Tribute Resources takes stake in Tocardo
- Business & Finance
Canadian energy company Tribute Resources has taken a 46.5% stake in Tocardo after its parent company Huisman sold its shares.
Tribute has acquired all of Huisman share interest, being 66.5 % of the outstanding Tocardo shares for consideration of €100,000 plus an agreement by Tocardo to assume loans to Huisman totaling €12 million over a 10 year period payable as a royalty on future turbine sales, Tribute informed.
Tribute made an agreement with Tocardo to redistribute 20% of the shares to Tocardo’s management, in consideration for all past obligations owing in the amount of €45,000. As such, the net shares being acquired by Tribute represent a 46.5% interest in Tocardo.
Huisman, a Dutch specialist in lifting, drilling and subsea solutions, purchased a majority stake in Tocardo in 2014. Huisman said the transaction is consistent with its strategy to divest activities in non-core businesses.
Speaking on behalf of the Huisman Board, Joop Roodenburg said: “We are pleased that we have reached an agreement with Tribute Resources. This transaction will allow us to focus on our core activities and markets.”
The Netherlands-based tidal turbine manufacturer and project developer, Tocardo, owns the exclusive project development rights for 3 projects in the UK and the Netherlands, expected to be installed over the next 3 years, with a combined potential of 24MW.
The two companies have also agreed to work together for a minimum period of 5 years to jointly execute the business plan, with over 90MW of projects already identified for installation, Tribute said.
As reported earlier, Tocardo has recently teamed up with Minas Energy, and International Marine Energy which is 50% owned by Tribute, to test its tidal energy technology in the Bay of Fundy, Nova Scotia by 2017.