Paraguay Update
Summary by AI BETAClose X
For immediate release
11 November 2026
ATOME PLC
(“ATOME” or the “Company”)
Paraguay Update
ATOME (AIM: ATOM) provides comment on recent events in Paraguay.
ATOME notes the reports coming from Paraguay regarding the intervention by the Central Bank of Paraguay in Ueno Bank and the subsequent change of President of the country.
The Company has not had any banking or other financial relationships with Ueno Bank and is not affected in any way by that localised banking failure. ATOME welcomes the new President and administration and the opportunity for continued constructive engagement in its endeavours to resolve the power purchase issue. In this regard, ATOME also looks forward to working again with Felix Sosa, the former President of ANDE, the National Power Company of Paraguay, who has been reappointed as the President of ANDE and who has detailed knowledge of the Villeta Project.
Following comments made by Mr. Sosa on his reappointment, ATOME Paraguay S.A.E. has issued a press statement produced below.
Press statement by ATOME Paraguay S.A.E
ATOME congratulates Eng. Félix Sosa on his return to the Presidency of ANDE. His firsthand knowledge of the project and involvement in its development since 2021 provide an opportunity to resume constructive dialogue.
However, ATOME expresses surprise at the statements made following his assumption of the Presidency of the National Electricity Administration (ANDE), in which he suggests that the company had failed to meet its contractual obligations. ATOME rejects that interpretation, as it does not reflect the joint technical and institutional work undertaken by both parties since 2021 to advance the Villeta industrial project.
From the outset, ATOME has worked in good faith with ANDE to adapt the terms of electricity supply to the requirements of international lenders, including IFC, a member of the World Bank Group, and IDB Invest.
The Power Purchase Agreement (PPA) signed in 2022 has been the subject of ongoing discussions concerning terms essential to securing project financing, including the contract term, tariff predictability and legal certainty.
ATOME submitted its requests in a timely and proper manner, through official channels and in exercise of the right of petition enshrined in Article 40 of the National Constitution. A transparent request for contractual amendments does not, in itself, constitute a breach of the obligations undertaken.
In order to facilitate a negotiated solution, ATOME proposed temporarily suspending the deadlines established in the 2022 PPA. As no agreement was reached, ATOME duly notified, in accordance with the contractual terms, its decision to terminate that agreement effective at the end of 2026, while remaining willing to enter into a new, mutually agreed PPA that would make the investment viable.
ATOME also considers it important to clarify that it has not initiated contractual arbitration against ANDE. On 17 September 2026, ATOME PLC notified the Republic of Paraguay—not ANDE—of the existence of an investment dispute and its intention to resort to arbitration under the Bilateral Investment Treaty between the United Kingdom and Paraguay.
The dispute with the Paraguayan State concerns actions and omissions, including wrongful and unlawful acts that ATOME attributes to the State. These include, without limitation, the repeal of presidential decrees that had provided certainty regarding electricity supply and the withdrawal of commitments to enter into a new PPA suitable for securing international financing—circumstances of which both the State and Félix Sosa were fully aware.
The notification triggered a mandatory consultation period aimed at reaching an amicable settlement before commencing arbitration proceedings; it is therefore important to distinguish this stage from an arbitration claim, which has not been filed.
ATOME remains fully committed to good-faith dialogue. The Villeta project envisages an investment of US$665 million and an estimated annual production capacity of 260,000 tonnes of low-emissions fertiliser, which will enable the development of a new strategic industry and the creation of thousands of jobs, contributing to Paraguay’s national development and food security.
ATOME remains open to working with ANDE and the Government of Paraguay to reach a balanced, technically sound, viable and bankable solution that will resolve the dispute and enable this important investment for the country to move forward.
ATOME’s position previously announced on 5 November 2026 remains unchanged and the Company will continue to keep the market informed as appropriate.
For more information, please visit https://www.atomeplc.com or contact:
ATOME PLC +44 (0) 113 337 2210
Nikita Levine, Investor Relations info@atomeplc.com
FTI Consulting (Communications Adviser) +44 (0) 20 3727 1000
Elizabeth Adams, Ben Brewerton atome@fticonsulting.com
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