The sale is expected to complete within the next few months, subject to closing conditions.
About Tidal Generation Ltd. (TGL)
1. Rolls-Royce will sell TGL to Alstom UK Holdings Ltd, a wholly owned subsidiary of Alstom.
2. TGL is a wholly owned subsidiary of Rolls-Royce Holdings plc that is managed and reported in the Energy business segment.
3. 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.
4. 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.
5. As at 31 December 2011, TGL had gross assets of £10.6M.
Rolls-Royce provides power systems and services for use on land, at sea and in the air, and has established a strong position in global markets - civil aerospace, defence aerospace, marine and energy.
Alstom is a leader in the world of power generation, power transmission and rail infrastructure and sets a benchmark for innovative and environmentally friendly technologies.