Project Finance magazine cites Water Authority’s role and credit were key to success
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.
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New York Times
CARLSBAD, Calif. — On a calm day, a steady rain just about masks the sound of Pacific Ocean water being drawn into the intake valve from Agua Hedionda Lagoon. Listen hard, and a faint sucking sound emerges from the concrete openings, like a distant straw pulling liquid from a cup. 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. SAN DIEGO—An effort to build the Western Hemisphere's largest seawater desalination plant faces a key test as San Diego's regional water agency decides whether to buy all its output despite criticism that cheaper alternatives may be overlooked.
The San Diego County Water Authority board on Thursday will consider a 30-year contract to buy the water from Poseidon Resources LLC, which needs the deal to move ahead with plans to sell bonds that would pay for more than 80 percent of $984 million project. The plant in Carlsbad would produce 50 million gallons of highly purified drinking water a day, enough to supply about 8 percent of the region in 2020." By ELLIOT SPAGAT Associated Press. Read the full AP article. City Council Votes To Purchase Desal Water for 'Drought Insurance'
Carlsbad Patch - By Oren Goodman. Carlsbad City Council has entered into a intent to sign a contract with San Diego County Water Authority to buy 12.5 percent of its water directly from the proposed Carlsbad Desalination Project. At Tuesday’s city council meeting, the council, in it’s role as the board of directors for the Carlsbad Municipal Water District, voted to enter into contract to purchase 2500 acre feet of desalinated water from the San Diego County Water Authority. One acre-foot is 325,900 gallons, enough for two four-person households for one year. Download the full article. |
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