CALGARY,
AB, Dec. 14, 2023 /CNW/ - Tidewater Renewables
Ltd. ("Tidewater Renewables" or the "Corporation")
(TSX: LCFS) is pleased to announce that Rimrock Renewables Limited
Partnership, a partnership formed between Tidewater Renewables and
Rimrock RNG Inc., has received its Environmental Protection and
Enhancement Act ("EPEA") approval from the Government of
Alberta's Ministry of Environment
and Protected Areas for the construction and operation of the
Rimrock Biodigester Natural Gas Facility, located in Foothills
County, near the Town of High River,
Alberta (the "RNG Facility").
"This approval, on the heels of our previously announced
commencement of commercial operations at our Renewable Diesel
Facility in Prince George, British
Columbia, demonstrates Tidewater Renewables' continued
commitment to pursue projects that provide clean energy today. We
appreciate the support from the Alberta Government and Foothills
County as well as the feedback we've received during our
consultation and engagement with local stakeholders. This EPEA
approval is an important milestone, and we will continue to
progress the commercial and regulatory processes on the path to the
final investment decision," said Rob
Colcleugh, Chairman and CEO.
RNG Facility
The proposed RNG Facility will be an "on-farm" facility,
co-located with the feedlot owned by Rimrock Cattle Company.
Located within Foothills County, approximately 5.5 km west of
the Town of High River, the proposed RNG Facility will occupy
approximately 40 ha southeast of the intersection of Coal Trail
(Township Road 191) and Meridian Street (Range Road 10).
The Rimrock Cattle Company feedlot will be the primary source of
feedstock (livestock manure) for the RNG Facility where the
feedstock will be anaerobically digested to capture odorous gases
and produce renewable natural gas ("RNG") which will be
injected into a low-pressure distribution pipeline to serve the
local community.
The RNG Facility is expected to produce enough RNG to heat
~6,000 homes per year (450,000 Gigajoules of RNG per year) in
Foothills County. RNG produced will be used in place of natural
gas, reducing reliance on fossil fuels.
A final investment decision by the Board of Directors of
Tidewater Renewables and the commencement of construction of the
RNG Facility remains subject to municipal land use approvals,
commercial arrangements, and final engineering and cost
estimates.
About Tidewater
Renewables
Tidewater Renewables is traded on the TSX under the symbol
"LCFS". Tidewater Renewables is a renewable fuel producer and
energy transition leader. Tidewater Renewables provides
alternative low-carbon and clean-fuel solutions at scale through
commercially proven technology and a dedicated focus on making
change happen. In addition to Canada's first renewable diesel facility,
Tidewater Renewables is invested in renewable natural gas and
renewable hydrogen, all of which offer an alternative to fossil
fuels. Tidewater Renewables has invested in all aspects of
the value chain as a vertically integrated renewable and profitable
energy company, led by a highly experienced team and backed by
significant government support. With a competitive advantage,
a clear purpose, and a genuine commitment to a more sustainable
future, Tidewater Renewables turns waste into value and creates the
clean energy our world needs today. Additional information
relating to Tidewater Renewables is available on SEDAR+ at
www.sedarplus.com and at www.tidewater-renewables.com.
Advisory Regarding Forward-Looking
Statements
Certain statements contained in this news release constitute
forward-looking statements and forward-looking information
(collectively referred to herein as, "forward-looking statements")
within the meaning of applicable Canadian securities laws. Such
forward-looking statements relate to future events, conditions or
future financial performance of the Corporation based on future
economic conditions and courses of action. All statements other
than statements of historical fact may be forward-looking
statements. Such forward-looking statements are often, but not
always, identified by the use of any words such as "seek",
"anticipate", "budget", "expect", "plan" and similar expressions.
These statements involve known and unknown risks, assumptions,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. The Corporation believes the
expectations reflected in those forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements
included in this news release should not be unduly relied
upon.
Although the forward-looking statements contained in this
news release are based upon assumptions which management of the
Corporation believes to be reasonable, the Corporation cannot
assure investors that actual results will be consistent with these
forward-looking statements. With respect to forward-looking
statements contained in this news release, the Corporation has made
assumptions regarding, but not limited to: Tidewater Renewables'
ability to execute on its business plan; general economic and
industry trends; the ownership and operation of Tidewater
Renewables' business; regulatory risks; the expansion of production
of renewable fuels by competitors; future commodity and renewable
energy prices; sustained or growing demand for renewable fuels; the
ability of Tidewater Renewables to successfully turn a wide variety
of renewable feedstocks into low carbon fuels; changes in
the credit-worthiness of counterparties; the Corporation's
future debt levels and its ability to repay its debt when due;
Tidewater Renewables' ability to continue to satisfy the
terms and conditions of its credit facilities; the continued
availability of Tidewater Renewables' credit
facilities; regulatory decisions; foreign currency,
exchange, inflation and interest rate risks; and the other
assumptions set forth in the Corporation's most recent annual
information forms available under the Corporation's profiles on
SEDAR+ at www.sedarplus.com.
The foregoing lists are not exhaustive. Additional
information on these and other factors which could affect
Corporation's operations or financial results are set forth the
Corporation's most recent MD&As and annual information forms
and in other documents on file with the Canadian Securities
regulatory authorities available under the Corporations' profiles
on SEDAR+ at www.sedarplus.com.
Tidewater Renewables' actual results could differ materially
from those anticipated in the forward-looking statements, as a
result of numerous known and unknown risks and uncertainties and
other factors including, but not limited to: changes in supply and
demand for low carbon products; general economic, political, market
and business conditions, including fluctuations in interest rates,
foreign exchange rates, supply chain pressures, inflation, stock
market volatility and supply/demand trends; risks of health
epidemics, pandemics and similar outbreaks, including COVID-19,
which may have sustained material adverse effects on Tidewater
Renewables' business, financial position, results of operations
and/or cash flows; risks and liabilities inherent in the operations
related to renewable energy production and storage infrastructure
assets, including the lack of operating history and risks
associated with forecasting future performance; competition for,
among other things, third-party capital, materials, equipment,
labour, and skilled personnel; risks related to the environment and
changing environmental laws in relation to the operations conducted
with the Corporations' other capital projects; risks related to and
the other risks set forth in the Corporations' most recent
MD&As and annual information forms available under the
Corporation's profiles on SEDAR+ at www.sedarplus.com.
The foregoing lists are not exhaustive. Additional
information on these and other factors which could affect the
Corporations' operations or financial results are included in the
Corporations' most recent annual information forms and in other
documents on file with the Canadian Securities regulatory
authorities at www.sedarplus.com.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect the Corporation's
expectations only as of the date of this news release. The purpose
of the financial outlooks contained in this news release are to
give the reader information about management's current expectations
and plans and readers are cautioned that such information may not
be appropriate for other purposes and is given as of the date of
this news release. The Corporation disclaims any intention or
obligation to update or revise these forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE Tidewater Renewables Ltd