Namibia’s SDG Namibia One Fund has secured approximately N$2.15 billion (US$129 million) in combined funding commitments and approvals to finance green hydrogen and industrial decarbonisation projects, reaching nearly 37% of its US$350 million fundraising target.
The figures were presented by Mercia Geises, Chief Executive Officer of Namibia Energy Transition Fund Managers (Pty) Ltd.
Namibia Energy Transition Fund Managers is a partnership between Climate Fund Managers, Invest International and the Environmental Investment Fund of Namibia (EIF), established to manage SDG Namibia One.
According to Geises’ presentation, the fund’s financing position includes US$56 million (approximately N$932 million) in catalytic funding approved by the Green Climate Fund (GCF) on 28 October 2026.
Of this amount, US$15 million (approximately N$250 million) has been allocated to the fund’s Development Tranche, while US$41 million (approximately N$682 million) will support its Construction Equity Tranche.
The GCF approval builds on existing commitments of €40 million (approximately US$45 million) from Invest International and €25 million (approximately US$28 million) from the European Union.
Combined, the funding commitments and approvals amount to approximately US$88 million for project development and US$41 million for construction equity.
However, the figures represent financing commitments and approvals rather than capital that has already been fully disbursed or invested.
SDG Namibia One is targeting US$350 million at its final fundraising close, comprising US$75 million for early-stage project development and US$275 million for construction equity.
Based on the current financing position, the fund still requires approximately US$221 million (N$3.68 billion) to meet its overall fundraising target.
The fund remains in discussions with development finance institutions and institutional investors across Africa, Europe and Asia to secure additional capital.
Its investment model combines public and private financing to reduce risks associated with large-scale green energy projects, particularly during development and construction.
The Development Tranche provides funding for early-stage activities, while the Construction Equity Tranche is intended to provide equity capital as projects move towards construction and operation.
The latest GCF allocation forms part of a broader US$140 million catalytic financing package approved for Climate Fund Managers’ Climate Investor Three platform under the Southern African Industrial Decarbonisation Facility.
The Development Bank of Southern Africa serves as the GCF Accredited Entity responsible for programme oversight, monitoring and reporting.
Meanwhile, SDG Namibia One has supported four projects across Namibia’s green hydrogen and industrial decarbonisation sector, including Hyphen Hydrogen Energy, HyIron’s Oshivela project, Zhero Molecules Walvis Bay and the Dâures Green Fertiliser Project.
The fund has subscribed for a 24% stake in Hyphen Hydrogen Energy and provided development financing for the company’s large-scale green hydrogen project in the //Kharas Region.
The project, located within the Tsau //Khaeb National Park, is expected to create up to 15,000 jobs during construction and 3,000 permanent positions, with a target of 90% Namibian employment.
In the Erongo Region, the fund has supported HyIron’s Oshivela green iron project, which uses green hydrogen instead of fossil fuels to produce direct reduced iron.
The project’s first phase was commissioned in April 2025 and is producing 15,000 tonnes of green iron annually, avoiding approximately 27,000 tonnes of carbon dioxide emissions each year.
Planned second and third phases aim to increase production to two million tonnes of green iron annually, with the expanded development expected to create approximately 6,000 construction jobs and 900 permanent positions.
SDG Namibia One has also supported the Zhero Molecules green ammonia project near Walvis Bay, which is targeting annual production of 500,000 tonnes of green ammonia.
Once operational, the project is expected to avoid approximately 1.2 million tonnes of carbon dioxide emissions annually and create about 6,000 construction jobs and 500 permanent positions.
The fourth supported development is the Dâures Green Fertiliser Project in the Erongo Region, which aims to produce up to 20,000 tonnes of green ammonia and 80,000 tonnes of ammonium sulphate fertiliser annually.
The project is expected to avoid approximately 48,000 tonnes of carbon dioxide-equivalent emissions annually and create up to 115 permanent jobs.
SDG Namibia One was established in November 2023 as a dedicated investment platform to mobilise public and private capital for Namibia’s energy transition and green industrial development.
The fund forms part of Climate Fund Managers’ global Climate Investor Three platform and is managed by Namibia Energy Transition Fund Managers, in which Climate Fund Managers and Invest International jointly hold 51%, while the EIF holds 49%.
The financing platform supports investments across renewable energy generation, hydrogen production, downstream processing, transport infrastructure and industrial applications.
