2020 Annual Report
Innovation and
Business Services
The Water Authority’s Asset Management team uses innovative technologies like robotic inspection tools within sections of large-diameter pipeline throughout the region to assess pipeline structure and identify where proactive repairs might be needed.
Fitch Boosts Desalination Plant Bond Rating
Bonds from the Carlsbad Desalination Plant and pipeline were upgraded to BBB and given a stable outlook by Fitch Ratings in October 2019, affirming the project’s sound management and ability to provide a stable, reliable source of drinking water to the region. As the largest, most technologically advanced and energy-efficient plant of its kind in the nation, the Claude “Bud” Lewis Carlsbad Desalination Plant’s stability stems from an effective collaboration between Poseidon Water and the Water Authority. That partnership continued following a transfer of ownership from Orion Water Partners to Aberdeen Standard Investments, which was made public in June and approved by the Water Authority Board of Directors in October, that did not alter day-to-day operations at the Carlsbad facility or create a fiscal impact to the Water Authority. Also in October, Moody’s affirmed its Baa3 rating for the plant and pipeline bonds. The public-private partnership approach allowed the Water Authority to develop new, capital-intensive, public-serving infrastructure without incurring debt or negatively affecting bond ratings.
“We are honored that maintaining Poseidon Water as the facility manager was integral to the Water Authority’s approval of the ownership transfer and by the Water Authority’s acknowledgement of our exemplary stewardship of this valuable resource. We look forward to working alongside our new partners to continue providing the San Diego region with a climate-resilient drinking water supply and ensuring the plant continues its strong operations.”
Poseidon Water