Proman announces financial close of $1.5bn investment for anhydrous ammonia plant in Topolobampo, Mexico
18 September 2023, Wollerau, Switzerland – Proman, a global leader in natural gas derived products, announces financial close of a USD1.5bn investment for the financing of its 2,220 MT/day of anhydrous ammonia plant in Topolobampo, Mexico.
KFW IPEX was lead arranger of project financing, putting together a banking consortium of seven lenders and ECA coverage with Euler Hermes.
Speaking on the announcement, David Cassidy, Chief Executive of Proman, said: “Today’s announcement is an important milestone for the project and we are grateful to KFW for their critical role in arranging this financing and for their support over the last 30 years of doing business together.”
He added, “Proman is excited to be expanding into Mexico. We are already a significant producer of ammonia, and this new plant will increase our annual production capacity to 2.8 million tonnes at a time when fertilizers have a critical role to play in the agricultural sector in Mexico and for global food security. We have built strong relationships with local stakeholders and communities and look forward to a long-term future in Mexico.”
Construction of the petrochemical complex will begin immediately.