nitrate (CAN). The project has secured its engineering, procurement, and construction (EPC) contract, obtained all relevant licences, and has partnered with Yara for offtake of 100% of green fertiliser production. Notably, the project is moving forward with no subsidies or grants, making it a fully commercial green fertiliser venture. 

“We didn’t build our own renewables. The grid’s green already.”  

They’re able to compete with grey fertiliser, without needing a green premium, and beating EU imports into Latin America on cost. That’s what happens when you get power, logistics, and product-market fit lined up. They’ve even got Hy24 anchoring equity. 

Timeline: aiming for FID later this year, with first production in 2028. What made it possible? Three things: 

1. Market-led approach (not just chasing the hydrogen hype) 
2. A compact, replicable scale—120–150 MW  
3. Relentless derisking—on power, logistics, tech, and offtake 
    

If you’re not yet on the mailing list, you can sign up here to stay looped in: sign up to the Green Fertiliser Development Network 

This network is only as valuable as the people who show up and share openly. Keep the ideas flowing!