SDG Namibia One Fund, Namibia’s dedicated green hydrogen blended finance vehicle, has concluded a share subscription agreement that will give it a 24% stake in the USD-10-billion (EUR 9.08bn) Hyphen green hydrogen project.
The fund’s equity subscription is accompanied by EUR 23 million in initial development finance for the project.
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The signing of the deal comes after in June the government of Namibia decided to exercise its right to take an ownership interest of this size in the green hydrogen hub developed by Hyphen Hydrogen Energy Ltd, owned by Enertrag and Nicholas Holdings Ltd.
SDG Namibia One Fund, which is the designated funding partner to the Namibian government’s green hydrogen initiatives, is looking to raise USD 1 billion from public and private investors in Namibia and globally. It is jointly managed by Climate Fund Managers (CFM), Dutch development financing institution Invest International and he Environmental Investment Fund of Namibia (EIF).
Hyphen’s flagship project envisages the installation of around 3 GW of electrolysis capacity powered by electricity from about 7 GW of renewables, predominantly wind and solar. The huge complex in the Tsau //Khaeb national park will be able to produce one million tonnes of green ammonia per year by 2027. Its output, to be supplied to regional and global markets, is planned to reach 2 million tonnes annually by 2029.
(USD 1.0 = EUR 0.908)
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