Facility ownership transfer approved by Water Authority Board; Poseidon to continue plant management
Carlsbad, Calif. (October 24, 2019) – Bonds from the Carlsbad Desalination Plant and pipeline were upgraded to BBB and given a stable outlook in a new report from Fitch Ratings, affirming the project’s sound management and its ability to provide a stable, reliable source of drinking water to the San Diego region. As the largest, most technologically advanced and energy-efficient plant of its kind in the nation, the Claude “Bud” Lewis Carlsbad Desalination Plant’s stability stems from an effective collaboration between Poseidon Water and the San Diego County Water Authority.
That partnership will continue under a transfer of ownership from Orion Water Partners to Aberdeen Standard Investments approved Thursday by the Water Authority’s Board of Directors. The transfer – made public in June – will not alter day-to-day operations at the Carlsbad facility or create a fiscal impact to the Water Authority.
Voice of Orange County
Op-Ed by Kelley Gage
A recent news release posted on the Voice of OC website was clouded by mischaracterizations of the Claude “Bud” Lewis Carlsbad Desalination Plant, which provides an important source of drinking water for San Diego County and reduces our region’s reliance on the Sacramento-San Joaquin Bay-Delta.
The plant is the result of a historic public-private partnership between the San Diego County Water Authority and Poseidon Water to ensure supply reliability for more than 3 million residents across the region. It helped to ensure that the Water Authority had sufficient water to meet demand during the last drought, and we are confident it will help us weather the next drought … and the one after that.
Innovative Public-Private Partnership Creates Reliable Water Supply for Region
Carlsbad, CA (October 7, 2019) – The Claude “Bud” Lewis Carlsbad Desalination Plant maintains an investment grade rating in the latest report from Fitch Ratings, affirming the plant’s sound financial management and its ability to provide a stable, reliable source of drinking water to the San Diego region. As the largest, most technologically advanced and energy-efficient desalination plant in the nation, the Carlsbad Desalination Plant’s revenue stability stems from an effective collaboration between Poseidon Water and the San Diego County Water Authority.
“We are pleased by the acknowledgement that the Carlsbad Desalination Plant continues to be financially strong,” said Carlos Riva, CEO of Poseidon Water. “The plant is meeting all financial obligations and making debt service payments on schedule. The benefits of the public-private partnership are working exactly as intended to protect the Water Authority and its customers.”
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