Tidewater Renewables launches commercial operations
November 15, 2023
BY Erin Voegele
Tidewater Renewables on Nov. 9 confirmed that its 3,000-barrel-per-day (45.99 MMgy) renewable diesel complex located at its refinery in Prince George, British Columbia, produced its first renewable diesel on Oct. 22 and as of Nov. 7 had progressed to commercial operations.
Rob Colcleugh, chairman and CEO of Tidewater, said the renewables unit is currently producing approximately 1,500 barrels per day of on-spec cold weather diesel. The company indicated it is actively working to safely increase production rates toward the facility’s 3.000-barrel-per-day design capacity.
“The launching of the HDRD Complex’s commercial operations signifies a step change in the evolution of Tidewater Renewables’ business model,” Colcleugh said. “It also marks the arrival of Canada as one of the few countries in the world that produce renewable diesel. The completion of this project was not without challenges, but with unwavering support from the British Columbia Government, the City of Prince George, our capital providers, and our team’s relentless dedication, we got it done. With the completion of the HDRD Complex, Tidewater Renewables is dedicated to strengthening its financial position, reducing its debt, and progressing our strong pipeline of renewables projects.”
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Tidewater also coprocesses biobased feedstock in its existing oil refinery units. Colcleugh said the company received approval to generate credits under the Canada’s Clean Fuel Regulations for those coprocessed volumes in July 2023.
Tidewater Renewable in the third quarter generated adjusted EBITDA of $14.5 million and a net loss attributable to shareholders of $9.4 million.
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