HOUSTON--(BUSINESS WIRE)--Global Water Intelligence has awarded “Desalination Deal of the Year 2012” honors to 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 the Carlsbad Desalination Project as the most significant step forward for the industry in terms of financial innovation or in meeting the demands of challenging circumstances.
Clean Energy Capital served as financial advisor to the water authority and acted as lead arranger on the transaction. “We congratulate the water authority, Poseidon and the entire deal team on receiving this global recognition,” said David M. Moore, Managing Director of Clean Energy Capital.
The project 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 California Pollution Control Financing Authority 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 transaction reached financial closing on December 24, 2012.
The project has also been recognized by Project Finance magazine as the “North American Water Deal of the Year 2012.”
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.