Largest Desalination Plant in Western Hemisphere up for "Bond Deal of the Year" Similar Project Seeks Coastal Commission Approval This Week
SAN DIEGO, Nov. 11, 2013 /PRNewswire/ -- The ground breaking Carlsbad Desalination Project, under development in North Coastal San Diego County by Poseidon Water, was recently honored as a 2013 Bond Buyer Deal of the Year Finalist.
"The Carlsbad Desalination Project is an excellent example of how complicated, yet critical, projects can succeed when innovative financing approaches are explored," said Andrew Kingman, Poseidon Water Chief Financial Officer. "Poseidon is honored to be recognized by a distinguished leader in the municipal bond industry, and we look forward to presenting our latest project to the California Coastal Commission this week."
Poseidon Water's second desalination project, located in Huntington Beach, CA, will be considered by the California Coastal Commission on Wednesday, November 13. This project, currently in late-stage development, is another 50-million gallon per day facility that will create several hundred million dollars in economic stimulus over the life of the facility. The Huntington Beach plant will be located adjacent to the AES Huntington Beach Power Station and is scheduled to be operational by 2018. Similar to the Carlsbad Desalination Project, this plant will provide a locally controlled, drought-proof supply of high-quality water that will increase the diversity of the water supply for the region.
The Carlsbad Desalination Project, a $1 billion project, was recognized for its innovative and original project financing, awarded in the far west region category for the $733 million sale of water furnishing revenue bonds issued by the California Pollution Control Financing Authority on behalf of the San Diego County Water Authority. The deal represents the first-ever project financing for a seawater desalination plant in the municipal market, setting the stage for future desalination financing and establishing a new asset class for investors. The competition, hosted by The Bond Buyer, a daily newspaper serving the municipal bond industry, drew a record number of nominations, representing the full diversity of the communities and public purposes served by the municipal finance market. The Carlsbad Desalination Project is one of three public-private partnerships honored by The Bond Buyer this year, a first for the ceremony that has not traditionally recognized these transactions.
This recognition comes on the heels of several other accolades won by the Carlsbad Desalination Project for their original financing. Bloomberg News identified the Carlsbad Desalination Project's unique public-private partnership as the "largest U.S. project financing deal of 2012." Infrastructure Investor named the project the "North American Infrastructure Deal of the Year," Project Finance Magazine awarded the project "2012 North American Water Deal of the Year," and Global Water Intelligence recognized it as the "Desalination Deal of the Year."
Poseidon Water specializes in developing and financing water infrastructure projects, primarily including seawater desalination and water treatment plants. These projects are implemented through innovative public-private partnerships in which private enterprise assumes the developmental and financial risks. For more information on the Carlsbad Desalination Project, visit the project website at www.carlsbaddesal.com. For more information on Poseidon's Huntington Beach desalination plant visit the project website at HBfreshwater.com.
Jessica H. Jones
SOURCE Poseidon Water