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Poseidon Resources disputes Food & Water Watch’s Carlsbad finance figures

Posted by: Maven on November 3, 2009 at 7:11 am

From Desalination & Water Reuse:

“Poseidon Resources described as “erroneous information” figures in a press release issued on 30 October 2009 by consumer group Food & Water Watch (FWW) related to finance for the Carlsbad desalination project.

Project owner Poseidon has submitted an application to the California Debt Limit Allocation Committee (CDLAC) for up to $530 million in private activity bond (PAB) allocation (federal tax free) from the annual private activity bond pool that CDLAC administers. CDLAC is scheduled to consider Poseidon’s request at its meeting later in November.

FWW reported the amount as US$ 550 million and stated that this was a US$ 70 million increase on a previous figure. Its release said that no explanation had been given for the increase.

Scott Maloni for Poseidon told D&WR, “Our original application to CDLAC was increased from US$ 480 million to US$ 530 million, due to updated estimates on bond insurance, required reserves, construction costs of the pipeline and plant (now that all approvals have been secured and mitigation requirements are known) and capitalized interest costs during construction.” …”

Read more from Desalination & Water Reuse by clicking here.

November 3, 2009 · Filed Under Desalination

Comments

2 Responses to “Poseidon Resources disputes Food & Water Watch’s Carlsbad finance figures”

  1. peter enriquez on November 3rd, 2009 8:57 pm

    what construction company is going built it? and did the bid go out yet?

  2. Milt Dardis on November 4th, 2009 5:34 pm

    Has Poseidon Resources selected the contractor yet. Last 2 selections in Tampa Fla went Bankrupt. Has Poseidon found a contractor that has evr built a desal plant.

    Show mw the money. Why is Poseidon seeking taxpayer funding to build a plant to turn around and then sell it back to the taxpayers. Something is not right here. Who needs Poseidon Resources.

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