In late December, Poseidon Resources (Channelside) LP closed a $922-million debt-equity financing and secured all funding needed to build its Carlsbad, Calif., desalination project.

The sale of tax-exempt private bonds caps a decade-long development effort by Poseidon’s investors to start construction of the largest seawater-desalination plant in the Western Hemisphere. The new plant is projected to increase rates for an average household by $5-7 per month.