Proman closes $1.5bn investment in Mexico-based ammonia plant

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.

He added, “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. Proman is excited to be expanding in Mexico.”

Construction of the complex will begin immediately.

Anhydrous ammonia is a chemical compound. It is a colourless, pungent gas composed of one nitrogen atom bonded to three hydrogen atoms. The term “anhydrous” means without water, meaning the produce is a pure ammonia gas.

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