The SDG Namibia One Fund, managed by Climate Fund Managers, has signed a development funding agreement with Zhero Europe to accelerate the Zhero Molecules Walvis Bay Project—an industrial-scale green ammonia facility in Namibia.
Under the agreement, the fund will provide up to $5.15 million to support Zhero in completing critical development and feasibility activities required to advance the project toward a final investment decision (FID) by 2027. Commercial operations are projected to commence in 2030, positioning Namibia as a key player in the global green hydrogen and ammonia market.
Darron Johnson, Regional Head for Africa at Climate Fund Managers, emphasized the strategic alignment of the project:
Zhero’s project strongly supports Namibia’s ambition to build a competitive green hydrogen and ammonia industry, as well as the mandate of our SDG Namibia One Fund. The site offers exceptional solar resources, abundant land, and direct access to deep-water export infrastructure at Walvis Bay—ideal conditions for industrial-scale green ammonia production. Through our blended finance structure, SDG Namibia One is providing early-stage development capital alongside Zhero to de-risk the project and prepare it for financial close, creating the conditions for private capital to invest at scale during construction. We look forward to working with Zhero to bring this project from development through to operation.
Paolo Gallieri, Chief Operating Officer at Zhero, highlighted the significance of the partnership:
This development funding from SDG Namibia One complements our own investment and is pivotal to the success of this venture. The Fund’s deep understanding of Namibia’s ecosystem and its blended-finance model make this partnership invaluable. Namibia has the natural resources, strategic location, and national vision to become a global leader in green ammonia and hydrogen. With this support, we are strengthening our ability to deliver a world-class facility that attracts long-term investment, creates economic opportunities, and contributes to global decarbonization efforts.
