WINDHOEK, Namibia, May 24, 2023 /PRNewswire/ -- The Cabinet of the Government of the Republic of Namibia (GRN) has approved entry into an agreement with Hyphen Hydrogen Energy (Hyphen) to govern the development, implementation and operation of sub-Saharan Africa's largest, and its only fully vertically integrated, green hydrogen project.
The transformative impact of this project on Namibia and its economy is considerable. The total project capital investment of US$10 billion is roughly equivalent to the country's annual GDP. At full scale development, anticipated before the end of the decade, the project will produce 2 million tonnes of green ammonia annually.
The pioneering Feasibility and Implementation Agreement (FIA) governs the process under which Namibia's first green hydrogen project will be realised, as a first step in the implementation of GRN's broader green hydrogen strategy.
His Excellency, Hage Geingob, President of the Republic of Namibia, said: "The Harambee Prosperity Plan II noted that the Namibian Government would investigate the feasibility of incubating a synthetic fuels industry in Namibia, as a key transforming agent of our economy. On Friday the 26th of May 2023, we earnestly embark on that journey, as we kick start a process that has the potential to transform the lives of many in our country, the region and indeed the world."
Her Excellency, Ursula Von Der Leyen, President of the European Commission, said: "Namibia has the potential to become one of the main renewable energy hubs on the African continent and even world-wide. Today's agreement is a major step for the production of green hydrogen in the country. I am proud that Global Gateway allows the EU and Namibia to invest in a shared future fighting climate change together, making Namibia energy-independent and creating jobs and prosperity."
Marco Raffinetti, CEO of Hyphen Hydrogen Energy, said: "We are delighted to have concluded the FIA and look forward to delivering on the next phase of development of this ground-breaking project.
On behalf of Hyphen, I would like to thank the Government for its unwavering support and relentless commitment to unlocking Namibia's green hydrogen potential. We are confident in our ability to work hand in hand with the people of Namibian to drive lasting change through economic development and job creation, whilst paving the way for a greener and brighter future."
For media enquiries Contact FTI Consulting: HyphenAfrica@fticonsulting.com
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