10 July 2013
Clifford Chance and Tocardo Tidal Turbines enter strategic business partnership
Tocardo Tidal Turbines, producer of tidal and free-flow water turbines, and Clifford Chance have entered a strategic business partnership. The deal will enable Tocardo to access specialist legal and administrative support for tidal energy projects worldwide. Clifford Chance will provide legal expertise in sustainable energy and unlock its global network, coordinated by its Amsterdam office, to support Tocardo in establishing SPVs (special purpose vehicles) for tidal energy projects around the world.
The partnership with Clifford Chance is another major step for Tocardo in the development of its tidal energy business. Tocardo recently secured investment from Spanish energy company Repsol and the Dutch-based offshore specialist, Huisman. Tocardo is now set to scale up its turbine production. Tocardo recently also announced a partnership with Climex, the trading platform for renewable energy and carbon credits, to sell energy generated by Tocardo’s turbines through Climex’s green energy trading platform.
“This strategic partnership will help us deliver tidal energy projects anywhere in the world,” says Radboud van Kleef, chief commercial officer of Tocardo: “SPVs are established for every project. The expertise and global network of Clifford Chance, as well as standardized procedures, will greatly simplify our work and enhance the success. This is an important step in Tocardo’s efforts to create a well-functioning market for tidal energy, which we believe can be a substantial source for meeting the world’s demand for electricity.”
Hein Tonnaer, counsel at Clifford Chance, says: “We believe in Tocardo’s technology and strategy and are glad to support them to further develop their tidal energy offering. Tocardo's innovative and entrepreneurial approach matches our leadership role in renewable energy projects. As trusted counsel, we will dedicate our resources to help Tocardo fulfill its ambitions. Moreover, teaming up with Tocardo is aligned with our corporate responsibility strategy, which is the most comprehensive in the legal industry.”
Tidal energy is a young and promising player in the renewable energy market and demand is growing worldwide for sustainable power. Tocardo is one of the world’s first companies that commercially manufactures and sells Tidal turbines to be used in rivers and offshore tidal waters to generate electricity.