Tribute Resources has acquired a 0.9MW tidal energy project from Fundy Tidal. The Petit Passage tidal project is a contracted development stage tidal energy project located between Digby Neck and Long Island in Digby County, Nova Scotia.
The Fundy Tidal Board of Directors approved the transfer of the Petit Passage and Grand Passage COMFITs (1MW) to Spray Tidal Limited Partnership in consideration for CAD 500,000 of preferred units in the Spray LP, bearing interest at the rate of 12%. Fundy shareholders will have the option to invest up to an additional $1 million of funds into the equity of the project.
Spray Energy GP, the general partner for the Spray LP, is owned jointly by Tocardo Canada (a company owned jointly by Tribute and Tocardo International) and International Marine Energy (a corporation owned 50% by Tribute).
Tocardo’s technology will be tested at the site in late 2017 or early 2018. Spray LP has already assembled a team to develop the Petit Passage project.
The project has a 20 year power purchase contract with Nova Scotia Power Inc. to sell tidal power at a price of $0.65 per kilowatt hour.
The transfer of the COMFITs is subject to regulatory approval.