Rialto Water Services LLC
The first of its kind 30-year water & wastewater public private sector partnership (P3) in the U.S.
We raised $176 MM in 2012 and have managed the water, wastewater and billing collections and customer service assets in a city of 110,000 for 10 years now. Our management technique is based on a life-cycle asset management model that provides detailed guidance on how to run the utilities in a manner that ensures that critical essential service assets remain in an adequate state of repair. After successfully completing a major upgrade investment in Rialto in the first five year of the P3 we are entering the 10th year of operations with significant life-cycle cost savings 100% of which have gone back to the city. And have mainly been used to defray rate increases.
During the first 10-years of the P3 Concession we rehabilitated and overhauled key core assets in the Rialto water and wastewater utilities.
We applied to the U.S. Environmental Protection Agency for an ultra low cost $138 MM Water Infrastructure Finance & Innovation Act (WIFIA) loan. Our application has been accepted and we are entering into formal loan documentation January 2022. The loan will be funded 49% by WIFIA and 51% by our operating company Rialto Water Services LLC. Loan proceeds will be used to complete a number of important capital projects including an innovative Microgrid at the wastewater treatment plant, a large Septic to Sewer conversion project an number smaller water and wastewater capital projects in Rialto. Taken together the original $172 MM (2012) and the $138 MM (2022) capital infusions into the Rialto water and wastewater systems complete the modernization of the cities critical infrastructure.
Scale: $176 MM