Green Hydrogen · Active
$10B+Total project capital investment
Hyphen Hydrogen Energy
Selected via government tender 2021–2022 · Tsau ǁKhaeb National Park · Under development
Hyphen Hydrogen Energy — controlled by German renewables developer ENERTRAG alongside investment group Nicholas Holdings — is building one of the largest single green hydrogen and ammonia projects on Earth across a roughly 4,000 km² concession inside Tsau ǁKhaeb National Park, near Lüderitz and Aus. The Namibian government took a 24% equity stake in the company itself in December 2024 through the blended-finance vehicle SDG Namibia One, and in 2025 Hyphen finalized a landmark engineering, procurement and construction agreement with China National Chemical Engineering & Construction Corporation Seven. At full scale the project targets roughly 3 GW of renewable generation capacity feeding electrolysis for up to 2.4 million tonnes of green ammonia a year — one of the largest single foreign direct investment commitments in African history, on land that produced almost nothing exportable a decade ago.
$10B+Total capital investment
3 GWRenewable generation capacity
24%Govt equity via SDG Namibia One
2028Phase 1 green ammonia target
Energy Transition Architecture
Read About Hyphen
Pipeline
11B bblEstimated combined recoverable reserves
Venus & Graff Offshore Oil Discoveries
Discovered 2022 · TotalEnergies FID pushed to 2026 · Shell resuming exploration 2026
In 2022, TotalEnergies’ Venus-1X and Shell’s Graff-1X discoveries in the Orange Basin revealed up to eleven billion barrels of crude between them, instantly reframing a $13 billion economy as one of Africa’s most closely watched new oil frontiers. TotalEnergies has pushed its final investment decision from 2025 to 2026 while fast-tracking appraisal drilling at two further prospects; Shell wrote down $400 million on its licence in January 2025 after technical setbacks and plans to resume exploration in 2026 alongside partners QatarEnergy and Namcor. First oil is now targeted for around 2029–2030.
TotalEnergiesShellQatarEnergyNamcor
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Active
N$425MFund size as of March 2024, growing
Welwitschia Fund — Sovereign Wealth Fund
Launched 2022 · Managed by the Bank of Namibia
Named for the ancient desert plant that survives a thousand years on almost no water, the Welwitschia Fund is Namibia’s sovereign wealth fund — seeded with N$300 million in government capital and Bank of Namibia dividends, and designed to convert mining royalties (and eventually offshore oil revenue) into an intergenerational buffer against commodity shocks. Comprehensive legislation to formalize withdrawal and investment rules, and to fold in oil revenue once production begins, was targeted for parliament in 2025.
Bank of NamibiaMinistry of Finance
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Advocacy
€1.1BReconciliation/development package (not termed "reparations")
Germany–Namibia Genocide Reconciliation Agreement
Genocide acknowledged May 2021 · Agreement still unratified
In 2021, Germany formally acknowledged that colonial-era killings of the Ovaherero and Nama peoples between 1904 and 1908 constituted genocide, and committed roughly €1.1 billion in development funding over 30 years — while both governments agreed, carefully, not to term the payments reparations. The joint declaration has faced sustained objections from Ovaherero and Nama descendants excluded from the original negotiations and remains formally unratified by both parliaments; Namibia marked its first Genocide Remembrance Day on 28 May 2025.
Government of GermanyGovernment of NamibiaOvaherero and Nama traditional authorities
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Active
$420MVessel investment · +500,000 carats/yr capacity
Debmarine Namibia — Marine Diamond Mining
Benguela Gem launched March 2022 · 50/50 State–Corporate JV
Debmarine Namibia — an even 50/50 joint venture between De Beers Group and the Government of the Republic of Namibia — is the world’s largest marine diamond mining operation, recovering gemstones from the Atlantic seabed rather than land. Its newest vessel, the Benguela Gem, cost roughly $420 million and added 500,000 carats of annual capacity, a 45% increase, and the partnership now delivers more than N$10 billion a year in revenue to the Namibian state.
De Beers GroupGovernment of Namibia
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Completed
To 2042Mine-life extension via royalty relief
Namdeb Diamond Royalty Relief to 2042
Agreed October 2021 · Extends Land-Based Operations to 2042
To keep Namdeb’s ageing land-based diamond operations economically viable as easily accessible gravel runs thin, the Namibian government agreed to extend royalty relief through 2042 — trading near-term fiscal revenue for a longer mine life, sustained employment around Oranjemund, and continued diamond-export earnings.
Namdeb HoldingsDe Beers GroupGovernment of Namibia
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Active
$2B+Development capital · single largest Chinese FDI in Africa
Husab Uranium Mine
Online 2016 · China General Nuclear / Taurus Minerals
Husab is one of the largest uranium mines on Earth, developed by Taurus Minerals — 90% owned by a China General Nuclear Power subsidiary, alongside the China-Africa Development Fund — with Namibia’s state-owned Epangelo Mining holding the remaining 10%. More than $2 billion was spent bringing the mine online, drawing on a 280-million-tonne ore body with capacity for 15 million pounds of uranium oxide a year over a near-20-year mine life.
China General Nuclear (Taurus Minerals)Epangelo Mining
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Active
68.6%CNUC ownership stake post Rio Tinto sale
Rössing Uranium Mine
Operating since 1976 · Majority Stake Sold to CNUC 2019
Rössing has run continuously since 1976 and ranks among the longest-operating open-pit uranium mines in the world. Rio Tinto sold its majority stake to China National Uranium Corporation in 2019; Namibia’s government retains a 3% equity stake carrying 51% of voting rights, alongside Iran’s government (15%) and South Africa’s Industrial Development Corporation (10%) — an unusually complex ownership structure for a single mine.
China National Uranium CorporationGovernment of Namibia
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Pipeline
N$2.1B30% Govt equity / 70% Chinese state-owned partner
Erongo Desalination Plant (Sunam)
Launched 2025 · NamWater / Swakop Uranium Joint Venture
One of the most arid countries on Earth is financing its next major water source through a joint venture between state utility NamWater and Swakop Uranium, which needs desalinated water for its own uranium processing: a N$2.1 billion seawater desalination plant for the Erongo region, structured with the Namibian government holding roughly 30% equity and its Chinese state-owned partner the remaining 70%.
NamWaterSwakop UraniumGovernment of Namibia
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Active
N$52.3M2023 auction proceeds (2024 volume down 14%)
Horse Mackerel Quota Auction
Annual practice since 2023 · Latest Round April 2024
Facing a national budget that had grown to N$74.7 billion, Namibia’s government auctioned horse mackerel quota directly rather than allocating it administratively, raising tens of millions of dollars a year for the treasury. Industry groups have pushed back on the practice becoming routine rather than an emergency measure, and a scorecard-based reform is meant to make future allocations more predictable.
Ministry of Fisheries and Marine ResourcesMinistry of Finance
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Completed
$300MAfDB loan · ~87.6% of project cost
Walvis Bay Port Expansion
Completed 2019 · African Development Bank Loan
A new container terminal built on 40 hectares of reclaimed land at the Port of Walvis Bay nearly tripled Namibia’s container capacity, from 355,000 to just over one million TEUs a year, financed primarily through a roughly $300 million African Development Bank loan. The expansion was designed explicitly to position Namibia as the logistics gateway for landlocked SADC neighbours including Zambia, Botswana, Zimbabwe and the DRC.
African Development BankNamport
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Pipeline
2027Targeted green hydrogen/ammonia export capacity
Walvis Bay Green Energy Export Hub
Targeted 2027 · Namport / Port of Antwerp-Bruges Partnership
Namport has partnered with the Port of Antwerp-Bruges to plan a dedicated green-energy export hub at Walvis Bay by 2027, intended to move green hydrogen and ammonia produced by projects like Hyphen out to global markets — layering an export-logistics bet directly on top of Namibia’s hydrogen bet.
NamportPort of Antwerp-Bruges
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Advocacy
N$21B2025 SACU receipts, down from N$28B in 2024
SACU Revenue-Sharing Dependency
FY2025 Receipts Down ~25% Year-on-Year
Southern African Customs Union transfers — Namibia’s share of the region’s pooled tariff and excise revenue — fell by roughly N$7 billion between 2024 and 2025 alone, a 25% drop driven by weaker regional trade and commodity prices. Analysts warn the swing exposes how exposed Namibia’s budget still is to an external, formula-driven revenue stream it does not control, intensifying the case for diversifying into hydrogen, oil and uranium receipts instead.
Southern African Customs UnionMinistry of Finance
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Completed
$750M5.25% coupon · Repaid via sinking fund + domestic banks
2025 $750M Eurobond Redemption
Issued 2015 · Repaid in Full 2025/26 Fiscal Year
Namibia’s second Eurobond, issued in 2015, was repaid in full without re-entering international capital markets: a sinking fund covered 59% of the obligation ($444 million), with three domestic banks — Standard Bank, FNB and Bank Windhoek/ABSA — covering the remaining gap. The repayment shifts Namibia’s debt stock toward an 85:15 domestic-to-foreign ratio, reducing currency risk.
Government of NamibiaStandard Bank NamibiaFNB NamibiaBank Windhoek
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Active
24%Equity stake acquired in Hyphen Hydrogen Energy
SDG Namibia One Fund Equity Stake in Hyphen
Agreed December 2023 · Finalized December 2024
SDG Namibia One — a blended-finance vehicle jointly managed by Climate Fund Managers, Dutch development institution Invest International and Namibia’s own Environmental Investment Fund, targeting $1 billion raised from public and private investors — agreed in December 2023, and finalized in December 2024, a 24% equity stake in Hyphen Hydrogen Energy itself, becoming one of the first funds anywhere structured to co-invest alongside a government in a gigawatt-scale green hydrogen project rather than only lending against it.
Climate Fund ManagersInvest InternationalEnvironmental Investment Fund of Namibia
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