South Africa: Hive Hydrogen Secures $20M for Coega Green Ammonia Project

The SA-H2 Fund has committed up to $20 million in development financing for the final stages of the Hive Hydrogen Green Ammonia Project in South Africa.

The project – currently under development in the Coega Special Economic Zone in Nelson Mandela Bay – is being led by Hive Hydrogen South Africa, a joint venture between renewables developer Hive Energy and non-profit organization BuiltAfrica. The SA-H2 Fund is a blended finance facility managed by Climate Fund Managers (CFM) and Invest International.

The $20 million in funding will support front-end engineering and design, engineering, procurement and construction planning, stage permitting and environmental and social impact assessments.

“By deploying public capital to absorb early-stage risk, our blended finance model enables private capital to invest in the construction of this pioneering green ammonia plant on terms aligned with their mandates, accelerating the global energy transition,” said Sebastiaan Surie, Head of New Ventures, CFM.

The agreement also grants the SA-H2 Fund the right to participate in future construction financing of up to $200 million, with financial close expected in the second half of 2026 and commercial operations projected to begin in 2029.

The Coega facility will be powered by 3.6 GW of renewable energy, comprising 2.4 GW of wind and 1.2 GW of solar, and will feature a 1.2 GW electrolyzer, desalination and air separation units, bulk storage and export infrastructure.

Once operational, the plant is expected to produce one million tons of green ammonia annually, while avoiding approximately 2.6 million tons of CO₂ emissions each year. The project will also facilitate the connection of up to 20 GW of additional renewable energy to South Africa’s national grid.