Renewable

August 19 (Renewables Now) - Tidewater Renewables Ltd said on Wednesday that it has completed its CAD-150-million (USD 118m/EUR 100.6m) initial public offering (IPO) and taken the final investment decision (FID) on a combined renewable diesel and green hydrogen project.

As previously reported, the recently-formed unit of Tidewater Midstream & Infrastructure Ltd (TSE:TWM) offered 10 million common shares at a price of CAD 15.00 apiece. Now, its common shares trade on the Toronto Stock Exchange under the symbol "LCFS".‎

The underwriters of the offering, co-led by CIBC Capital Markets and National Bank Financial, were granted an over-allotment option to buy up to an additional 1.5 million common shares at the same price for up to CAD 22.5 million in additional proceeds. Post-transaction, Tidewater Midstream is the majority shareholder of Tidewater Renewables with a stake of 70.5%.

Also on Wednesday, Tidewater Renewables announced a positive FID for the scheme to build a complex that can produce 3,000 barrels per day of renewable diesel. This particular project is expected to be completed in the first quarter of 2023 and to contribute between CAD 90 million and CAD 95 million to earnings before interest, tax, depreciation and amortisation (EBITDA) that year on a full-year run-rate basis.

Meanwhile, the Canola co-processing project has been successfully commissioned slightly ahead of schedule. Over the next 30 days, that facility is seen to ramp up to a nameplate capacity of 300 barrels of renewable diesel per day.

(CAD 1.0 = USD 0.784/EUR 0.671)