January 3 (Renewables Now) - Dutch tidal turbines developer Tocardo International BV has filed for insolvency the same day it became official that Canada’s Tribute Resources Inc (CVE:TRB) will not buy out the company.
Tocardo has secured a deferral of payment to creditors. A creditors meeting will be held on March 27, 2018.
In early August 2017, Canadian energy company Tribute Resources unveiled its intention to buy the 53.5% stake it does not already own in Tocardo and focus on tidal and marine power development. The plan included changing Tribute’s name to Tocardo Energy Inc following the combination.
However, the two parties did not sign binding delas before the end of 2017 and on Tuesday Tribute announced that their term sheet had expired. The Canadian company said in a statement that the two sides have been unable to reach an agreement. It also noted that it will continue to hold the 46.5% stake it already has in Tocardo.
Tribute is now reviewing its options with respect to the tidal energy projects it has in Nova Scotia. It added that Tocardo could still be chosen as the turbine supplier for the Minas project.