Shareholders step in to save OpenHydro

The High Court of Ireland has reportedly appointed an interim examiner for the OpenHydro group of companies in a move instigated by group’s shareholders with the aim to save the firm from sinking.

The Irish court has appointed Ken Fennell – a partner in the restructuring services at Deloitte Ireland – as an interim examiner for the Ireland-based OpenHydro following the release of an independent expert report that said the business could avoid liquidation if certain measures are implemented, the Irish media have reported.

According to media reports, the shareholders – which requested that OpenHydro group of companies be put under examinership – said that appointing an interim examiner could benefit the group and would not prejudice any party involved in the process.

To remind, the High Court of Ireland had previously appointed provisional liquidators for the OpenHydro companies whose debts have been reported to have reached €280 million.

Meanwhile, following the announcement of the OpenHydro’s liquidation request – filed by the company’s parent company Naval Energies – a joint venture OpenHydro formed with Canadian energy company Emera under the name of Cape Sharp Tidal broke apart as the Canadian partner decided to withdraw from the joint enterprise.

Emera said the joint venture no longer represented ‘the value’ for its business. Cape Sharp Tidal broke apart just weeks after it successfully deployed a 2MW OpenHydro tidal turbine in the Bay of Fundy in Canada.