CALGARY, AB, Nov. 15, 2021 /CNW/ - Tidewater Renewables Ltd.
("Tidewater Renewables" or the "Corporation") (TSX:
LCFS) is pleased to announce a multi-year agreement today with an
investment-grade company to sell British Columbia Low Carbon Fuel
Standard ("BC LCFS") credits that it will receive through
the construction of the Renewable Diesel & Renewable Hydrogen
Complex at Prince George, BC (the
"Complex"), at values higher than previously budgeted.
As part of the transaction, Tidewater Renewables has agreed to
sell a total of 125,000 BC LCFS credits at $425 per credit, as compared to 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.
This multi-year agreement, which extends to January 2024, significantly reduces the value
realization risk on a portion of the BC LCFS credits that Tidewater
Renewables will receive, realizing total proceeds of over
$53 million over the term of this
agreement. The Corporation continues to work on other potential
multi-year agreements to monetize further credits that it will
receive from the construction and operation of the Complex, from
its Canola Co-Processing Facility, and from other
projects.
In addition to the 275,750 BC LCFS credits Tidewater Renewables
expects to receive for construction and commissioning of the
Complex, the Corporation will also generate credits through the
operation of the Renewable Diesel & Renewable Hydrogen Complex
expected to be on-line in the first quarter of 2023.
Forward-Looking Information
This news release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") that relate to the Corporation current
expectations and views of future events. These
forward-looking statements relate to future events or the
Corporation's future performance. Any statements that
express, or involve discussions as to, expectations, beliefs,
plans, objectives, assumption or future events or performance
(often, but not always, through the use of words or phrases such as
"will likely result", "are expected to", "expects", "will
continue", "is anticipated", "anticipates", "believes",
"estimated", "intends", "plans", "forecast", "projection",
"strategy", "objective" and "outlook") are not historical facts and
may be forward -looking statements and may involve estimates,
assumptions and uncertainties which could cause actual results or
outcomes to differ materially from those expressed in such
forward-looking statements. No assurance can be given that
these expectations will prove to be correct and such
forward-looking statements included in this new release should not
be unduly relied upon. These statements speak only as of the
date of this new release. In particular and without
limitation, this news release contains forward-looking statements
pertaining to Tidewater Renewables' business as described under the
heading "About Tidewater Renewables" below. 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. Such risks and
uncertainties include, but are not limited to, the factors
discussed under "Risk Factors" in the Corporation's supplemented
PREP prospectus dated August 12,
2021, filed on SEDAR. Tidewater Renewables' does not
undertake any obligation to update such forward-looking
information, whether as a result of new information, future events
or otherwise, except as expressly required by applicable
laws.
ABOUT TIDEWATER RENEWABLES
Tidewater Renewables is traded on the TSX under the symbol
"LCFS". Tidewater Renewables is a multi-faceted, energy transition
company. The Corporation is focused on the production of low carbon
fuels, including renewable diesel, renewable hydrogen and renewable
natural gas, as well as carbon capture through future initiatives.
The Corporation was created in response to the growing demand for
renewable fuels in North America
and to capitalize on its potential to efficiently turn a wide
variety of renewable feedstocks (such as tallow, used cooking oil,
distillers corn oil, soybean oil, canola oil and other biomasses)
into low carbon fuels. Tidewater Renewables' objective is to become
one of the leading Canadian renewable fuel producers. The
Corporation is pursuing this objective through the ownership,
development, and operation of clean fuels projects and related
infrastructure, utilizing existing proven technologies.
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. Additional
information relating to Tidewater Renewables is available on SEDAR
at www.sedar.com and at www.tidewater-renewables.com.
SOURCE Tidewater Renewables Ltd.