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Cadiz Announces $255 Million in Construction Financing for Desert Water Project

May 5, 2017

By Howard Fine

(Los Angeles Business Journal) With the Trump administration soon likely to approve its long-sought desert water storage and transmission project, Cadiz Inc. announced Tuesday it has arranged up to $255 million in construction financing from giant private equity firm Apollo Global Management.Cadiz signed agreements with several funds managed by Apollo affiliates that will provide an immediate injection of $60 million, including $45 million to refinance senior secured mortgage debt and $15 million for initial construction expenditure.

Apollo affiliated funds have also conditionally committed $240 million in construction financing to complete the first phase of the Cadiz project, though in the announcement, Cadiz warned investors that this commitment is "highly conditional" and is not guaranteed to close...


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