Cadiz Inc. (CDZI:US), a Los Angeles-based water-management company, is seeking about $15 million in financing for a water transportation and storage project.
The project will deliver an average of 50,000 acre-feet of water annually throughout Southern California, the company said in a statement today.
The Santa Margarita Water District, which approved the plan last month, will pay as much as $500 an acre-foot of water, and Cadiz is in negotiations with other potential customers, according to the statement.
The project also includes “the ability to store water in periods of excess supply for use in future dry years,” President Scott Slater said in the statement.
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