French firm to take control of Openhydro
French nuclear technology and defence giant DCNS yesterday confirmed that it intends to take up its option to take control of Openhydro, in a move valuing the Irish tidal energy company at €175 million.
DCNS already owns 11 per cent of Openhydro, which designs and manufactures turbines for converting tidal power to electricity.
Early last year, DCNS bought an initial 8 per cent stake in the company, valuing it at €175 million. The deal included a provision allowing it to exercise an option to take a controlling interest in the business.
Reports this week indicated that DCNS’s valuation of Openhydro is likely to remain at €175 million.
It refused to say if it will simply increase its stake to 51 per cent, take a larger shareholding or simply buy out the remaining 89 per cent of the business.
Openhydro’s backers include its chairman and founder, Brendan Gilmore, and the troubled diversified investment group One51, which has stakes in a number of green energy and waste management companies.
The French state is the biggest shareholder in DCNS, which is one of the world’s leading designers of submarines.