Tribute decided to expand its horizons in the renewable energy market by taking advantage of an opportunity to invest in tidal power. In December 2012 and January 2013, Tribute purchased shares in Western Tidal Holdings Ltd. (“WTH”) to further explore the development opportunities and expand their renewable energy portfolio, both through investing in new forms of energy projects and through expanding their holdings geographically. In August, 2013, Tribute completed a purchase of all of the remaining shares in WTH and its subsidiary, Western Tidal Power Ltd. (“WTP”). The remaining shares were purchased through a share exchange whereby Tribute issued 7,189,950 shares from treasury. WTH is now a wholly owned subsidiary of Tribute.
WTH is a British Columbia (“B.C.”) based start-up renewable energy development company focusing on developing tidal power energy in B.C.. With the addition of new licenses in the coastal waters and a fresh investigative agreement with local First Nations, WTH now has over 330 MW of early stage tenure applications and/or licenses for tidal power usage in place with the B.C. provincial government. The power will connect to the BC Hydro electrical transmission and distribution networks. British Columbia has over 4,000 MW of estimated tidal resources of which 10 to 20% meet present regulations, environmental and technical conditions, such as access to the B.C. Hydro distribution and transmission grids.
Tribute intends to continue to proactively pursue local First Nations as full business partners in these project ventures. With over 200 First Nations located in B.C., these tidal power opportunities are situated within the traditional territories of many of these First Nations, who are knowledgeable and skilled partners. Together with its First Nations partners, Tribute will also be pursuing the establishment of a regulatory structure and be proposing draft power purchase agreements to the appropriate agencies and government officials, commencing in 2014.
Under the B.C. crown use regulatory structure and practices, these early stage applications confirm strong, exclusive rights to the applicant for up to 10 years. Western Tidal is also examining opportunities for tidal power to service isolated/remote First Nations, which are not connected to the power grid, in order to displace and or reduce diesel power generation with clean, green tidal energy, and where feasible, backed up by battery storage.
For more information on Western Tidal, please see their website at: www.westerntidal.com
In addition to the WTH tidal opportunities, Tribute is examining tidal power projects in both Nova Scotia and the UK.