DCNS, the European leader in the naval and defence industry, and the SPI fund (“Société de Projets Industriels”, or Industrial Projects Company), managed by Bpifrance for the French state as part of the Investments Programme for the Future (“Programme d’Investissements d’Avenir”), have announced the establishment of DCNS Energies, a new industrial player in the marine renewable energies sector, which is also supported by Technip Group and BNP Paribas Development.
DCNS Energies, majority owned by DCNS and 36% by the SPI fund of Bpifrance, will devote its activity to the industrial and commercial development of three technologies for the production of electricity from Marine Renewable Energies (MRE): tidal turbine power that uses the kinetic energy of sea currents, Ocean Thermal Energy Conversion (OTEC) and offshore wind energy via semi-submersible floats. DCNS Energies positions itself as a turnkey constructor of MRE plants for the French and export markets.
In addition to the contributions in terms of industrial facilities and intellectual property of DCNS, the four shareholders will provide a total of EUR 100 million in equity for DCNS Energies, which will also use financial leverage.
DCNS and DCNS Energies were advised by Gide, with partner Anne Tolila and associate Bruno Laffont on M&A aspects, partner Stéphane Hautbourg on competition law aspects, partner Stéphane Vernay and associate Alix Deffrennes on contract law aspects, and law firm Arsene Taxand with partners Denis Andres and Nicolas Jacquot on tax aspects.
SPI was advised by Willkie Farr & Gallagher on M&A and competition law aspects, and by law firm STC Partners tax aspects. Technip was advised by Clifford Chance on M&A and contract law aspects.