Canadian outfit Tribute Resources has taken a 46.5% stake in Dutch tidal turbine fabricator and project developer Tocardo after parent company Huisman sold its shares.
Huisman, a Dutch specialist in lifting, drilling and subsea solutions, purchased a majority stake in Tocardo in 2014.
Tribute has purchased all of Huisman's interest, representing 66.5% of Tocardo shares for a consideration of €100,000 plus an agreement by Tocardo to assume loans to Huisman totalling €12m over a 10-year period payable as a royalty on future turbine sales.
Tribute has agreed to redistribute to 20% of the shares to Tocardo’s management, in consideration for all past obligations owing, to the value of €45,000.
As such, the net shares being acquired by Tribute represent a 46.5% interest in Tocardo.
Tocardo will work with Tribute for a minimum period of five years to jointly execute the business plan.
Tocardo owns the exclusive project development rights for three projects in the UK and the Netherlands with a combined potential of 24 MW. The projects are expected to be installed over the next three years.
"We are pleased that we have reached an agreement with Tribute Resources," said Joop Roodenburg on behalf of the Huisman board. “This transaction will allow us to focus on our core activities and markets.”
Image: Tidal turbine (Tocardo)