Poseidon Resources proposed desalination project has a BBB- bond rating. Our California Policy Coordinator, Joe Geever uncovered this recently, and penned a piece for San Diego News Network.
The article starts:
"On Wednesday state officials voted to allow Poseidon Resources to sell $530 million in tax-exempt bonds for the proposed Carlsbad desalination plant despite a low bond rating and continuing legal and financial uncertainty surrounding the project. This decision is premature.
Poseidon Resources’ proposal to build the nation’s largest desalination plant in Carlsbad is a risky investment for the state, water agencies, and private investors. Details of the project finances remain unclear and public opposition continues to grow among consumer, labor, and environmental organizations. As the details of the project undergo more scrutiny by state agencies, more problems with the project continue to surface.