Carlsbad Desalination Plant Nails Down $1B In Financing

By Kelly Rizzetta (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 adviser, Dickstein Shapiro LLP.

"With growing demand for reliable sources of fresh water, the Poseidon...

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