Tidewater Renewables has agreed to sell a total of 25,000 BC LCFS credits at an average price of $478 per credit, as compared to the first disclosed sale at $425 per credit and the previously disclosed budgeted value of $375 per credit for credits to be received under the Renewable Diesel Project Part 3 Agreement with the British Columbia Government.
With this transaction Tidewater Renewables has now agreed to sales for over 50% of credits to be received by the commissioning of the Complex expected in the first quarter of 2023.
The acquisition is aligned with Tidewater Renewables’ feedstock strategy of growing its portfolio of discounted feedstocks, particularly those with a low carbon intensity advantage, such as used cooking oil.
Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information.
Organically, Tidewater Renewables will seek to leverage the existing infrastructure and engineering expertise of Tidewater Midstream and Infrastructure Ltd., its majority shareholder, regarding the development of the Corporation’s portfolio of greenfield and brownfield capital projects as well as the expansion of the Corporation’s product offerings.