Tag Archives: Grant Thornton
Legal fight over Open Hydro continues
Local businesses left holding the bag for millions of dollars worth of work installing a tidal turbine in the Minas Passage want the Irish parent company to keep its hands off its bankrupt subsidiary’s remaining asset.,, The company was the Canadian subsidiary of Irish parent OpenHydro that went bankrupt days after a massive tidal turbine was installed in the Minas Passage. The Irish company’s bankruptcy occured after French defence firm Naval Energies, which had been bankrolling the project to the tune of hundreds of millions of dollars, pulled its funding. >click to read< 12:37
“That turbine was put down there in bad faith.” – Cape Sharp Tidal owner files for bankruptcy in Ireland
A week after a massive tidal turbine was placed in the Minas Passage, its owners have filed for bankruptcy. Local contractors, marine service companies, motels, fishermen and other business people are owed an undetermined amount of money. OpenHydro owns 97 per cent of Cape Sharp Tidal, with the remaining three percent owned by Emera, Nova Scotia Power’s parent company.,, Fishermen claim they were told the turbine would not be installed at the Force site in the Minas Passage until the close of the lobster season at the end of July. “They used all these local resources, hired all these local business people, drove right over all that local lobster gear and they never intended to pay nobody,” said Darren Porter, spokesman for the Fundy United Federation, a fishermen’s organization. One contractor, who didn’t want his named used, estimated that OneHydro owes “tens of millions of dollars” to local companies. >click to read<22:11
