On April 4, 2022, Tidewater Renewables Ltd. announced a strategic partnership with Rimrock RNG Inc. and Rimrock Cattle Company Ltd. (RCC) for renewable natural gas (RNG) and feedstock. This partnership, securing feedstock for Tidewater's RNG and Renewable Diesel units, included 10 to 20-year offtake agreements with investment-grade counterparties. Tidewater invested $30 million for a 50% stake in RCC, which manages one of North America's largest cattle feeding operations. This investment, spread over four quarterly installments starting April 2022, is expected to yield $10-20 million in annual gross EBITDA.

RCC will supply nearly half the feedstock for Tidewater's Renewable Diesel facility and most feedstock for the RNG facilities, greatly reducing supply risks. Additionally, Tidewater and Rimrock initiated the RNG Facilities Partnership, planning several North American projects. Their first, the High River Facility in Alberta, has a $65-70 million capital cost, with Tidewater investing $10 million for a 51% ownership. The facility is anticipated to generate around $10 million in annual gross EBITDA.

Tidewater aims to fund these investments through a $150 million credit facility, a $26 million RNG credit facility, government grants, and project financing. Advisors for the partnership were National Bank Financial Inc. and Norton Rose Fulbright for Tidewater, and INFOR Financial Inc. and Beaumont Church for Rimrock and RCC.