Green hydrogen development company, Hyphen Hydrogen Energy, has signed a Project Preparation Facility (PPF) agreement with the Development Bank of Southern Africa (DBSA) for its large-scale green hydrogen project in Namibia.
To the tune of $5.4 million, the PPF will support the engineering, environmental and socioeconomic components of the project.
“The DBSA and Hyphen’s partnership will facilitate the creation of a new asset class in the energy sector with a profound and positive economic, social and environmental impact in Namibia and the region,” stated Catherine Koffman, Project Preparation Executive at the DBSA.
“The investment emphasizes the bank’s commitment in accelerating the transition to net zero and looks forward to a successful completion of the project.”
Hyphen Hydrogen and the DBSA announced plans to sign the agreement last October with the project partners underscoring their commitment to implementing the $10-billion hydrogen development.
“Collaboration and partnerships with African lending institutions will be critical to the success of the Hyphen project.
This funding facility shows these partnerships in action. It will provide crucial funding for the development and integration of the project and subsequently, the socioeconomic development of Namibia,” Marco Raffinetti, CEO of Hyphen Hydrogen Energy, stated.
