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Namibia receives green hydrogen funding boost from the EIB

9th November 2022

By: Schalk Burger

Creamer Media Senior Deputy Editor

     

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Hydrogen power plant and fuel cell company Hydrogène de France (HDF Energy) and development finance institution the European Investment Bank (EIB) have formalised their partnership to develop a green hydrogen power plant in Swakopmund, Namibia.

“The signing of the agreement is a key step in our longstanding engagement with the EIB for the project that takes us closer to reaching financial close in 2023, and starting construction of the first large-scale green hydrogen project in Africa,” says HDF Energy Southern and East Africa director Nicolas Lecomte.

The new EIB cooperation with HDF Energy for the Renewstable Swakopmund power plant accelerates project implementation and will enable Namibia to lower the price of electricity to end-consumers. It also kick-starts implementation of green hydrogen investment and the development of technical green hydrogen skills in Namibia, HDF Energy says.

Once operational, the power plant will enhance local clean electricity generation, 24/7, and provide grid supporting services, as well as directly contributing to security of electricity supply in Namibia.

Separately, a new sovereign loan facility of €500-million was announced by European Commission president Ursula von der Leyen and Namibia President Dr Hage Geingob to develop the green hydrogen sector in the country.

The green hydrogen cooperation was announced at the Namibian pavilion at the twenty-seventh Conference of the Parties (COP27), which is currently under way in Egypt.

Geingob, Von der Leyen and EIB president Dr Werner Hoyer made the joint announcement.

“This partnership represents a concrete step in delivering Namibia’s clean energy ambition. This new investment demonstrates Namibia’s leadership in green hydrogen,” says Geingob.

“The EIB works with leading partners to support clean energy investment across Africa. I am pleased that the EIB is working closely with HDF Energy to harness Namibia’s solar and wind potential and unlock opportunities for the energy transition.

"Our agreement with HDF Energy, confirmed at COP27 today, will help to accelerate large-scale deployment of green hydrogen infrastructure in Namibia based on proven investment in South America,” says Hoyer.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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