The Tidal Bridge joint venture of Strukton International and Dutch Expansion Capital (DEC) was established in 2015 to develop floating power plants that convert tidal energy into electricity. Strukton has now transferred its shares in Tidal Bridge to BAM.
Tidal Bridge began a feasibility study last year for the US$225m Palmerah Tidal Bridge project on the Indonesian island of Flores (link opens in new tab). Turbines beneath the bridge will generate up to 30MW from the tidal movements, providing electricity for over 100,000 people in the region.
The share transfer is related to a strategic decision by Strukton to discontinue its activities in the Indonesian market. “With this step and transfer of shares, Strukton wants to preserve the current opportunities in Indonesia for Tidal Bridge and provide space for new opportunities and developments,” it said.
BAM International has been active as a contractor in Indonesia since 1970 and the acquisition is in line with its strategic objectives in international nearshore construction.
