Deal Summary
Through the Environmental Investment Fund of Namibia (EIF), the Namibian government has completed its acquisition of a 24% stake in Hyphen Hydrogen Energy (Hyphen) in a deal first announced in June 2023. Hyphen, Namibia’s first gigawatt-scale green hydrogen project and the largest in sub-Saharan Africa, was founded in 2021 as a joint venture between ENERTRAG SE and Nicholas Holdings Limited. With construction planned from late 2026 to 2030 at an estimated cost of over $10 billion, the project will produce 2 million tonnes of green ammonia annually, powered by ~7GW of renewable energy and ~3GW of electrolyser capacity. The investment was made through the SDG Namibia One Fund, a blended finance fund managed by Nam-H2 Fund Managers, a joint venture of the government-backed EIF, Climate Fund Managers (CFM) and Dutch development finance institution, Invest International. SDG Namibia One was launched at COP27 in November 2022 with a €1 billion ($988
