LOC Renewables Buys Stake in French INNOSEA
LOC Renewables, a part of LOC Group, has acquired a 70% stake in INNOSEA, a marine energy engineering company based in Nantes, France.
Combined, LOC Renewables and INNOSEA will offer an array of services to support the offshore wind sector, ranging from the planning and permitting stages through to operation and maintenance of the completed farm.
INNOSEA will lead on services including site-specific wind turbine modelling, fixed and floating substructure design or package management and site surveys and investigations. Later on in the development cycle, LOC Renewables will take responsibility for services including Marine Warranty Surveys (MWS) during the transport and installation phases, cable installation and, in terms of long-term O&M management, vessel SIA/SSA and logistics design.
R.V. Ahilan, joint group chief executive of LOC, said: “Separately, LOC Renewables and INNOSEA have provided a range of comprehensive services to our clients working in the offshore renewables markets for many years.
“By acquiring INNOSEA, we are able to consolidate this offering ‘under one roof’, streamlining the process for our customers and furthering our strategy of ambitious growth in the renewables market. This acquisition, coming hard on the heels of our recent initiatives in geoscience and turbine engineering, enables LOC Renewables to provide a comprehensive capability, not only for complete early wind farm development but also for the integrated design that is so crucial to reducing costs in the sector.”
Hakim Mouslim, joint founder of INNOSEA, added: “This acquisition offers an exciting opportunity for both of our companies to accelerate our growth in the market, allowing us to extend the services we provide to our clients and to deliver these globally together with LOC Renewables. In turn, our expertise and leadership in the early stages of project development will complement LOC’s existing offering.”