Tocardo targets €5 million through bonds issue
- Business & Finance
Tocardo Tidal Power is looking to raise €5 million through bonds issue to support the delivery of its project pipeline.
Tocardo has issued tradable bonds to finance the required working capital for the delivery of its project pipeline on May 8, 2017, on the Dutch financial institution’s Van Lanschot listings site.
The nominal value per bond has been set to €10,000, with minimum subscription of 10 bonds, at an annual interest rate of 7%, according to the Dutch tidal turbines manufacturer and projects developer Tocardo.
Hans van Breugel, Tocardo’s Chief Executive Officer, said: “The funds will be used as a working capital to grow the company into further commercialization. We’re finalizing projects in the UK, Canada and the Netherlands, and working towards full commercial sales of Tocardo’s turbines.”
Van Breugel added that the tidal energy market is becoming commercial, but the sector still needs the support from respective governments to reach full commercialization.
In addition, Tocardo has organized an introductory event for the interested investors, which will be held on May 29, 2017, at the NEMO Science Museum in Amsterdam.
During this event, Hans van Breugel will give an overview of Tocardo’s expectations in relation to the issue of bonds, while the company’s Chief Technical Officer, Pieter de Haas, will provide more information about Tocardo’s tidal technology.
To date, Tocardo has acquired exclusive rights for the development of 5 tidal energy projects in the United Kingdom, Canada, and in the Netherlands.
The projects are expected to be installed within the next 2 to 5 years, comprising around 245 installed turbines with an energy-generating potential of 59MW.