In February 2023, the California Pollution Control Financing Authority prepared $158 million in revenue bonds to fund modifications to the seawater intake of the Carlsbad Desalination Plant. As The Bond Buyer reported (article behind a paywall), the plant had been developed by Poseidon and was operated by IDE Technologies. It produced about 204,000 m³/day and covered 10% of San Diego County's water supply. A $166.8 million WIFIA loan from the EPA was to add funding. Morgan Stanley led the sale, and Moody's rated the bonds Baa3.
The report showed how stricter Californian ocean protection rules triggered further investment at an operating large plant, financed through the capital market and a federal loan.
Source: The Bond Buyer