Ottawa, Canada/ Den Oever, Netherlands, November 20, 2013
Tribute Resources Inc. (TSX-V: TRB), Fundy Tidal Inc. (Fundy Tidal), and Tocardo International BV have defined terms for a strategic partnership to develop 3 MW of tidal power at three locations in the Bay of Fundy, Nova Scotia, Canada.
The partnership outlines terms for the proposed participation by TRB and Tocardo of a strategic interest in Fundy Tidal as well as the financing and development of the small-scale tidal Community Feed-In Tariff (COMFIT) projects awarded to Fundy Tidal by the Province of Nova Scotia.
Dutch based tidal turbine producer, Tocardo will work with Tribute to deliver the first stage of the project at Digby, Nova Scotia. This will include the installation of a 1.95 MW array of Tocardo T200 tidal turbines in the Digby Gut of the Bay of Fundy. Fundy Tidal will act as project developer, operator and retain a majority interest in the projects.
The projects represent a key milestone in the development of tidal power in Nova Scotia as envisaged by the policies of the Nova Scotia government. The Province has established several feed-in tariffs to encourage development of tidal power in the area. The COMFIT supports devices 500kW connected to the transmission system.
The terms also acknowledge and support Fundy Tidal’s commitment to establish testing & demonstration facilities in Digby County to be co-located with the infrastructure required for the COMFIT projects.
Tocardo will set up a tidal turbine assembly and manufacturing plant in Nova Scotia. “This new partnership accelerates our business and is a major step forward for Tocardo’s Canadian business, less than a year after establishing our Tocardo Canada office,” says Hans van Breugel, CEO of Tocardo.