The Hague, 28 October 2026: Climate Fund Managers, a climate-focused blended finance investment
manager, has secured approval for USD 140 million in catalytic financing from the Green Climate Fund
(GCF) for Climate Investor Three (CI3), its global blended finance facility focused on industrial
decarbonisation, including green hydrogen infrastructure in Southern Africa. The funding was approved
at GCF's 46th Board meeting in Songdo, Republic of Korea, held from 26 to 29 October 2026.
CI3 targets investments within industrial decarbonisation globally. Under the GCF-supported programme,
activity in South Africa and Namibia will include green hydrogen production, downstream derivatives such
as green ammonia and green methanol, and the decarbonisation of hard-to-abate industries. Its
diversified portfolio approach allows CI3 to invest across renewable energy generation, production,
transport and end-use infrastructure, supporting the development of integrated industrial value chains.
Its blended finance model combines public and private capital, using catalytic funding to mitigate risks
and enable institutional and commercial investors to participate. Its Development Tranche finances early-
stage project development, while its Construction Equity Tranches provide equity capital to support
projects through construction.
CI3 invests through two country-specific Climate Fund Managers’ affiliates: the SA-H2 Fund (SA-H2) in
South Africa and SDG Namibia One Fund (SDG Namibia One) in Namibia. Of the USD 140 million approved,
USD 84 million will be allocated to SA-H2's Construction Equity Tranche, while USD 56 million will be
allocated to SDG Namibia One, comprising USD 15 million for its Development Tranche and USD 41 million
for its Construction Equity Tranche.
The GCF financing will be provided under the Southern African Industrial Decarbonisation Facility (SIDF),
GCF's first platform dedicated to decarbonising industrial value chains in Africa. The Development Bank
of Southern Africa (DBSA) serves as GCF Accredited Entity for SIDF, with responsibility for programme
oversight, monitoring and reporting to GCF.
The approval builds on Climate Fund Managers’ longstanding relationship with GCF, including previous
investments in: Climate Investor One, focused on renewable energy; Climate Investor Two, focused on
water, waste and oceans infrastructure; and the GAIA Climate Loan Fund, which provides debt financing
for climate adaptation and mitigation projects. It also follows Climate Fund Managers' accreditation by
GCF in July 2026.
SA-H2 is managed by SA-H2 Fund Managers (Pty) Ltd, a joint venture between Climate Fund Managers
and Invest International. SDG Namibia One is managed by Namibia Energy Transition Fund Managers (Pty)
Ltd, a partnership between Climate Fund Managers, Invest International and the Environmental
Investment Fund of Namibia (EIF).
Andrew Johnstone, Chief Executive Officer of Climate Fund Managers, said: “CI3 marks an important
milestone in Climate Fund Managers’ journey of directing capital, through innovative financing structures,
into commercial investments designed to mitigate the causes of climate change and help societies adapt
to the consequences we witness every day around us. Decarbonising heavy industry is essential to
achieving global climate goals and presents a significant investment opportunity. Yet the scale and
complexity of these projects create financing challenges, particularly during development and
construction. By helping to mitigate these risks, GCF's catalytic financing can attract institutional
investment into commercially viable projects and support competitive, low-carbon industrial growth.”
Catherine Koffman, Regional Director for Africa at the Green Climate Fund, said: “The Southern African
Industrial Decarbonization Facility is GCF’s first platform dedicated to decarbonising industrial value chains
in Africa. By deploying catalytic first-loss equity where risk is highest, the facility aims to unlock a target
USD 1.2 billion programme across South Africa and Namibia, finance 30 to 40 projects, install about 1.52
GW of renewable energy and avoid an estimated 24.2 million tonnes of emissions. It offers a scalable
model for competitive, low-carbon industrial growth.”
Dr Phindile Masangane, Group Executive Programmes at Development Bank of Southern Africa said:
“This approval is a strong vote of confidence in Southern Africa's ability to decarbonise its industrial base
while protecting growth and jobs. With USD 84 million allocated to South Africa and USD 56 million
allocated to Namibia, the DBSA, with its partners, Climate Fund Managers and the Environmental
Investment Fund of Namibia, is well placed to channel the GCF funding into development projects where
the emissions are hardest to abate and the economic stakes are highest. Our role is to derisk investment,
crowd in private capital, and ensure the transition delivers development outcomes. We thank the Green
Climate Fund and its global partners for their confidence in the DBSA as we look forward to turning this
commitment into projects on the ground.”
Jeroen Plag, Chief Investment Officer at Invest International said: “The approval of GCF's investment is
an important step in accelerating industrial decarbonisation in Southern Africa. Through SA-H2 and SDG
Namibia One, we are supporting the build out of infrastructure and the creation value chains needed for a
competitive low-carbon economy. This commitment demonstrates how concessional climate finance can
reduce risk and mobilise additional investment at scale, enabling projects that deliver both climate impact
and sustainable economic growth.”
Benedict Libanda, Chief Executive Officer of the Environmental Investment Fund of Namibia (EIF),
said: “Namibia has significant potential to develop green hydrogen and associated industries, but
realising that potential requires capital, specialist expertise and meaningful Namibian participation. SDG
Namibia One brings these elements together, combining international investment with local knowledge
and an understanding of national priorities. GCF's catalytic financing will help build on this foundation,
advancing projects that can create jobs, support industrial development and contribute to Namibia's
transition to a low-carbon economy.”
CI3 has already secured significant backing from public and institutional investors. Its Development
Tranche received initial commitments of EUR 150 million from Invest International and the European
Commission under the EU's Global Gateway initiative. In August 2026, SA-H2 reached a first close of ZAR
3 billion (~USD 182 million), with investment from South Africa’s Public Investment Corporation (PIC) on
behalf of the Government Employees Pension Fund (GEPF), Sanlam Life, the Industrial Development
Corporation of South Africa (IDC) and DBSA across its development and construction equity tranches.
SDG Namibia One is backed by Invest International and the European Commission.
In South Africa, SA-H2 has signed development funding agreements for Hive Hydrogen's Coega green
ammonia project and Green eFuels Producers' wastewater-to-green-methanol facility. In Namibia, SDG
Namibia One has signed development funding agreements with the Hyphen green hydrogen project,
HyIron's Oshivela green iron project, the Zhero Molecules Walvis Bay green ammonia project and the
Dâures green fertiliser project.
Climate Fund Managers will continue to mobilise public and private capital towards CI3's USD 1.2 billion
fundraising target, supporting the development and construction of energy transition and green
hydrogen infrastructure across South Africa and Namibia.
ENDS
Notes to Editors:
About Climate Fund Managers:
Climate Fund Managers is a climate-focused blended finance investment manager operating in emerging markets
across Africa, Asia and Latin America. It raises and deploys blended climate finance funds, working in partnership to
deliver climate solutions at scale and pace. With USD 3 billion in assets under management and more than 50 active
projects, it invests across key areas of climate change mitigation and adaptation, including renewable energy; energy
transition and green hydrogen; water, waste and maritime; and sustainable cities and the built environment. Its
private equity strategies include Climate Investor One, Climate Investor Two, Climate Investor Three and the Shariah-
compliant Malaysia Climate Infrastructure Fund (MCIF), which broadens access to climate infrastructure investment
for Islamic investors. It also offers a private credit strategy through the GAIA Climate Loan Fund. Its funds are
supported by public and private sector organisations, with public capital deployed strategically to balance risk and
mobilise private sector capital, enabling investment across the project lifecycle - from development to construction
and operation. Established in 2015, Climate Fund Managers is a joint venture between the Dutch development bank
FMO and Sanlam InfraWorks of the Sanlam Group in South Africa, with offices in The Hague, Cape Town, Singapore
and Bogotá. www.climatefundmanagers.com
About Green Climate Fund:
The Green Climate Fund (GCF) is the world’s climate fund for developing countries, mobilising and delivering capital
at scale, strengthening institutions and supporting transformative change, and bringing together our extensive
partnership networks to deliver impact. GCF is mandated as the primary operating entity of the financial mechanism
of the United Nations Framework Convention on Climate Change (UNFCCC) and serves the 2015 Paris Agreement.
To fulfill its role in supporting global climate ambition, GCF is focused on delivering high-impact climate finance at
scale, underpinned by a country-owned approach focused on system-wide change. The fund has over USD 20 billion
committed across 134 developing countries through a wide range of adaptation and mitigation projects. 4
About DBSA:
The Development Bank of Southern Africa is one of the leading development financial institutions on the continent.
Our primary purpose is delivering impactful development finance solutions that ignite transformative change in
South Africa and on the rest of the African continent. Improving the quality of life of people in Africa is the
fundamental focus of our development impact. We aim to bend the arc of history towards shared prosperity through
multifaceted investments in sustainable infrastructure and human capacity. Our product solutions span all phases
of the infrastructure development value chain from infrastructure planning and project preparation, across a range
of financing and non-financing investments to infrastructure implementation and delivery. Our primary areas of
focus include Energy, ICT, Transport, Water and Sanitation. Our secondary area of focus includes Education, Housing
and Health.
About Invest International:
Invest International is a joint venture between the Dutch Government and FMO, with a mandate to provide financing
to companies and projects that contribute to the achievement of the SDGs worldwide, while contributing to the
earning capacity and resilience of the Dutch economy. Invest International plays a catalysing role in establishing
green hydrogen corridors between emerging markets and North-Western Europe, to create sustainable economic
development in export countries, contribute to the energy transition and strengthen the Netherlands as a provider
of specialised technological and logistical services. www.investinternational.nl
About Environmental Investment Fund:
The Environment Investment Fund (EIF) is a fund focused exclusively on investments in the environmental sector. EIF
is one of only 24 such entities globally and the only one in Africa to have been accredited by the Global Climate Fund.
EIF has raised more than N$2 billion globally and has deployed more than N$1.7 billion into various climate related
projects in Namibia. www.eif.org.na
About the European Union:
The European Union (EU) is an economic and political union of 27 European countries. It is founded on the values of
respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights, including the
rights of persons belonging to minorities. It acts globally to promote sustainable development of societies,
environment and economies, so that everyone can benefit. The EU has contributed to CI3 as part of the Global
Gateway, the European strategy for sustainable and trusted infrastructure for people and the planet that will
mobilise up to EUR 300 billion of investments for high-quality projects globally, taking into account the needs of
partner countries and ensuring lasting benefits for local communities. The total EU contribution to Climate Fund
Managers-managed funds is EUR 178 million to date plus a EUR 205 million EFSD+ guarantee, making the EU the
largest public investor in Climate Fund Managers’ operations. https://european-union.europa.eu/index_en
For media enquiries, please contact Sophie Blythe: s.blythe@climatefundmanagers.com
Disclaimer
Climate Fund Managers B.V. is a manager of alternative investment funds and has obtained an AIFMD license from the Dutch
Authority for the Financial Markets (Autoriteit Financiële Markten “AFM”) pursuant to section 2:65 of the Dutch Act on Financial
Supervision (Wet op het financieel toezicht). Climate Fund Managers is included in the public register maintained by the AFM on
its website under license number 15004367.
Climate Fund Managers is the appointed alternative investment fund manager of the following alternative investment funds:
Coöperatief Construction Equity Fund U.A., Coöperatief CI2 Construction Equity Fund U.A., Coöperatief CI3 Global Fund U.A. and
GAIA Climate Loan Fund SCSp (established under the laws of Luxembourg).
Namibia Energy Transition Fund Managers (Pty) Ltd is registered as an Unlisted Investment Manager in terms of Regulation 28
of the Pension Funds Regulations, 2018, made under the Pension Funds Act, 1956 (Act No. 24 of 1956) (Reference No.
24/UIM/40.
SA-H2 Fund Managers (Pty) Ltd is an authorised financial services provider, licensed as a Category I and II (FSP 53719) in terms
of the Financial Advisory and Intermediary Services Act, Act Number 37 of 2002 by the Financial Sector Conduct Authority. The
SA-H2 Fund is not at present a “financial product” as defined in terms of the Financial Advisory and Intermediary Services Act
2002. The SA-H2 Fund is not a collective investment scheme as contemplated under the Collective Investment Schemes Control
Act 2002 (“CISCA”) and is therefore, not approved in terms of CISCA.
This press release is for general information purposes only and does not constitute investment advice, nor an offer or solicitation
to invest in any fund managed or co-managed by Climate Fund Managers B.V. or any of its affiliates.