OCWD board approves term sheet with Poseidon Resources for desalination plant project

May 20, 2015

FOUNTAIN VALLEY, Calif. — With the approval of the term sheet, Orange County Water District (OCWD) plans to conduct several studies and analyses prior to moving forward with a final water purchase contract.

FOUNTAIN VALLEY, Calif. — The Orange County Water District (OCWD) board of directors is moving toward a possible agreement with Poseidon Resources to purchase 50 million gallons of water per day (56,000 acre-feet annually) from its Huntington Beach Ocean Desalination Plant, according to a press release.

The board voted to start negotiations for a term sheet with Poseidon Resources in January, and during a recent board meeting, the board voted to approve the term sheet, stated the release.

OCWD established and engaged a 20-member citizen’s advisory committee during March and April to provide input about the term sheet and the project, continued the release, and this input helped OCWD staff in its negations, resulting in changes to the term sheet.

“It is extremely important to engage the public in this process,” said OCWD President Cathy Green. “We will judiciously analyze the project and all future possibilities that promote the development of a diverse portfolio of reliable water sources.”

With the approval of the term sheet, and prior to considering a final water purchase contract with Poseidon Resources, OCWD plans to conduct several studies and analyses, noted the release.

Read the entire release here.

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