Tidewater Renewables signs multi-year offtake agreement for clean fuel credits

In Canada, Tidewater Renewables Ltd. announced a multi-year agreement with an investment-grade company to sell Federal Clean Fuel Regulation credits that it will receive through the production and sale of fuel produced at the Renewable Diesel & Renewable Hydrogen Complex at Prince George, BC, adding previously unrecognized value and an incremental revenue stream to the corporation.

As part of the transaction, Tidewater Renewables has agreed to sell a total of 45,000 CFR credits at C$95 per credit. This multi-year agreement, which extends to June 30, 2025, adds previously unrecognized value for CFR credits and Tidewater Renewables will receive total proceeds of over C$4 million over the term of this agreement. The Corporation’s current run-rate EBITDA estimates for the Complex of C$90 – 100 million exclude the impact of the outlined forward sale and any value for the ongoing sale of CFR credits once the program is implemented.