The total purchase price is $7.8 million cash, of which $4.7 million was received on close and a further $3.1 million could be received upon the satisfaction of certain post-closing conditions on or before December 30, 2025. The cash proceeds will be used to reduce outstanding debt on the Corporation's first lien senior credit facility.
"We are pleased to complete this transaction successfully and remain focused on our core operations at the renewable diesel facility while progressing front-end engineering work for the sustainable aviation fuel project," said Jeremy Baines, CEO of Tidewater Renewables.
