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TIDEWATER RENEWABLES LTD. ENTERS INTO STRATEGIC RENEWABLE NATURAL GAS AND FEEDSTOCK PARTNERSHIP AND PROVIDES OPERATIONAL UPDATE
TIDEWATER RENEWABLES LTD. ENTERS INTO STRATEGIC RENEWABLE NATURAL GAS AND FEEDSTOCK PARTN...
About this update from Tidewater Renewables Ltd.
[{"type":"text","content":"\n \n \n \n TIDEWATER RENEWABLES LTD. ENTERS INTO STRATEGIC RENEWABLE NATURAL GAS AND FEEDSTOCK PARTNERSHIP AND PROVIDES OPERATIONAL UPDATE\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 \n CALGARY, AB\n \n \n ,\n \n \n April 4, 2022\n \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 that it has entered into a strategic renewable natural gas (\"\n \n RNG\n \n \") and feedstock partnership (the \"\n \n Partnership\n \n \") with Rimrock RNG Inc. (\"\n \n Rimrock\n \n \"), and Rimrock Cattle Company Ltd. (\"\n \n RCC\n \n \"). RCC and its affiliates are one of the largest cattle feeding operations in\n \n North America\n \n . The Partnership will secure feedstock supply for both Tidewater Renewables' RNG and Renewable Diesel business units, while also accelerating the diversification of the Corporation's low carbon intensity fuels product offering. The Partnership will provide a material addition to Tidewater Renewables' RNG production capabilities and is expected to be secured by 10 to 20-year offtake agreements with investment grade counterparties.\n \n \n \n \n \n \n \n \n \n \n Feedlot Inventory and Feedstock Ownership Partnership\n \n \n \n The Partnership creates alignment between Rimrock and Tidewater Renewables, secures feedstock supply for Tidewater Renewables and allows each party to focus on their core competencies to build and advance RNG projects. Tidewater Renewables will invest\n \n $30 million\n \n in exchange for a 50% ownership of RCC, including its associated cattle feeding operations (\"\n \n Feedlot Infrastructure\n \n \") and cattle inventory. The\n \n $30 million\n \n investment will be paid for in four (4) equal quarterly instalments with the first instalment beginning in\n \n April 2022\n \n . RCC has existing Feedlot Infrastructure in operation and is expected to generate gross annual EBITDA of\n \n $10\n \n -20 million. Tidewater Renewables' ownership will be accounted for under the equity method of acco...