Green hydrogen: Alweendo defends protecting investor contracts
Mines and energy minister Tom Alweendo says it would reflect poorly on Namibia if commercial agreements signed between government and investors were made public.
In fact, any country that does not respect the confidentiality of commercial agreements risks losing investors. He was responding to the perceived secrecy around the agreement signed between government and Hyphen Energy for the much-touted green hydrogen project in ||Karas Region.
Both Hyphen and government have insisted that revealing the actual agreement between the two parties is not the norm anywhere in the world, and they, therefore, will not be cowed into revealing theirs.
Safeguard investor trust
Speaking last week in Windhoek, Alweendo said government’s responsibility is to share with the public what the project means for the country, something he says is already being done.
"There have been so many public engagements on green hydrogen – regional engagements that we have had because of the importance of the project.
"People are asking what the commercial details of the investment are. But you’ll understand that nobody will invest in your country if [their] investment details are known by everybody," he cautioned.
Protecting Namibia's competitive edge
Alweendo remarked further that if commercial agreements are made public, they can be exploited by competitors.
"I have people competing with me, and here I am signing an agreement with you, and you go on and tell everybody, ‘here is the agreement’," the minister told the press.
"Now the other person who must come and negotiate with government would know exactly what I’ve negotiated [with the other party]. How does that make us look as a country where every commercial agreement is known by everybody?"
"Commercial agreements remain between the people who signed them."
Investment deal
Government has confirmed that it will take up a 24% equity stake in a US$10 billion green hydrogen project, with finance minister Iipumbu Shiimi saying the decision to take up the position in the project followed on from the finalisation of agreements for the establishment of SDG Namibia One.
SDG Namibia One is a blended financing infrastructure fund that will raise money from local and international investors to develop Namibian green hydrogen projects.
Namibia and Hyphen Hydrogen Energy signed the feasibility and implementation agreement (FIA) for the green hydrogen project at State House last month.
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In fact, any country that does not respect the confidentiality of commercial agreements risks losing investors. He was responding to the perceived secrecy around the agreement signed between government and Hyphen Energy for the much-touted green hydrogen project in ||Karas Region.
Both Hyphen and government have insisted that revealing the actual agreement between the two parties is not the norm anywhere in the world, and they, therefore, will not be cowed into revealing theirs.
Safeguard investor trust
Speaking last week in Windhoek, Alweendo said government’s responsibility is to share with the public what the project means for the country, something he says is already being done.
"There have been so many public engagements on green hydrogen – regional engagements that we have had because of the importance of the project.
"People are asking what the commercial details of the investment are. But you’ll understand that nobody will invest in your country if [their] investment details are known by everybody," he cautioned.
Protecting Namibia's competitive edge
Alweendo remarked further that if commercial agreements are made public, they can be exploited by competitors.
"I have people competing with me, and here I am signing an agreement with you, and you go on and tell everybody, ‘here is the agreement’," the minister told the press.
"Now the other person who must come and negotiate with government would know exactly what I’ve negotiated [with the other party]. How does that make us look as a country where every commercial agreement is known by everybody?"
"Commercial agreements remain between the people who signed them."
Investment deal
Government has confirmed that it will take up a 24% equity stake in a US$10 billion green hydrogen project, with finance minister Iipumbu Shiimi saying the decision to take up the position in the project followed on from the finalisation of agreements for the establishment of SDG Namibia One.
SDG Namibia One is a blended financing infrastructure fund that will raise money from local and international investors to develop Namibian green hydrogen projects.
Namibia and Hyphen Hydrogen Energy signed the feasibility and implementation agreement (FIA) for the green hydrogen project at State House last month.
[email protected]
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