Barbados, November 9, 2023- Hydrogène de France (HDF Energy), leading developer of large-scale green hydrogen infrastructure and high-power fuel cell manufacturer, is pleased to announce that the Renewstable® Barbados project (RSB) has secured the provision of up to US $41 million from th Contact online >>
Barbados, November 9, 2023 - Hydrogène de France (HDF Energy), leading developer of large-scale green hydrogen infrastructure and high-power fuel cell manufacturer, is pleased to announce that the Renewstable® Barbados project (RSB) has secured the provision of up to US $41 million from the Green Climate Fund (GCF). This concessional financing supports the International Finance Corporation (IFC) proposed investment in this large-scale hydrogen power plant project. It is designed to deliver stable power 24/7 to the grid with no intermittency, combining 50 MW of solar power and 120 MWh of storage using green hydrogen and batteries.
RSB''s success in securing this financing marks the first time GCF is supporting an IFC investment through the provision of concessional financing. It is also the first green hydrogen project to ever secure provision of financing from the GCF.
The project is set to contribute to the Government of Barbados'' policy goals, which include a 44% reduction in greenhouse gas (GHG) emissions and a complete transition to 100% renewable energy sources by 2030. Notably, RSB will deliver non-intermittent, carbon-free, and renewable electrical power to the national grid in a stable form, day and night, supplying approximately 45 000 residential customers. The project is expected to have a significant impact on GHG emissions mitigation (avoiding 693,000 tonnes of CO2 emissions over the lifetime of the project), reducing the country''s dependence on expensive and volatile fuel imports, while increasing the resilience of the grid.
“This proposed investment offers a solution that can be replicated in Barbados and other small island states, ensuring their prosperity while increasing their resilience to climate events." said Henry Gonzelez, Deputy Executive Director, GCF.
In lauding the progress of the RSB project and its critical relevance to Barbados at this juncture of the country''s energy transition, Thibault Menage, VP for HDF Caribbean, declared that: “this is an important step for Renewstable® Barbados as this concessional financing enables a more competitive debt for the project in an environment where the cost of capital keeps increasing. And this ultimately results in a cost benefit for the local electricity consumers. It also validates that our local development team, hand in hand with the financiers, is delivering to the highest standards.”
Other features of the RSB project include a sheep farm facility, as part of the project''s dual agricultural usage, to support sustainable agricultural and agrivoltaic development. This comes with the added expectancy of creating 150 jobs during the project construction phase and an additional 20 jobs during the operations and maintenance phase of the project.
GCF selected fifteen project proposals for financing on October 25th at its 37th Board Meeting in Tbilisi, Georgia. The RSB proposal was one of two private sector projects from the Caribbean to be awarded.
For more information on the RSB project, feel free to visit the project website at
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HDF Energy (Hydrogène de France), global leader in hydrogen energy solutions, announced the launch of its newest office based in Barbados with a ribbon cutting and opening ceremony, at its Hastings location. This expansion establishes Barbados as a regional hub for green hydrogen development and underscores the company''s commitment to supporting regional efforts to enhance energy security, unlock climate finance, and accelerate the transition to low-carbon, green energy systems across the Caribbean.
Speaking at the launch ceremony, highlighting the importance of collaboration and the critical need for integrated strategies and unified efforts to address energy challenges, leverage economies of scale, and drive sustainable growth across the Caribbean. Senator the Honourable Lisa Cummins, Minister of Energy and Business Development, noted, "The procurement, the investment, and the approaches towards renewable development in this Caribbean region have to be pooled. They have to be aggregated. We have to be able to use those learnings, anchored in people, create financial instruments that support regionalization of energy production, energy procurement, energy integration. This is a conversation that we in the region must have."
This emphasis on regional integration and collaboration, combined with a focus on local participation, aligns directly with HDF''s work in the region. Commenting on the move to Barbados, Mr. Thibault Ménage, VP USA & Caribbean, HDF Energy, stated, "The establishment of HDF''s Caribbean office represents our commitment to contributing to the region''s clean energy transition," Ménage stated, adding that "by providing a dedicated hub for RE innovation and collaboration, we aim to strengthen regional energy independence and accelerate progress toward shared decarbonisation goals."
As a leading energy innovator, HDF''s presence in Barbados will not only provide opportunities for skilled and unskilled workers but will also expand the local knowledge base. Through targeted knowledge-sharing initiatives and training programs, HDF will build local capacity, equipping Barbados and the broader Caribbean region to lead in renewable energy innovation.
For more information on the Renewstable® Barbados project feel free to visit the project website at https://
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HDF Energy has found a unique solution to capitalise on the available resources in the most efficient way possible, leveraging the advantages of green hydrogen. In their Renewstable® Barbados (RSB) project, they combine solar energy generation, leading-edge hydrogen storage and animal farming, thus aligning economic, environmental and social benefits.
Typical to innovative business models, HDF Energy faced initial challenges including identification of financiers and navigating the local regulatory terrain. The financial regulatory environment posed additional challenges with respect to currency convertibility and repatriation.
Throughout this journey, the GET vest Finance Catalyst provided instrumental support to HDF Energy in shifting focus to the local sphere and identify and approach financiers and equity investors including ElectriFI.
In particular, the GET vest advisors have provided on-going targeted assistance regarding international best practices in dual-use solar/agri projects, including additional legal support towards local land-owner contractual Memorandum of Understanding discussions.
With this support in preparing the project setup, the Renewstable® Barbados project could eventually reach financial close as it welcomed Rubis Caribbean Holding as a new majority shareholder in February 2022. The financial close of the project is envisioned for Q2 2023.
Beyond that, HDF Energy is having discussions with various stakeholders on how to further add value and develop the project that will be key in demonstrating the hydrogen potential for island states, while addressing land scarcity issues and breaking down the energy and food silos through an integrative approach. Above all, 16,000 people will gain access to clean and reliable electricity, stimulating decarbonisation in the Caribbean.
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