HOUSTON--(BUSINESS WIRE)--The Bond Buyer has awarded its 2013 Deal of the Year award for the Far West Region to the California Pollution Control Financing Authority for its role as issuer for the debt portion of the Carlsbad Desalination Project, a $1 billion project financing implementing a public-private partnership between Poseidon Resources and the San Diego County Water Authority. The award recognizes innovation in municipal finance.
Clean Energy Capital served as financial advisor to the Water Authority and acted as lead arranger on the transaction. “We are proud that the Carlsbad Desalination Project and the CPCFA have been recognized with this honor,” said David M. Moore, Managing Director of Clean Energy Capital, “and we congratulate the entire deal team on their amazing work to bring this complex transaction to a close.”
The project is the culmination of a decade of development effort, and 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.
The capital structure includes $756 million tax-exempt bonds issued by the CPCFA on behalf of Poseidon and the water authority, $167 million of private equity, and $80 million in improvements to be made by the Water Authority to accommodate this new supply of water. The bond underwriting syndicate was led by JP Morgan.
About Clean Energy Capital
Clean Energy Capital provides investment banking and financial advisory services to participants in the energy and infrastructure sectors. Our core focus is project financing of energy and infrastructure assets, and support of companies engaged in project finance. For more information about our company, please visit our website at www.cleanenergycap.com.