Global pioneer in hydrogen power plants and high-power fuel cell manufacturer Hydrogène de France SA (HDF Energy) has reached a further step in the development of the Renewstable® green hydrogen power plant in Swakopmund Erongo region of Namibia, by formalising its partnership with the European Investment Bank (EIB) at the ongoing United Nations Climate Change Conference of the Parties (COP27).

The new green hydrogen cooperation was announced at the  COP27 Namibian pavilion by Namibian President Hage Geingob, Werner Hoyer, president of the European Investment Bank and Ursula von der Leyen, president of the European Commission.

“This partnership represents a concrete step in delivering Namibia’s clean energy ambition. This new investment demonstrates Namibia’s leadership in green hydrogen,” said Geingob.

“I would like to thank the European Investment Bank for the continuous support to the development in Swakopmund.

“The signature today is a key step of our longstanding engagement with the EIB for the project, that takes us closer to reaching financial close in 2023 and starting construction of the first large scale green hydrogen project in Africa.”

The European Investment Bank works with leading partners to support clean energy investment across Africa.

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“I am pleased that the EIB is working closely with HDF Energy to harness Namibia’s solar and wind potential and unlock opportunities for the energy transition,” said Hoyer.

“Our agreement confirmed at COP27 today with HDF, will help to accelerate large scale deployment of green hydrogen infrastructure in Namibia based on proven investment in South America.”

The agreement was signed by Maria Shaw-Barragan, EIB director of lending in Africa, Caribbean, Pacific, Asia and Latin America and Nicolas Lecomte, HDF’s director for Southern and East Africa, and witnessed by Namibian Finance minister Lipumbu Shiimi.

The new agreement between HDF Energy and the European Investment Bank was unveiled alongside the announcement of a new sovereign loan facility of EUR 500 million by Ursula von der Leyen, president of the European Commission and Geingob to develop the green hydrogen sector in the country.

Once operational, the project will enhance local clean electricity generation, 24 hours a day, seven days a week, and grid supporting services, directly contributing to security of electricity supply in Namibia.

The new EIB cooperation with HDF Energy for the Renewstable® Swakopmund accelerate project implementation, allow Namibia to lowering the price of electricity to end-consumers, and kick-starting implementation of green hydrogen investment and development of technical green hydrogen skills in Namibia.

EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance.

It is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions and civil society.

HDF Energy is a global pioneer in hydrogen energy, which develops, finances, and operates multi-megawatts hydrogen-power plants.

These plants provide continuous or on-demand electricity from renewable energy sources (wind or solar), combined with high power fuel cells supplied by HDF.