Germany Weighs Aid For €10 Billion Hydrogen Plant in Namibia [BNN Bloomberg (Canada)]
RWE AG ORD S/ADR (RWEOY)
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Source: BNN Bloomberg
The country's state-backed development bank KfW is currently in talks with the Namibian government and the German-South African consortium Hyphen Hydrogen Energy about a possible state guarantee or loan, the people said, asking not to be identified as the discussions are private. German Economy Minister Robert Habeck hinted at financial support for the project during a visit to Windhoek on Monday, where he said “the investment sum of around 10 billion euros almost equals the annual gross national product of Namibia.” The project, which will be located near the old colonial port town of Luederitz, will use solar and wind power for the production of green hydrogen which would then be turned into ammonia and shipped to Germany. Namibia's Skeleton Coast on the Atlantic Ocean is ideal for green-hydrogen production due to an abundance of sun and wind. Countries in Europe and particularly Germany are racing to secure alternative sources of energy from across the globe after a shortfal
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