Business
TIDEWATER RENEWABLES LTD. CONTINUES TO REDUCE EXECUTION RISK WITH A SECOND FORWARD SALE OF ITS CARBON CREDITS AT PREMIUM VALUES, AND BY ADVANCING ITS FEEDSTOCK STRATEGY WITH THE ACQUISITION OF A USED COOKING OIL SUPPLIER
TIDEWATER RENEWABLES LTD. CONTINUES TO REDUCE EXECUTION RISK WITH A SECOND FORWARD SALE O...
About this update from Tidewater Renewables Ltd.
[{"type":"text","content":"\n \n \n \n TIDEWATER RENEWABLES LTD. CONTINUES TO REDUCE EXECUTION RISK WITH A SECOND FORWARD SALE OF ITS CARBON CREDITS AT PREMIUM VALUES, AND BY ADVANCING ITS FEEDSTOCK STRATEGY WITH THE ACQUISITION OF A USED COOKING OIL SUPPLIER\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Jan. 10, 2022\n \n /CNW/ - Tidewater Renewables Ltd. (\"\n \n Tidewater Renewables\n \n \" or the \"\n \n Corporation\n \n \") (TSX: LCFS) is pleased to announce a second sale agreement with a second investment-grade company to sell British Columbia Low Carbon Fuel Standard (\"\n \n BC LCFS\n \n \") credits at an average price of\n \n $478\n \n per credit that it will receive through the construction of the Renewable Diesel & Renewable Hydrogen Complex at\n \n Prince George, BC\n \n (the \"\n \n Complex\n \n \"), at values higher than previously budgeted. Tidewater Renewables is also pleased to announce that it recently closed a strategic acquisition of a used cooking oil supplier (the \"\n \n Acquisition\n \n \"), providing certain feedstock supply for a portion of the renewable fuels production from the Complex.\n \n \n \n \n \n \n \n \n \n \n Premium Value BC LCFS Credit Sale\n \n \n \n Tidewater Renewables has agreed to sell a total of 25,000 BC LCFS credits at an average price of\n \n $478\n \n per credit, as compared to the first disclosed sale at\n \n $425\n \n per credit and the previously disclosed budgeted value of\n \n $375\n \n per credit for credits to be received under the Renewable Diesel ‎Project Part 3 Agreement with the British Columbia Government. This agreement to sell credits extends to\n \n March 2023\n \n and further reduces the value realization risk on a portion of the BC LCFS credits that Tidewater Renewables will receive, realizing total proceeds of over\n \n $11.9 million\n \n over the term of this agreement.\n \n \n 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 ...