Tocardo agrees Canadian takeover

Canadian energy project developer Tribute Resources has agreed the takeover of Dutch tidal outfit Tocardo.

Tribute will acquire 100% control via a share swap arrangement for the remaining shares in Tocardo having acquired a 46.5% stake in July 2016. 

Tribute said the short-term objective of the re-organized corporation will be a first deployment in late 2018 of Tocardo’s semi-submersible Universal Foundation System equipped with five turbines.

“A top priority on short term financing has been agreed…to raise within two weeks approximately C$1.5m for Tocardo and $700,000 for Tribute to allow an upscaling of engineering activities and to allow Tocardo to move forward with its business opportunities,” it added.

Tribute aims to raise the funding by the sale of interests in Minas Tidal, which owns an up to 4MW tidal project at Berth A in the Fundy Ocean Resource Center for Energy (FORCE) in the Bay of Fundy, Nova Scotia.

The FORCE project has a 15-year power purchase contract with Nova Scotia Power at C$0.53 per kilowatt-hour.

Tocardo intends to deploy a 1.2MW UFS at Orkney’s European Marine Energy Centre.

The Ontario company said its primary business would henceforth be focused on marine energy development.

Tribute’s board of directors will include four members from Tribute and three from Tocardo. The agreement also allows for a name change to Tocardo Energy.

Tocardo’s offices and staff will remain in Den Oever following the completion of the share exchange due on or around 30 September.

Image: Eastern Scheldt tidal project (Tocardo)