International law firm Pinsent Masons has advised Alstom on the acquisition of Tidal Generation Limited (TGL), from Rolls-Royce Plc.
TGL designs, develops and manufactures tidal stream turbines for the capture and conversion of tidal energy to electrical power and is currently operating a 500kWe concept demonstrator unit at The European Marine Energy Centre (EMEC) Tidal site in Orkney. TGL is also developing the next generation 1MWe tidal stream turbine, under the ReDAPT (Reliable Data Acquisition Platform for Tidal) consortium project with the Energy Technologies Institute and others. Alstom’s acquisition of TGL is expected to be completed within the next few months, subject to the satisfaction of closing conditions.
This acquisition reinforces Alstom’s position in renewable power as the company with the broadest and most complete range of products and systems, from hydro to wind, geothermal, biomass and solar and will complement Alstom’s on-going research and development activities on ocean energies that are based in Nantes, France.
The Pinsent Masons team comprised corporate partner John Tyerman, Senior Associate Jayson Marks, legal Director Louise Fullwood.
John Tyerman commented: “We are delighted to have been able to advise Alstom on this strategically important acquisition which places Alstom in a fantastic position. Tidal stream power can make an important contribution to the UK’s renewable energy mix, with the Carbon Trust having estimated that 20.6 TWh could be generated per year from 30 key sites in the UK. The technology will also be of global application and so could generate employment and exports for the UK.”
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Press release, October 02, 2012; Image: Tidal Generation Limited