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With bond sales imminent, Poseidon moves on desal project

Posted by: Aqua Blog Maven on December 1, 2009 at 5:52 am

From the San Diego Business Journal:

“After 11 years of intense planning, California Coastal Commission hearings and related regulatory hurdles, Poseidon Resources is ready to break ground on the $360 million Carlsbad Desalination Project.

Work to clear the coastal site for construction has begun, and in January, sales of $530 million worth of investment grade, tax-exempt bonds are planned to fund the project. State approvals for the bond sale are expected in coming weeks.

And Peter Mac­Laggan, senior vice president of Poseidon Resources, said foundations for the plant will most likely be poured in March of next year.

Up until that time, the site at the Encina Power Station will be cleared of oil and diesel storage tanks, underground piping, and a wastewater treatment plant. Asbestos materials will be removed, electrical and mechanical equipment relocated and soil remediation done as needed. Measures to prevent stormwater pollution will also be installed.

“We expect there will be a market for the bonds,” said MacLaggan, noting that the sales of $530 million in bonds will cover the $360 million project and its transaction costs. … “

Read more from the San Diego Business Journal by clicking here.

December 1, 2009 · Filed Under Poseidon's Carlsbad Plant

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