News

  • Carlsbad, Unsalted

    New seawater desalination plant has potential to build on growing momentum for desal in U.S. Read more. 

  • Poseidon Water Wins the Desalination Deal of the Year for the Carlsbad Project

    Global Water Intelligence has awarded Poseidon Water Desalination Deal of the Year for the Carlsbad Desal Plant. What makes it special?

    • The Carlsbad financing package marks the successful culmination of a decade of painstaking preparation and tremendous tenacity by Poseidon Resources. It proves beyond all doubt that with the right determination, large-scale desalination infrastructure in the US can be financed – even in California.
    • After indicating an average interest rate of 5.60%, propitious market conditions allowed the debt component of the deal to be priced at 4.78% – saving ratepayers an estimated $200 million in debt service costs over the lifetime of the bonds.
    • The water resourcing challenges of the arid Southwestern US require innovative financing solutions. The pioneering collaborative approach taken at Carlsbad will serve as a blueprint for the financing of other large-scale desalination projects across the southern US.

    Read the full article online at globalwaterawards.com.

  • Carlsbad Desalination Project Wins ‘North American Water Deal of the Year’

    March 8, 2013 -  The Carlsbad Desalination Project was honored Thursday in New York as the “North American Water Deal of the Year” for 2012 by Project Finance, an international trade publication that annually highlights major industry accomplishments around the world. Read More

  • North American Infrastructure Deal of the Year

    Infrastructure Investor Magazine has given it's North American Infrastructure Deal of the Year award to Poseidon Water for the Claude "Bud" Lewis Carlsbad Desalination Plant.
    "The $733.56 million issue of bonds for Poseidon Resources’ Carlsbad reverse osmosis desalination project took ten years to come to market. But it could serve as a useful template for applying PPP structures to water assets, particularly in ocean water desalination.The project, located in Carlsbad, California, had a long gestation because of the highly public nature of the project and what it will produce. Poseidon ultimately came to work with the San Diego County Water Authority, whose role as offtaker was the key to bringing the deal to close. Poseidon will own the plant, which will sell output to the water authority under a 30-year water purchase agreement (WPA), and the agency will own an associated pipeline, though the sponsor will be responsible for building it." Download the full article.

  • In California, What Price Water?

    CARLSBAD, Calif. — The San Diego County Water Authority has agreed to buy at least 48,000 acre-feet of water from the plant each year for about $2,000 an acre-foot. An acre-foot equals about 326,000 gallons, roughly enough for two families of four for a year. The authority has made a long-term bet that those costs — now double those of the most readily available alternative — will eventually be competitive. But it still means the authority will pay more than $3 billion over 30 years for only about 7 percent of the county’s water needs. Read More

  • Largest U.S. Project Financing Deal of 2012

    Private Equity Purifies Pacific to Boost California Water

    After a decade of struggles to assuage environmentalists, raise almost $1 billion and win permits, Poseidon Resources Group will finally answer a critical question: Is converting seawater to drinking water a profitable venture in the U.S. when there are cheaper options? The developer of water infrastructure projects began site work last month on the Carlsbad desalination plant, the largest of its kind in the Western Hemisphere. When completed in 2016, the facility 33 miles (53 kilometers) north of San Diego each day will create 54 million gallons of drinking water after drawing it from the salty Pacific Ocean. Bankrolled by a $922 million JPMorgan Chase & Co.-led public-private bond offering -- the biggest U.S. project financing deal of 2012 -- Carlsbad’s chances of success are aided by a 30-year agreement with San Diego’s water authority to buy water from the plant. If successful, the project may become a model for how to ease a growing water crunch.Read the full article at ​bloomberg.com.

  • With Financing Complete, Poseidon Inks Deals for Construction, Operation of Carlsbad Desal

    SAN DIEGO - Poseidon Water has closed the $922 million financing and secured all funding needed to build the Carlsbad Desalination Project, capping a decade-long development effort to create the largest seawater-desalination plant in the Western Hemisphere. Read more.

  • 4th District Appellate Decision in Favor of Poseidon

    The 4th District Appellate court has ruled in favor of Poseidon Water in the case of Surfrider Foundation vs. California Regional Water Quality Control Board, San Diego Region. From the ruling: "Surfrider Foundation (Surfrider) appeals from the trial court's denial of its petition for a writ of mandamus challenging the approval of the National Pollutant Discharge Elimination System (NPDES) permit by the California Regional Water Quality Control Board, San Diego Region (the Regional Board) for a ..." Read more.

  • Two More Favorable Decisions Move Poseidon's Desalination Project Forward

    Just one day after the San Diego County Water Authority Board of Directors approved a 30-year contract to purchase water produced by the proposed Carlsbad Desalination Project, two more favorable decisions are helping to move forward Poseidon Waters’ project. Read more.

  • S.D. County Water Authority Board Approves Agreement to Purchase Carlsbad Desalination

    The San Diego County Water Authority Board of Directors has approved the purchase of the water produced by the proposed Carlsbad Desalination Project, a seawater desalination plant that will produce enough water to meet about 7 percent of the region's water needs in 2020, reducing San Diego's dependence on imported water and significantly improving water reliability in the region. Read more.

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