CARLSBAD, Calif. — IDE Technologies announced that Global Water Intelligence has awarded “Desalination Deal of the Year 2012” honors to the Carlsbad Desalination Project, a $1 billion project financing implementing a public-private partnership between Poseidon Resources and the San Diego County Water Authority, according to a press release.
The award recognizes the Carlsbad Desalination Project as the most significant step forward for the industry in terms of financial innovation or in meeting the demands of challenging circumstances, stated the release.
Clean Energy Capital served as financial advisor to the water authority and acted as lead arranger on the transaction.
“We congratulate the water authority, Poseidon and the entire deal team on receiving this global recognition,” said David M. Moore, managing director of Clean Energy Capital.
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The project is the first large-scale ocean-water desalination project on the Pacific coast. The transaction features a 30-year water purchase agreement between the water authority and Poseidon that allows the water authority to transfer certain key risks to Poseidon, while supporting project financing at the investment-grade level.
Read the entire press release here.