EU Energy Commissioner Kadri Simson has approved €53.9 million ($59.9 million) in funding for the development of green hydrogen and renewables in southern Africa.
Namibia will receive €36.9 million, the largest share of the investment.
The European Commission has pledged €50 million in funding for hydrogen in Namibia and South Africa, of which €25 million will go to the SDG Namibia One fund. The aim is to boost production, transport and storage, as well as the processing industry.
According to an EU statement, the fund aims to raise €1 billion for the 3GW Hyphen Hydrogen Energy project, which is expected to cost $10 billion.
The European Investment Bank and Dutch impact fund Invest International have contributed €540 million to the project, which is expected to receive a final investment decision in 2025.
The bloc has not yet decided where the rest of the funding will go.
Simson has also approved a €1.2 million grant for the Namibian Green Hydrogen Programme. The funding will ensure that “the green hydrogen sector is driven and regulated by an effective support mechanism”.
“The EU wants to help Namibia boost its green industrialisation, achieve energy security and increase prosperity for its citizens, as envisaged in the Harambee Prosperity Plan and Vision 2030,” Simson said. added.
In March, Germany designated the Hyphen Hydrogen Energy project as a “strategic foreign project”. It is being developed by a joint venture between German renewable energy company Enertrag and international investor Nicholas Holdings, with RWE and South Korean company Approtium having already signed non-binding off-take agreements.
“EU provides funds for green hydrogen and renewable energy projects in Southern Africa” was originally created and published by Energy technologya brand of GlobalData.
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