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Wave energy company Tocardo signs deal with global law firm

Hydrokinetic turbine manufacturer Tocardo has entered into a strategic business partnership with international law firm Clifford Chance, giving Tocardo access to specialist legal and administrative support for tidal energy projects worldwide.

The company said Clifford Chance will support it in establishing special purpose vehicles (SPVs) for tidal energy projects via the firm's office in Amesterdam.

"This strategic partnership will help us deliver tidal energy projects anywhere in the world," chief commercial officer Radboud van Kleef said. "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."

The partnership represents a "major step", Tocardo said, in the development of its business.

HydroWorld.com reported in May that the company had agreed to a power distribution deal with Climex, which followed a deal with Repsol intended to further development of its offshore capabilities.

"We believe in Tocardo's technology and are glad to support them to further develop their tidal energy offering," Clifford Chance counselor Hein Tonnaer said. "Tocardo's innovative and entrepreneurial approach matches our leadership role in renewable energy projects."

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