Natural gas derived products specialist Proman has announced the financial close of a $1.5bn investment in a 2,220 tonnes per day ammonia plant in Topolobampo, Mexico.
The investment will expand Proman’s production capacity to 2.8 million tonnes per annum, at a time when fertilizers have a critical role to play in the agricultural sector in the country.
KFW IPEX was the lead arranger of project financing, putting together a banking consortium of seven lenders and ECA coverage with Euler Hermes.
David Cassidy, Chief Executive of Proman, described the news as an important milestone.
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