California Desalination Financing Closes on $1 Billion Project

[phantom power]

Project financing has closed on a Southern California desalination plant to construct the largest U.S. facility to make drinking water from the sea, capable of producing about 50 million gallons of potable water a day.

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Poseidon Resources Corp., based in Stamford, Connecticut, is the only company in the U.S. developing large-scale seawater desalination plants. With rising demand for fresh water sources, the plant will be a key component of San Diego County water supplies and pave the way “for future desalination projects in California and beyond,” Poseidon Chief Executive Officer Carlos Riva said in a statement.

The San Diego water agency says the average household bill may rise about $6 a month when the desalination plant near Agua Hedionda lagoon, which is energy-intensive making water filtered from the sea, is completed in 2016.

The plant is expected to supply enough water using reverse- osmosis technology for about 7 percent of the region.

http://www.bloomberg.com/news/2013-01-01/california-desalination-financing-closes-on-1-billion-project.html