Cadiz secures $51 million tribal investment to launch Mojave Groundwater Bank project
Cadiz Inc. has executed a definitive agreement with the Lytton Rancheria of California, marking a $51 million investment in the company’s Mojave Groundwater Bank — a large-scale water storage and supply initiative designed to strengthen drought resilience and water reliability across the U.S. Southwest. The financing represents the first tribal investment in the project and the opening tranche of a broader $450 million equity raise planned through Mojave Water Infrastructure Company, LLC (MWI), the special-purpose entity overseeing project development.
Under the agreement, Cadiz will be able to draw up to $51 million in unsecured loan proceeds to fund capital and development costs for the Mojave Groundwater Bank. The loan is convertible into equity ownership in MWI under the same economic terms offered to other investors. Initial proceeds of approximately $15 million will reimburse prior project development expenses, with additional funding expected to support early procurement and construction work anticipated in 2026.
The Mojave Groundwater Bank is expected to become the largest groundwater banking project in the Southwest, offering regional municipalities, tribes, and private partners new tools to capture and store water during wet periods for use in times of drought. Located within California’s Mojave Desert region, the project is designed to enhance statewide water system flexibility, facilitate long-term recharge, and mitigate the impacts of climate-driven water scarcity.
Cadiz is currently finalizing diligence with additional private equity partners for up to $400 million in supplementary funding, to be combined with municipal bonds and potential federal and state grants. Together, these sources are projected to fully finance the construction of all project facilities. The agreement represents not only a major financial milestone but also a precedent-setting collaboration between the private sector and tribal leadership to advance sustainable, community-driven water infrastructure across the West.
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