• Poseidon and San Diego County Water Authority pursue partnership on desalination plant; Water Authority to consider direct water purchase agreement with Poseidon
SAN DIEGO, CA, June 24, 2010 -- Poseidon Resources today announced the San Diego County Water Authority (SDCWA) Board of Directors voted unanimously to direct its staff to work with Poseidon on a contract to purchase drinking water from Poseidon's Carlsbad Desalination Project ("Project"). The Project's capacity is 56,000 acre feet per year, enough drinking water for 300,000 San Diego County residents.
Poseidon currently has executed water purchase agreements with nine San Diego County retail water agencies collectively known as the San Diego Desal Partners. Each of the San Diego Desal Partners is a local water retailer and member agency of the SDCWA. The San Diego Desal Partners will relinquish their rights to the Project output if Poseidon and the SDCWA are able to reach an agreement.
"Today's action by the San Diego County Water Authority demonstrates the critical importance of the Carlsbad Desalination Project to the region's water supply reliability," said Poseidon Resources Senior Vice President Peter MacLaggan. "The direct involvement of the Water Authority ensures that the water supply benefits associated with the Project will be shared throughout the region," said MacLaggan.
The Carlsbad Desalination Plant is fully permitted and Poseidon started phase one construction on the facility in November 2009. "The leadership from the San Diego Desal Partners was instrumental in achieving these milestones," continued MacLaggan. "Poseidon is grateful to the San Diego Desal Partners and the Water Authority for their support and continued cooperation as we work together to complete this critically needed water supply project as quickly as possible," said MacLaggan.
Poseidon Resources specializes in developing, financing, owning and operating water infrastructure projects, primarily seawater desalination plants. These projects are implemented through innovative public-private partnerships in which private enterprise assumes the developmental and financial risks. For more information on Poseidon Resources and the Carlsbad desalination plant visit our website at www.carlsbad-desal.com .
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