US-based water infrastructure developer Palisade Pipeline has secured financing from Macquarie Capital for a strategic water pipeline project located in the Permian Basin in Texas, US.
The project will deliver non-potable, sustainable reclaimed water from the City of Lubbock, Texas to the Permian Basin. Macquarie will act as the sole financial advisor to Palisade in the financing of the pipeline.
The water will be used to support the oil and gas industry in Texas and New Mexico, with potential for other industrial users and applications.
Earlier this year, the Lubbock City Council approved a letter of intent to sell Palisade up to six million gallons per day of non-potable reclaimed water.
“We are excited about the opportunity to preserve groundwater in the Permian Basin while providing a source of revenue to the City of Lubbock,” commented Phillip Laughlin, president of Palisade. “We appreciate Macquarie Capital’s support of this groundbreaking project.”
Nicholas Gole, head of Americas energy principal investments at Macquarie, added: “We are pleased to partner with Palisade in developing this innovative project. This pipeline will provide a sustainable source of quality water to an area with increasing demand and limited water supply.”
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