Stradling Engaged to Represent Sites Project Authority in Financing $3 Billion Reservoir Project

Stradling Yocca Carlson & Rauth’s public finance department has been engaged to serve as bond counsel to the Sites Project Authority for the proposed Sites Reservoir Project. The proposed Project will consist of constructing a new 1.8 million acre-foot reservoir offstream of the Sacramento River, new ancillary facilities, and integrating with the existing Tehama-Colusa Canal and Glen-Colusa Irrigation District’s main canal. The Project will also provide electrical power through both conventional hydropower and pumped-storage that can integrate with renewable energy sources.

The Project’s direct construction is expected to cost approximately $3 billion (dollars in year 2015). Funding for the Project is expected to come from local, federal and state sources. The Authority is currently requesting $916 million in funding from the California Water Commission under its Water Shortage Investment Program funded by Proposition 1, which was approved by California voters in November 2014. The Authority is also exploring opportunities to enter into funding agreements with the United States Department of Agriculture, United State Bureau of Reclamation, as well as funding through the public capital markets.