BCTG Avocats assisted the Hydrogen France Group (HDF), an international developer and manufacturer of large-scale carbon-free hydrogen production infrastructures, in two operations in the Caribbean, on the island of Barbados and in Trinidad and Tobago. These projects are world firsts in the Caribbean.

In February 2022, the HDF group sold a majority stake to the French group Rubis, a company listed on Euronext Paris, specializing in the supply and distribution of energy and bitumen, in a company carrying a project worth more than US$100 million for the construction of a non-intermittent renewable energy power plant incorporating massive hydrogen storage in Barbados (Renewstable®). This transaction will enable the HDF and Rubis groups to strengthen their partnership and their international development strategy and thus occupy a strong market position in the Caribbean region.

In April 2022, the HDF group acquired a majority stake in NewGen, a company based in Trinidad and Tobago, which is developing a US$200 million project to build a decarbonized hydrogen plant. Once installed, the NewGen plant will be the world’s largest clean hydrogen production facility of its kind using a smart combination of renewable electricity and energy efficiency.

Clément Sabatier, partner in the Corporate/M&A department of BCTG Avocats, assisted Hydrogène de France (HDF), on these two transactions, in the drafting and negotiation of the due diligence, the Share Purchase Agreement (SPA) and the Share-holders agreement (SHA).

These are two major investment operations in the Caribbean for HDF, which will enable the launch of the first decarbonated hydrogen production plants and respond to the challenges of the transition in these territories.

A pioneer in the production of carbon-free hydrogen, Hydrogène de France (HDF) develops, finances, builds and operates multi-megawatt industrial electricity production infrastructures. HDF has designed Renewstable® power plants, which capture intermittent renewable energy and store it massively in the form of hydrogen in order to produce stable electricity, 24 hours a day, which can be controlled like a thermal power plant, at a competitive price. As an international player, HDF Energy is currently developing around 30 Renewstable® projects worldwide.