OCWD Releases Term Sheet to purchase 50 million gallons of desalinated water per day
Poseidon Water Applauds OCWD, Community for Desal Efforts
OCWD releases term sheet to purchase 50 million gallons of desalinated water
FOUNTAIN VALLEY, CALIF. – Last night, the OCWD released a draft term sheet between the district and Poseidon Resources (Surfside) LLC (Poseidon), in which OCWD would purchase 50 million gallons of water each day from Poseidon’s planned desalination facility in Huntington Beach.
Scott Maloni, Vice President of Poseidon Water, issued the following statement in response:
“We applaud the Orange County Water District board members and staff for their due diligence and sense of urgency, and we thank the entire Orange County community for their overwhelming support of the Huntington Beach desalination project. The news regarding California’s drought and water shortages is only getting worse by the day, but fortunately, Orange County is taking proactive steps to ensure they have a drought-proof and independent local water supply for generations. With Poseidon fully responsible for financing, constructing, and operating the desalination facility, we believe this is a fair deal for the region that will significantly boost Orange County’s economy and ability to meet current and ongoing water needs.”
Poseidon Water specializes in developing and financing water infrastructure projects, primarily seawater desalination and water treatment 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 Water and the Huntington Beach desalination facility, visit http://HBfreshwater.com.