LOS ANGELES — The San Diego County Water Authority’s board of directors approved a 30-year, $3 billion water purchase agreement with Stamford, Conn.-based Poseidon Resources that will allow a Carlsbad seawater desalination plant to move forward after a decade of delays.

The plant will produce 7% of the region’s water needs by 2020, reducing San Diego’s dependence on water from the Colorado River and Northern California that is vulnerable to droughts, disasters and regulatory restrictions, officials said.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.