3/10/2023 0 Comments Multi counter partyForward-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. 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 and the potential addition of run rate EBITDA derived from the sale of CFR credits produced at the HDRD Complex. These statements speak only as of the date of this new release. 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. 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. These forward-looking statements relate to future events or the Corporation's future performance. 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. The Corporation continues to work on other potential multi-year agreements to monetize further CFR credits that it will receive from operation of the Complex, from its Canola Co-Processing Facility, and from other projects. Furthermore, at similar CFR credit values, Tidewater Renewables' HDRD Complex has the potential of generating an incremental $30 million of run-rate EBITDA assuming feedstock prices, diesel prices and BC LCFS credit prices remain constant," said Joel MacLeod, Executive Chairman and CEO. This credit sale is significant for Tidewater Renewables as it validates our previous thesis that CFR credits will represent an incremental revenue stream for our suite of clean fuel projects. "This is Tidewater Renewables' inaugural CFR credit sale, which we believe is the first of its kind in Canada. The Corporation's current run-rate EBITDA estimates for the Complex of $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. 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 $4 million over the term of this agreement. ("Tidewater Renewables" or the "Corporation") (TSX: LCFS) is pleased to announce a multi-year agreement today with an investment-grade company to sell Federal Clean Fuel Regulation ("CFR") credits that it will receive through the production and sale of fuel produced at the Renewable Diesel & Renewable Hydrogen Complex at Prince George, BC (the "Complex"), adding previously unrecognized value and an incremental revenue stream to the Corporation.Īs part of the transaction, Tidewater Renewables has agreed to sell a total of 45,000 CFR credits at $95 per credit. CALGARY, AB, J/CNW/ - Tidewater Renewables Ltd.
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