Palisade Pipeline Secures Funding for Permian Water Pipeline
Palisade Pipeline (Palisade), a developer of water infrastructure projects, has announced an agreement with Macquarie Capital (Macquarie), of Macquarie Group, to develop a high capacity water pipeline from Lubbock, Texas to the Permian Basin.
The pipeline will deliver non-potable, sustainable reclaimed water from the City of Lubbock, Texas to the Permian Basin.
The water will support the oil and gas industry in Texas and New Mexico with potential for additional industrial users and other applications.
In June of 2019, the Lubbock City Council approved a letter of intent to sell to Palisade up to 6 million gallons per day of non-potable reclaimed water.
Palisade’s President, Phillip Laughlin said, “We are excited about the opportunity to preserve groundwater in the Permian Basin while providing a source of revenue to the City of Lubbock. We appreciate Macquarie Capital’s support of this groundbreaking project.”
“We are pleased to partner with Palisade in developing this innovative project,” said Nicholas Gole, Head of Americas Energy Principal Investments for Macquarie Capital. “This pipeline will provide a sustainable source of quality water to an area with increasing demand and limited water supply.”
Macquarie Capital will act as the sole financial advisor to Palisade in the financing of the pipeline.
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