DCNS launches marine renewables subsidiary

French naval and defense specialist DCNS and Bpifrance have established a new company dedicated to marine renewable energies called DCNS Energies.

DCNS Energies is 55% owned by DCNS, followed by the public investment bank Bpifrance which has a stake of 36% through its SPI fund, while the remaining 9% are held by Technip Group and BNP Paribas Development.

In addition to the contributions in terms of industrial facilities and intellectual property of DCNS, the four shareholders will provide a total of €100 million in equity for DCNS Energies, which will also use financial leverage.

DCNS Energies, launched today, January 6, 2017, will devote its activities to accelerate the development of marine renewable energy sector by bringing tidal energy, ocean thermal energy conversion (OTEC) and floating offshore wind technologies to full maturity.

The newly established company also has significant potential for creating jobs in the areas of Brest, Nantes and Cherbourg, DCNC Energies said.

Hervé Guillou, Chairman and CEO of DCNS, said: “The creation of DCNS Energies is part of our strategic action plan, one of whose aims is to apply our technical expertise and generate growth in the employment areas of DCNS in France. By positioning ourselves in the fast-emerging market of MREs, the partnership with Bpifrance, Technip and BNP Paribas will allow us to develop a French sector that creates jobs and added value on a global scale.”

DCNS’ Irish-based subsidiary focused on tidal energy developments, OpenHydro, has become a part of DCNS Energies.

When it comes to the expectations for 2017, DCNS Energies plans to capitalize on the experiences from operating two demonstration tidal farms – the Paimpol-Bréhat tidal array in France, and another one in Canada being developed by Cape Sharp Tidal, a joint venture between OpenHydro and Emera.

Also, DCNS Energies this year expects to launch the first tidal turbine assembly plant currently under construction in Cherbourg, and secure orders for pilot tidal farms to be built in France, United Kingdom and Canada.

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