Bonds sold for California desalination plant (U-T San Diego)

December 14, 2012 – Desalinated water could cost less than expected, since bonds for a Carlsbad desalination plant sold at favorable rates, the San Diego County Water Authority announced Friday. The authority last month approved a contract to buy up to 56,000 acre-feet of desalinated water per year from Poseidon Resources, in order to secure a local water supply. The Water Authority and private developer Poseidon Resources sold construction bonds at 4.78 percent for the plant and a related pipeline. Total project costs are expected to be $984 million. The tax-exempt bonds issued by the California Pollution Control Financing Authority on behalf of Poseidon and the Water Authority will pay $781 million of that, while Stonepeak, the equity investor in the project, is paying $173 million.

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