In Canada, Tidewater Renewables continues to advance the 6,500 bbl/d SAF project in British Columbia, with the front-end engineering design work now complete. As part of this ongoing development, the Corporation is pleased to report that it has received approval from the Government of British Columbia to amend the existing initiative agreement to provide further support in the form of additional BC LCFS credits. These additional credits are specifically intended to fund the further work required to reach a final investment decision for the project, which remains under evaluation and is now targeted for 2026.
While Tidewater Renewables remains optimistic about the project’s potential, the decision to proceed with the SAF project is contingent upon the execution of long-term offtake agreements, provincial and federal government support, and obtaining committed financing.
During the second quarter of 2025, the renewable diesel & renewable hydrogen complex (the “HDRD Complex”) achieved an average utilization rate of 2,164 bbl/d, or 72% of design capacity. This compares to 2,925 bbl/d, or 98% of design capacity, during the same period in the prior year. During the six months ended June 30, 2025, the HDRD Complex achieved an average utilization rate of 2,201 bbl/d, or 73% of design capacity, compared to 2,520 bbl/d, or 84% of design capacity, in the same period of 2024.
Tidewater Renewables continues to expect the HDRD Complex to achieve an average throughput of between 2,200 to 2,400 bbl/d for the full year 2025, inclusive of the planned turnaround activity during the third quarter of 2025, supported by ongoing operational optimizations and improving market conditions.