Tocardo issues bonds. Voices Brexit concerns

Eastern Scheldt tidal power plant (Photo: Tocardo)
Eastern Scheldt tidal power plant (Photo: Tocardo)

Dutch tidal turbine manufacturer and project developer, Tocardo Tidal Turbines, has launched a crowdfunding campaign for the refinancing of the Eastern Scheldt tidal power plant project.

Tocardo, through its project development vehicle Eastern Scheldt Tidal Power 2 BV, is looking to raise funds in the amount of €850,000, following the successful commissioning of the tidal power plant located in the Eastern Scheldt storm surge barrier, the Netherlands.

The amount per bond is set to €500 at an interest rate of 6%, and is aimed at private investors and general public, which has, according to Tocardo’s CEO, Hans van Breugel, already shown a great interest to invest in the project.

Tocardo plans to use the proceeds to finance new projects and further develop the company.

The crowdfunding campaign is foreseen to close on October 31, 2016, and it is expected that the target would be reached even sooner, van Breugel said.

As reported earlier, Tocardo installed the Eastern Scheldt 1.2MW tidal array, consisting of 5 tidal turbines, in June 2015. In November that year, the power plant started producing electricity for the Dutch grid.

Brexit implications on Tocardo’s UK projects

Tocardo is one of the most active tidal energy developers in the world, with the most recent project, being developed together with Tribute Resources in Canada, set for delivery in 2017.

The company also has 100MW projects pipeline in the UK, according to Van Breugel, who voiced Tocardo’s concerns over Brexit implications on the delivery of UK projects.

Van Breugel said: “The Brexit discussions have the effect on the contracts for difference (CfD) scheme in the UK, and that worries us very much. We have a pipeline of 100MW in the UK which is dependent on the strategy of UK government. We are very strong inwards investor in the UK, but we need to have security resulting from the stable UK government policy.”

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