Cadiz Inc. (CDZI) - Get Cadiz Inc. Report ("Cadiz", the "Company") is pleased to announce that the Cadiz Water Project, the Company's public-private partnership with California water providers to deliver new water supplies and groundwater storage for Southern California, was recognized today by global infrastructure strategy organization CG/LA as the Sustainability/Green Infrastructure Project of the Year at the North American Infrastructure Leadership Forum held virtually from Washington D.C.. The Infrastructure Project of the Year Awards, which are sponsored by Oracle Construction and Engineering, recognize projects identified for creating infrastructure opportunities via outstanding commitment across five categories: Job Creation, Sustainability/Green Infrastructure, Finance/Funding, Engineering, and Strategic
"Infrastructure projects change people's lives and we remain committed to supporting transformational, innovative and sustainable projects like the Cadiz Water Conveyance Project that can help ignite our economy and create opportunity for all communities as we move beyond the COVID-19 pandemic," said Norman Anderson Chairman and CEO of CG/LA Infrastructure, host of the Forum.
Scott Slater, CEO and President of Cadiz, accepted the award for the Company and stated: "Access to clean, reliable water is among the highest priorities for California and yet is difficult to attain. Unfortunately, in far too many communities we have fallen short. To solve this challenge it will take innovation, cooperation, and commitment to build, develop and sustain critical infrastructure to bring water from where it is to where it is needed.
"Reliable water can help communities provide for housing, jobs and economic opportunity where they are needed most. Through our judicially validated public-private partnership and with support from labor and the disadvantaged communities we plan to serve, we believe we can help.
"We are grateful for CG/LA's efforts to shine a light on the need for bi-partisan and multi-disciplinary commitment to infrastructure in the U.S. and for highlighting our enduring commitment to sustainability as we continue our efforts to be part of the solution to California's systemic water supply challenges."
The Cadiz Water Project is an innovative public-private partnership between Cadiz Inc. and Southern California water agencies that will use existing infrastructure, existing transportation corridors, private property and private capital to create a new water supply for up to 400,000 people a year by reducing a recurrent loss of groundwater to evaporation in California's Mojave Desert. In a second phase, the Project will also offer groundwater storage for imported surplus supplies allowing these supplies to be banked for future dry years. The Project offers tremendous benefits to the Southern California region by creating $1 Billion in local economic investment, 5,900 new jobs during construction, and $6M per year in new revenues to local government over the long-term.
The Project has successfully completed a robust review by state and local public agencies in accordance with the California Environmental Quality Act (CEQA), the most stringent environmental protection law in the nation, and will be governed by a Court-approved groundwater management plan overseen locally by San Bernardino County. Prior to construction, the Project must complete final review of arrangements to convey water within Southern California's public water conveyance system.
Founded in 1983, Cadiz Inc. (CDZI) - Get Cadiz Inc. Report is a natural resources leader that owns 70 square miles of property with significant water resources in Southern California. The Company is the largest agricultural operation in San Bernardino, California, where it has sustainably farmed since the 1980s and is now actively pursuing a joint venture to cultivate organic hemp on up to 9,600 acres. The Company also continues to partner with public water agencies to implement the Cadiz Water Project, which over two phases will create a new water supply for approximately 400,000 people and make available up to 1 million acre-feet of new groundwater storage capacity for the region. Guided by a holistic land management plan, we are dedicated to pursuing sustainable projects and practicing responsible stewardship of our land, water and agricultural resources. For more information, please visit www.cadizinc.com.
FORWARD LOOKING STATEMENT: This release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company and the financing activities of the Company. Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Factors that could cause actual results or events to differ materially from those reflected in the Company's forward-looking statements include the Company's ability to maximize value for Cadiz land and water resources, the Company's ability to obtain new financing as needed, the receipt of additional permits for the water project and other factors and considerations detailed in the Company's Securities and Exchange Commission filings.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201028006145/en/