Naval Energies has filed a petition with the High Court in Ireland for the liquidation of OpenHydro Group Limited and OpenHydro Technologies Limited, majority owner of the Cape Sharp Tidal demonstration project in the Bay of Fundy, Nova Scotia, eastern Canada. The Court appointed a provisional liquidator, Grant Thornton.
Naval Energies has also announced its decision to stop investing in the field of tidal turbines, due to the deterioration of the market. The company believes that maintaining its investments in the current climate would have led to the consumption of the company’s resources and thus weakened Naval Energies as a global actor in the Ocean Energy sector.
In the future, Naval Energies will focus its development on Floating Offshore Wind (FOW) and Ocean Thermal Energy Conversion (OTEC) technologies, which are receiving support from the public authorities.
Country updates
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July 25, 2018
Cape Sharp Tidal deploys 2 MW turbine in Nova Scotia
Naval Energies has announced that Cape Sharp Tidal, a joint venture between its subsidiary OpenHydro and Emera Inc, has successfully deployed an in-stream tidal turbine and connected i...
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July 20, 2018
CAD100 million as compensation for White Pines
Wpd seeks to receive up to CAD 100 million (USD 75.4m) as compensation for the cancellation of the almost completed 18.45 MW White Pines wind project located in Ontario, Canada. Ontario m...
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July 12, 2018
Boralex closes public offering and private placement to fund acquisition of stakes in 392 MW wind projects
Boralex Inc. has announced that it has closed its previously announced public offering of subscription receipts for gross proceeds of approximately CAD207 million (US$157.0 million), which includ...
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July 09, 2018
Enbridge and Brookfield agree US$3.3 billion natural gas sale
Enbridge Inc. has entered into definitive agreements to sell its natural gas gathering and processing (G&P) business based in Canada to Brookfield Infrastructure and its institution...
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June 25, 2018
Pomerleau sold a minority stake to La Caisse de Depot el Placement du Quebec
Pomerleau sold a minority stake to La Caisse de Depot el Placement du Quebec. The investment is said to facilitate Pomerleau´s plans for expansion in the future
