Poseidon Resources announced on 17 June 2009 that it has selected Barclays Capital as its financial advisor in connection with the financing of its 50 MGD (189,000 m³/d) reverse-osmosis seawater desalination plant in Carlsbad, California.
After seven years obtaining permits, the announcement marks the start of the process to finance the project.
As financial advisor, Barclays Capital will help Poseidon execute the construction and term financing of the project’s US$ 300-plus million capital investment and associated closing, construction and startup period costs. Over the coming months, Barclays Capital will be coordinating development of independent technical reports, rating agency presentations and execution of debt financing.