Africa-Press – Namibia. <\/strong><\/span>The Affirmative Repositioning Movement, under the leadership of its activist, Job Amupanda, has demanded that Hyphen Hydrogen Energy immediately waives a payment requirement for government to obtain a 24% equity stake in the green hydrogen project. This is according to a letter of demand from the law firm of Kadhila Amoomo Legal Practitioners, acting on behalf of AR.<\/p>\nIn a letter dated 23 June 2023, Amupanda through the law firm demands all negotiation proceedings, contractual formulations and agreements be made available to the public or to Parliament.<\/p>\n
Hyphen, is the preferred bidder for Namibia\u2019s first-ever large-scale vertically integrated green hydrogen project.<\/p>\n
\u201cIt is further our instructions to demand, as we hereby do, that the said 24% stake be awarded to government at zero costs. We are also instructed to demand, negotiation proceedings should be made public, for a comprehensive engagement and consultation and for any representations to be made by any interested party in as far as this project is concerned,\u201d reads the letter seen by New Era. Upon client instruction, the law firm further demanded Hyphen provides a courtesy of a reply in response to the demands on or before 15 July 2023. Failure to respond, the letter stated AR will pursue court proceedings against Hyphen and the Namibian government.<\/p>\n
\u201cOur client will also be unleashing and leading social widespread protests against Hyphen and the government of Namibia,<\/p>\n
should the above concerns not be addressed to the satisfaction of our client,\u201d the demand clarifies.<\/p>\n
In a bid to explain government\u2019s decision to exercise its right to take up a 24% stake in the Hyphen project at historical cost, James Mnyupe, Namibia\u2019s green hydrogen commissioner, who doubles as presidential economic adviser, said significant amounts of capital required to establish the green hydrogen industry, the call for free entrance reduces the competitiveness of Namibia\u2019s green hydrogen industry. This, he said, is particularly so when other competing countries are not making similar requests.<\/p>\n
Mnyupe earlier this week added that \u201cfree carry\u201d in turn reduces the returns available for private investors, as this capital still needs to be paid for by someone. The effect of a free carry, he noted, is relatively benign for sectors,<\/p>\n
which require relatively small capital<\/p>\n
investments.<\/p>\n
Free carried interest is defined as \u201cthe interest derived from holding shares of which the holder enjoys all the rights of a shareholder but has no obligation to subscribe or contribute equity capital for the shares\u201d.<\/p>\n
Mnyupe added that those calling for free carry are doing so without due consideration of Namibia\u2019s revenue earned from land rental, royalties from green hydrogen sales and taxes, on top of the job-creation and localisation<\/p>\n
targets the project has been tasked with delivering.<\/p>\n
He then provided assurance that government negotiated well to maximise the benefits<\/p>\n
Namibia will receive from the establishment of its green hydrogen industry, ensuring that a combination of fixed and variable revenue streams are secured. These also include environmental levies and dividends from any equity stake government could still potentially hold.<\/p>\n
Moreover, AR is accusing the negotiating parties of keeping Parliament and thus the public in the dark regarding the intricacies of the negotiations, formulations and finalisation of the green hydrogen agreement. Landless People\u2019s Movement (LPM) parliamentarian Henny Seibeb this month tabled a motion in the National Assembly noting concerns about the green hydrogen project pace and the lack of parliamentary consultation.<\/p>\n
The motion questioned how the Green Hydrogen Council expects to introduce a synthetic fuel bill and to promulgate the legislation when parliamentarians, specifically relevant clusters on economic affairs and natural resources, have not been properly engaged or informed.<\/p>\n
In response, National Planning Commission director general, Obeth Kandjoze, also<\/p>\n
Namibia\u2019s Green Hydrogen Council chairperson, emphasised the green hydrogen project is executive in nature. Thus, he said, the Executive took it upon itself to race the project through to bring it to fruition.<\/p>\n
\u201cThis is an executive project, so the Executive did some significant amount of public engagements but not as wide as we could, that we should admit. We still are going to go back to the public. So, from ground zero where we started, and in 18 months, we have a phenomenal agreement. In my mind, we started from almost nothing. Rome was not built in a day, just like green hydrogen would not be built in a day,\u201d said Kandjoze.<\/p>\n
For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Maihapa Ndjavera Africa-Press – Namibia. The Affirmative Repositioning Movement, under the leadership of its activist, Job Amupanda, has demanded that Hyphen Hydrogen Energy immediately waives a payment requirement for government to obtain a 24% equity stake in the green hydrogen project. This is according to a letter of demand from the law firm of Kadhila […]<\/p>\n","protected":false},"author":84,"featured_media":48200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-48202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\n
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