HDF Energy Acquires Rubis's Stake and Becomes Sole Owner of Its Hydrogen Project in Barbados
Now the sole shareholder of Renewstable Barbados, the Bordeaux-based group is now solely overseeing an electric power plant project valued at over 100 million dollars.
Rubis Exits Capital, HDF Energy Targets Financial Close
Hydrogen from France, operating under the name HDF Energy, finalized on October 15, 2026 the acquisition of shares held by Rubis in Renewstable (Barbados) Inc. This company, designated by the acronym RSB, carries the group's hydrogen power plant project in Barbados. The transaction was made public on October 23, 2026.
This move closes a phase that opened in 2022, the year when Rubis became the main shareholder of RSB. The project thus changes configuration: it is no longer backed by an external lead shareholder, but is entirely owned by HDF Energy. The group reaffirmed its commitment and indicated its desire to see it through to financial close, then to construction and commissioning.
This roadmap comes with explicit conditions. Each milestone remains subject to obtaining the necessary regulatory approvals as well as other conditions required by the project. Financial close corresponds to the moment when all project financing is secured, which allows construction to commence.
The next milestone identified by the group falls within the purview of local authorities. HDF Energy awaits the Barbados government's decision on the project's tariff, which it presents as an important step in its development. For an electricity generation facility, this tariff generally sets the remuneration for electricity produced, a key parameter for the future financial structure.
Solar and Hydrogen to Replace 13 MW of Fossil Fuel-Based Electricity Production
The selected site is located in St Philip, in the southeast of the island. The power plant will combine solar production, which is intermittent by nature, with energy storage in the form of green hydrogen. This coupling should enable the supply of non-intermittent, stable and guaranteed renewable electricity.
According to HDF Energy, production will cover the equivalent of the needs of 18,000 inhabitants. It will replace 13 MW of production powered by imported fossil fuels. For this island territory, the project thus addresses both the decarbonization of electricity production and reduced reliance on imported hydrocarbons.
Fuel cells manufactured by HDF Energy generate electricity from hydrogen, and the group presents them as the most strategic component of its power plants and heavy-duty mobility solutions. They will be produced at its facility located near Bordeaux. Power plants of the Renewstable model are based on this combination of intermittent renewable energy and hydrogen storage.
An Implementation of the CEOG Model Undertaken in French Guiana
RSB duplicates the CEOG model, the first Renewstable power plant, currently under construction in French Guiana. Barbados thus constitutes an implementation, in the Caribbean, of a scheme that the group has already undertaken on the ground. HDF Energy, listed on Euronext Paris since 2021, relies on regional subsidiaries in Latin America, the Caribbean, Africa and Asia-Pacific.
The announcement follows the presentation, on September 23, 2026, of the group's half-year results. Hydrogen from France had then reported a net loss reduced to 4 million euros in the first half of 2026, as well as the materialization of its industrial project financed under the European IPCEI program.
