Carlsbad Desalination Plant Nails Down $1B In Financing

Law360, New York (January 4, 2013, 7:18 PM EST) -- Connecticut-based Poseidon Water LLC closed financing on Christmas Eve for the Carlsbad Desalination Project, a nearly $1 billion public-private partnership in California that, when constructed, will be the biggest seawater desalination plant in the Western Hemisphere.

The Carlsbad plant, which is planned to share a site with NRG Energy Inc.'s existing Encina Power Station, will be financed using $755 million in investment-grade, private-activity and municipal-purpose bonds, as well as $167 million in private equity, according to parallel statements issued by developer Poseidon and its primary legal...
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