The European Investment Bank (EIB) and Hydrogène de France (HDF Energy), a manufacturer of fuel cells and hydrogen power plants, have formalized their collaboration to build a green hydrogen power plant in Swakopmund, Namibia.

Namibia will be able to cut the cost of electricity for end users thanks to the new EIB partnership with HDF Energy for the Renewable Swakopmund power plant. Additionally, it jumpstarts Namibia’s technical green hydrogen talent development and green hydrogen investment execution.

Once it is up and running, the power plant will increase local clean electricity production, offer grid support services, and directly contribute to Namibia’s security of supply for electricity.

Separately, Ursula von der Leyen, president of the European Commission, and Dr. Hage Geingob, president of Namibia, established a new sovereign financing facility worth €500 million to advance the nation’s green hydrogen industry.

The twenty-seventh Conference of the Parties (COP27), which is now taking place in Egypt, is where the green hydrogen collaboration was launched.