Carlsbad Desalination Project honored for innovative financing

Nov. 12, 2013

SAN DIEGO, Calif. — The project was a 2013 Bond Buyer Deal of the Year Finalist.

SAN DIEGO, Calif. — The 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, according to a press release.

“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.”

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 release reported.

This deal was the first-ever project financing for a seawater desalination plant in the municipal market, the release noted, which could set the stage for future desalination financing.

According to the release, the competition was hosted by The Bond Buyer, a daily newspaper serving the municipal bond industry.

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