SPI fund is financed by the country’s Investments Program for the Future and managed by French investment bank, Bpifrance.

The new unit, which will focus on marine renewable energies, is also owned by Technip Group and BNP Paribas Development.

DCNS chairman and CEO Hervé Guillou said: “The creation of DCNS Energies is part of our strategic action plan, one of whose aims is to apply our technical expertise and generate growth in the employment areas of DCNS in France.

“I am convinced that DCNS Energies will successfully meet the technological and commercial challenges of the sector and achieve its ambition to become a world leader in the marine renewable energies industry.”

DCNS will focus on development and commercialize three technologies for the production of electricity from marine renewable energies (MRE) prior to moving on to the industrial phase in the near future.

The technologies include tidal turbine power that uses the kinetic energy of sea currents, Ocean Thermal Energy Conversion (OTEC) and offshore wind energy via semi-submersible floats.

SPI fund director Magali Joessel said: “A key success factor for us, DCNS Energies also benefits from the highly dynamic markets in France and abroad by taking key positions in development projects, particularly in tidal energy.”

For the new unit, a total of €100m will be provided in equity by the four shareholders.

Technip chairman and CEO Thierry Pilenko said: “Our expertise in design, construction and installation will be available to DCNS Energies, to optimize the development of their projects.”

DCNS will have majority stake in DCNS Energies while SPI fund owns 36% stake.

Image: DCNS Energies will focus on development of marine renewable energies. Photo: courtesy of DCNS.