Tidewater Renewables executes 3rd forward sale of its carbon credits at CAD$490 per credit

Tidewater's Prince George Refinery (Photo: Tidewater Midstream and Infrastructure Ltd.)

Tidewater Renewables Ltd. announced a third sale agreement March 9 with a third investment-grade company to sell British Columbia Low Carbon Fuel Standard credits at an average price of CAD$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 CAD$490 per credit for delivery this month, 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 $4.9 million.

With this transaction, Tidewater Renewables has now agreed to sales for more than 58 percent of credits that it will receive through the construction of its 46-million-gallon-per-year renewable diesel and renewable hydrogen complex in Prince George, British Columbia, to be received by the commissioning of the complex expected early next year. The corporation continues to work on other potential multiyear agreements to monetize further credits that it will receive from the construction and operation of the complex, from its canola coprocessing facility, and from other projects.