Namibia’s SDG Namibia One Fund has secured approximately N$2.15 billion (US$129 million) in combined funding commitments and approvals to support green hydrogen and industrial decarbonisation projects, representing 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 the presentation, the funding includes commitments from Invest International and the European Union, as well as recently approved financing from the Green Climate Fund (GCF).
The latest funding approval, announced on 28 October 2026, comprises US$56 million (approximately N$932 million) from the GCF, with US$15 million allocated to early-stage project development and US$41 million earmarked for construction equity.
The 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 identified commitments and approvals amount to approximately US$88 million for development financing and US$41 million for construction equity.
However, the fund clarified that these amounts represent commitments and approvals rather than funding that has been fully disbursed or invested in projects.
SDG Namibia One is targeting total commitments of US$350 million at its final fundraising close, comprising US$75 million for its Development Tranche and US$275 million for its Construction Equity Tranche.
Based on the current funding position, the fund still needs to secure approximately US$221 million, equivalent to about N$3.68 billion, to reach its overall target.
The fund has not yet reached its final close and remains in discussions with prospective development finance institutions and institutional investors across Africa, Europe and Asia.
Established on 13 November 2023, SDG Namibia One is Namibia’s dedicated industrial decarbonisation investment fund, supporting green hydrogen production, green ammonia, green methanol and other low-carbon industrial developments.
The fund operates through a blended finance model that combines public and private capital to finance projects from early-stage development through construction and into operation.
It forms part of Climate Fund Managers’ global Climate Investor Three investment platform and is managed by Namibia Energy Transition Fund Managers, a Windhoek-based asset management company.
Climate Fund Managers and Invest International jointly hold 51% of the management company, while the EIF holds the remaining 49%.
The latest GCF approval forms part of a broader US$140 million financing package for Climate Investor Three 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 in Namibia’s emerging green industrial sector.
These include Hyphen Hydrogen Energy’s large-scale green hydrogen development in the //Kharas Region, in which the fund has acquired a 24% stake and provided development financing.
The Hyphen project is expected to create up to 15,000 jobs during construction and 3,000 permanent positions, with a target of 90% Namibian employment.
The fund has also supported HyIron’s Oshivela green iron project in the Erongo Region, which commissioned its first phase in April 2025.
The facility is producing 15,000 tonnes of green iron annually, with subsequent phases targeting an expansion to two million tonnes per year.
Other supported developments include the Zhero Molecules green ammonia project near Walvis Bay, which targets annual production of 500,000 tonnes of green ammonia, and the Dâures Green Fertiliser Project, which aims to produce up to 20,000 tonnes of green ammonia and 80,000 tonnes of ammonium sulphate fertiliser annually.
The fund’s financing structure is designed to reduce investment risks during project development and attract additional private capital for construction.
SDG Namibia One was established following Namibia’s Development Finance Assessment conducted between 2020 and 2022 with technical support from the United Nations Development Programme.
The assessment informed the country’s Integrated National Financing Framework, which seeks to mobilise public and private investment towards national development priorities.
The government subsequently mandated the Environmental Investment Fund of Namibia to oversee the establishment of the investment platform in partnership with international financing institutions.
The fund’s remaining fundraising requirement highlights the scale of additional capital needed to support Namibia’s planned green hydrogen and industrial decarbonisation investments.
