Rolls-Royce sells tidal power business to Alstom

ROLLS-ROYCE is to sell off one of its subsidiaries to engineering group Alstom in an undisclosed deal.

The global power-systems company has agreed a deal with Alstom over the sale of Bristol-based Tidal Generation Ltd (TGL).
 
TGL designs, develops and manufactures tidal turbine technologies which harness the reliable and predictable energy of tidal streams to generate electricity.
 
The sale is expected to complete within the next few months, subject to closing conditions.
 
The deal to sell TGL has been agreed with Alstom UK Holdings Ltd, a wholly owned subsidiary of Alstom.

TGL is a wholly owned subsidiary of Rolls-Royce Holdings that is managed and reported in the Energy business segment.

In September 2010 TGL’s 500kWe tidal stream turbine concept demonstrator unit was deployed at the European Marine Energy Centre’s (EMEC) offshore test site, off the Orkney Islands in Scotland, and generated over 200 megawatt hours of electricity supply to the grid. It was the first EMEC located project to receive Renewable Obligation Certificates.

As part of the ReDAPT (Reliable Data Acquisition Platform for Tidal) consortium project, which is commissioned and co-funded by the Energy Technologies Institute, TGL’s 1MWe tidal stream turbine is currently being installed off Orkney and will be tested in various operational conditions over a two year period.

As at December 31, 2011, TGL had gross assets of £10.6m.