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  • Writer's pictureRon Kotrba

Tidewater enters agreement for sale of carbon credits from BC renewable diesel project

Tidewater Renewables Ltd. announced a multiyear agreement Nov. 15 with an investment-grade company to sell British Columbia Low Carbon Fuel Standard credits that it will receive through construction of its 46-million-gallon-per-year renewable diesel and renewable hydrogen complex in Prince George, British Columbia, 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 agreement with the provincial government of British Columbia. The multiyear 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 more than $53 million over the term of the agreement, according to Tidewater Renewables. The company said it continues to work on similar agreements to monetize further credits to be received from construction and operation of the complex, from its canola coprocessing 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 project, the corporation will also generate credits through operation of the renewable diesel and renewable hydrogen complex expected to be running in early 2023.

For more information about Tidewater’s projects, click here.

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