Hyphen Hydrogen Energy and SDG Namibia One Fund have concluded a share subscription agreement on the two million tonne per year green hydrogen and ammonia project.
Following the agreement, the fund will take up a 24% stake in the country’s green hydrogen project headed up by Hyphen, and its equity subscription will be backed by an initial €23m ($25m) development funding to the project.
Jointly managed by Climate Fund Managers (CFM), Invest International, and the Environmental Investment Fund of Namibia (EIF), SDG Namibia One seeks to raise $1bn from public and private investors in Namibia and globally.
Located on 4,000km² of land within the Tsau, Khaeb National Park, the project will produce two million tonnes of green ammonia in its first and second phases annually, utilising 7GW of wind and solar energy generation capacity, and 3GW of electrolyser capacity.
Read more:Namibian Government approves Hyphen’s 2 million tonne per year green hydrogen project
Marco Raffinetti, CEO of Hyphen Hydrogen Energy, said, “Namibia’s equity stake and its management through this new fund is truly world leading and provides a template for future projects in Namibia and abroad.”
EIF’s involvement will ensure direct access and ownership for the Government of Namibia (GRN) in the project, whilst CFM and Invest International will bring in the required institutional and funding capacity.
Andrew Johnstone, CEO of Climate Fund Managers, said, “The Hyphen project, ground-breaking in both scale and impact, is a masterclass in how the public and private sectors can work together to unlock the potential of this exciting new sector, driving economic growth for Namibia and a greener, more resilient future.”
The EIF’s CEO, Benedict Libanda, added, “With the acquisition of a 24% equity stake in the Hyphen Green Hydrogen project, we are not just investing in a project, but we are catalysing Namibia’s journey towards global leadership in green hydrogen production.
“This milestone is also a stepping stone for green industrialisation in Namibia, marking our commitment to shaping a cleaner and more sustainable tomorrow.”
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