Tidewater Renewables sells BC LCFS credits for third time at even higher price

In Canada, Tidewater Renewables Ltd. announced a third sale agreement with a third investment-grade company to sell British Columbia Low Carbon Fuel Standard credits at an average price of C$490 per credit, at values higher than all of the previously announced carbon credit forward sales and the Corporation’s budget.

Tidewater Renewables has agreed to sell a total of 10,000 BC LCFS credits at a price of C$490 per credit for delivery in March 2022, which further reduces the value realization risk on a portion of the BC LCFS credits that Tidewater Renewables will receive and realizes total proceeds of C$4.9 million.

With this transaction Tidewater Renewables has now agreed to sales for over 58% of credits that it will receive through the construction of the Renewable Diesel & Renewable Hydrogen Complex at Prince George, BC to be received by the commissioning of the Complex expected in the first quarter of 2023. 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.