independent

Saturday 19 April 2014

French defence giant buys control of Irish wave energy firm OpenHydro

A FRENCH defence conglomerate is to take control of a Dublin-based tidal energy company.

DCNS, which is one of the biggest player in the defence and energy markets in France, is to take majority control in OpenHydro.



The deal, which has been mooted for some time, will see DCNS take 59.7pc control of the Irish firm.



The company will do the deal through a mixture of buying shares in the company and issuing new share capital. All in all DCNS will invest around €120m.



DCNS chairman Patrick Boussier said the move was a natural fit for the two companies.



“We have been looking to invest in green energy for sometime and OpenHydro gives us that opportunity,” he said.



OpenHydro chief executive James Ives said the deal will give his company the firepower to expand its business in the years ahead.



“This deal will allow us to grow as a company and will give us the ability to expand the business both in Ireland and in our markets abroad.



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