PE-backed Tidewater Renewables secures C$150m facility from AIMCo

Tidewater is backed by Canadian private equity firm Birch Hill Equity Partners.

  • Proceeds of the AIMCo facility will be used by Tidewater for paying down debt, working capital, growth projects and other priorities
  • AIMCo invests on behalf of 32 pension, endowment and government funds in Alberta

Tidewater Renewables, a Calgary-based energy transition company focused on the production of low-carbon fuels, has closed a C$150 million senior secured second-lien credit facility. The facility was provided by Alberta Investment Management Corp.

The facility’s term is five years and will mature on October 24, 2027. The proceeds will be used by Tidewater Renewables for paying down debt, working capital, growth projects and other priorities.

“AIMCo’s investment in Tidewater Renewables represents a rare opportunity for our clients to invest in renewable fuels, supporting the energy transition through a first-mover advantage in renewable fuels projects while ensuring long-term return objectives are met. We look forward to working with the high caliber management team in place at Tidewater Renewables and supporting the organization through its next phase of growth,” said Ben Hawkins, head of infrastructure, renewables and sustainable Investing.

Tidewater Renewables, an affiliate of Tidewater Midstream and Infrastructure, is backed by Canadian private equity firm Birch Hill Equity Partners. The company went public in 2021.

AIMCo invests on behalf of 32 pension, endowment and government funds in Alberta. It had C$168.3 billion of assets under management as of December 31, 2021.

INFOR Financial and National Bank Financial served as financial advisors to Tidewater Renewables in connection with the AIMCo facility.