WINDHOEK, May 25 (Xinhua) -- The Namibian government has approved a hydrogen project worth 10 billion U.S. dollars.
The project, to be carried out by Hyphen Hydrogen Energy, a Namibian company, is expected to become fully operational before the end of this decade, and to produce about two million tonnes of green ammonia annually, catering to both regional and global markets, the statement said.
The project will also mark a significant milestone in Namibia's transition towards a greener and more prosperous future, while revolutionizing the country's economy and positioning it as a major player in the global green energy market, according to the statement.
The project aligns with Namibia's national agenda Harambee Prosperity Plan II, which emphasizes the exploration of a synthetic fuels industry as a catalyst for economic transformation. "We earnestly embark on a journey that has the potential to transform the lives of many in our country, the region, and indeed the world," President Hage Geingob said.
Hyphen Hydrogen Energy will oversee the technical, financial, environmental, social and commercial aspects of the project while the Namibian government will contribute by providing the necessary land and establishing a robust legal, fiscal and regulatory framework to support the establishment and sustainable operation of Namibia's green hydrogen industry.
To finance the development of the green hydrogen industry and support the government's equity participation, over 578 million U.S. dollars in funding has been secured from various global partners. ■