What is SDG Namibia One
SDG Namibia One Fund (SDG Namibia One) is Namibia’s dedicated industrial decarbonisation fund,
investing in the energy transition and green hydrogen infrastructure. It forms part of Climate Fund
Managers’ global Climate Investor Three Fund. It uses a blended finance model, combining public and
private capital, to support projects from early-stage development through construction and into operation.
What is the background to the establishment of SDG Namibia One?
Between 2020 and 2022, the Government of the Republic of Namibia undertook a Development Finance
Assessment, with technical support from the United Nations Development Programme (UNDP). The
assessment informed the development of Namibia’s Integrated National Financing Framework, which
sought to strengthen the country’s financing architecture and mobilise public and private capital towards
national development priorities and the Sustainable Development Goals.
Building on this financing framework, Namibia advanced the establishment of SDG Namibia One Fund,
an innovative blended finance platform designed to mobilise capital for the country’s green industrial
ambitions including green hydrogen. The Government subsequently mandated the Environmental
Investment Fund of Namibia to manage SDG Namibia One.
To operationalise this mandate and bring international fund management expertise into the platform, EIF
entered into a strategic partnership with Climate Fund Managers, a climate-focused blended finance fund
manager operating in emerging markets across Africa, Asia and Latin America, and Invest International, a
Dutch development finance institution.
Together, the partners established Namibia Energy Transition Fund Managers (Pty) Ltd (formerly known
as Namibia Hydrogen Fund Managers (Pty) Ltd), a Windhoek-based asset manager responsible for the
management of SDG Namibia One.
This institutional evolution reflects Namibia’s deliberate progression from assessing its development
financing landscape, to establishing an integrated financing framework, and ultimately translating that
framework into an operational investment platform capable of attracting international capital, supporting
green hydrogen development and advancing the country’s sustainable economic transformation.
SDG Namibia One was established under the laws of the Republic of Namibia on 13 November 2023.
How much funding has been committed or approved for SDG Namibia One to date?
On 28 October 2026, Climate Fund Managers announced that the Green Climate Fund (GCF) had
approved USD 56 million (approximately N$932 million) in catalytic financing for SDG Namibia One,
comprising USD 15 million (approximately N$250 million) for its Development Tranche and USD 41
million (approximately N$682 million) for its Construction Equity Tranche. The approval builds on existing
funding commitments of EUR 40 million (approximately USD 45 million) from Invest International and
EUR 25 million (approximately USD 28 million) from the European Union.
This brings identified funding commitments and approvals across both tranches to approximately USD
129 million (approximately N$2.15 billion), comprising approximately USD 88 million for development and
USD 41 million for construction equity. These figures combine commitments and approvals and should
not be described as fully disbursed or deployed.
The additional financing strengthens the Fund's capacity to support projects from early-stage
development through construction and into operation.
Who owns and manages Namibia Energy Transition Fund Managers?
Climate Fund Managers and Invest International hold a combined 51% shareholding, with EIF holding
49%. The partnership combines Climate Fund Managers’ international fund management and investment
expertise with Invest International’s catalytic funding and expertise, and EIF’s national mandate,
institutional experience and role in advancing Namibia’s green industrialisation agenda.
What is the Fund’s mandate?
SDG Namibia One invests across Namibia’s industrial decarbonisation, including green hydrogen
production, downstream derivatives such as green ammonia and green methanol, and the
decarbonisation of hard-to-abate industries.
The Fund supports integrated industrial value chains, investing in renewable energy generation,
production, transport and end-use infrastructure. Its mandate covers projects from early-stage
development through construction and into operation.
What are the Fund’s ambitions?
SDG Namibia One aims to mobilise public and private capital for Namibia’s industrial decarbonisation and
green hydrogen value chain.
The Fund seeks to support the development of a competitive green industrial sector, contribute to long-
term economic development and advance Namibia's transition to a low-carbon economy.
What is the Fund’s fundraising target and timeline?
SDG Namibia One is targeting total commitments of approximately USD 350 million at final close,
comprising USD 75 million for the Development Tranche and USD 275 million for the Construction Equity
Tranche.
SDG Namibia One is actively fundraising and is in discussion with prospective development finance
institutions and institutional investors across Africa, Europe and Asia. The Fund has not yet reached final
close.
What is blended finance?
Blended finance combines public and private capital. Public sector funding from donors such as the
Green Climate Fund, Invest International and the European Commission is used strategically to mitigate
early-stage project risks and enable institutional and commercial investors to participate.
SDG Namibia One has a Development Tranche that finances early-stage project development and a
Construction Equity Tranche that provides equity capital to support projects through construction and into
operation.
What has the Green Climate Fund approved, and why does it matter?
The GCF approved USD 140 million in catalytic financing for Climate Investor Three under the Southern
African Industrial Decarbonisation Facility. Of this, USD 56 million (approximately N$932 million) is
allocated to SDG Namibia One: USD 15 million for development and USD 41 million for construction
equity. See the accompanying Climate Fund Managers press release dated 28 October 2026 for full
programme details.
The Development Bank of Southern Africa serves as the GCF Accredited Entity for programme oversight,
monitoring and reporting. Climate Fund Managers and the Environmental Investment Fund of Namibia
(EIF) are also GCF Accredited Entities, but do not serve as Accredited Entities for this programme. The
approval strengthens financing for project development and construction and is intended to help attract
additional investors and support Namibia’s industrial development.
NAD equivalents are approximate, based on an exchange rate of USD 1 = NAD 16.645 on 31 October 2026.
Which projects has SDG Namibia One supported to date?
SDG Namibia One has supported four projects to date:
Hyphen | ǁKaras Region
o Large-scale green hydrogen project located within Namibia’s Tsau ǁKhaeb National Park.
o SDG Namibia One subscribed for a 24% stake in Hyphen Hydrogen Energy and provided
development funding to support the project.
o The project is expected to create up to 15,000 jobs during construction and 3,000 permanent
jobs, with a target of 90% of these jobs being filled by Namibians.
HyIron’s Oshivela Project | Erongo Region
o Industrial-scale green iron project producing direct reduced iron using green hydrogen instead of
fossil fuels.
o Phase One was commissioned in April 2025 and is producing 15,000 tonnes of green iron
annually, avoiding approximately 27,000 tonnes of CO₂ each year. Phases Two and Three aim to
scale production to 2 million tonnes annually.
o The expanded project is expected to create approximately 6,000 construction jobs and 900
permanent jobs.
Zhero Molecules Walvis Bay | Erongo Region
o Industrial-scale green ammonia project located near Walvis Bay on Namibia’s central coast.
o Once operational, the project is expected to produce 500,000 tonnes of green ammonia annually
and avoid approximately 1.2 million tonnes of CO₂ emissions each year.
o The project is expected to create approximately 6,000 jobs during construction and 500
permanent jobs.
Dâures Green Fertiliser Project | Erongo Region
o Green hydrogen and low-carbon fertiliser project located in the Dâures Constituency,
approximately 50 kilometres inland from Namibia’s Atlantic coast.
o Once operational, the project aims to produce up to 20,000 tonnes of green ammonia and 80,000
tonnes of ammonium sulphate fertiliser annually for Namibian and regional markets, avoiding
approximately 48,000 tonnes of CO₂ equivalent emissions annually.
o The project is expected to create up to 115 permanent jobs.