- Bloomberg reports that state-backed firms from the Netherlands have partnered with Namibia to create a sovereign wealth fund focused on green hydrogen.
- The SDG Namibia One Fund, originally announced at COP27 in November last year, has been highlighted with a visit to Namibia from the Dutch and Danish prime ministers this week. Read more
The fund is premised on the principles of an innovative blended finance platform to facilitate and accelerate the development of a green hydrogen sector and economy in Namibia. The fund is created through a partnership between the Environmental Investment Fund of Namibia (owned by the Namibian Government), Climate Fund Managers and Invest International, both from the Netherlands.
The fund which will receive initial grant financing of €40 million from Invest International aims to attract additional capital from local and international institutional investors, the ministry said.
The European Investment Bank and Namibia concluded a letter of intent at COP27 for the provision of €500 million, a portion of which will go toward the fund. The government plans to use the fund to acquire a 24% equity stake in the first awarded project being developed by Hyphen Hydrogen Energy at historic cost, the ministry said.
Author: Bryan Groenendaal
Source: Bloomberg
