Dutch tidal developer Tocardo has launched a bond scheme to raise up to €850,000 to refinance its 1.25MW Eastern Scheldt project in the Netherlands.

Tocardo said it would raise a minimum of €500,000 via the creation of five-year bonds paying 6% annual interest.

The minimum investment is €500.

The developer plans to use the proceeds to finance new projects. The offer closes on 30 November.

The Eastern Scheldt storm surge barrier project featuring five 250kW T2 turbines was commissioned in November 2015 having secured a 15-year SDE + subsidy.

Image: Eastern Scheldt tidal project (Tocardo)