Lytton Rancheria’s Investment Creates a Path to Tribal Ownership
Through investment and a path to infrastructure ownership, Lytton Rancheria seeks a role in shaping water management across California and the West.
Lytton Rancheria of California, a federally recognized Native American Tribe, has committed up to $51 million to the Mojave Groundwater Bank. The loan can convert into ownership of project infrastructure, creating a path for Tribal participation in water management. Cadiz is developing the water supply and groundwater storage project in partnership with public agencies and Native American Tribes.
Summary
- Lytton Rancheria’s investment creates a path to Tribal ownership and participation in the Mojave Groundwater Bank’s water management.
- Cadiz’s November 2024 announcement described Lytton’s proposed investment as the first major Tribal investment in large-scale water infrastructure off Tribal lands in U.S. history.
- The October 2025 agreement commits up to $51 million from Lytton for Mojave Groundwater Bank development and capital costs.
- Lytton’s loan can convert into an equity interest in Mojave Water Infrastructure Company, which was formed to construct, own, and operate the project.
Lytton’s Partnership Brings Tribal Leadership to Water Management
Lytton Rancheria’s investment pairs a path to infrastructure ownership with the Tribe’s goal of helping shape how water is managed. Cadiz’s November 2024 announcement described the proposed investment as the first major investment by a Native American Tribe in large-scale water infrastructure off Tribal lands in U.S. history.
Lytton Tribal Chairperson Andy Mejia explained the partnership’s purpose in the October 2025 announcement: “Today, we are taking a seat at the table to help shape how water is managed across California and the West.”
Lytton’s Partnership Creates a Path to Tribal Equity
Lytton’s loan can convert into an ownership interest in Mojave Water Infrastructure Company, LLC (MWI), the company formed to construct, own, and operate the project. This gives the Tribe a route from investing in development to owning part of the infrastructure.
After the full $51 million is funded, or at maturity, Lytton may elect to convert the outstanding loan and accrued interest into a right to receive up to 51% of Cadiz’s water-storage cash flows. The Tribe would contribute that right to MWI in exchange for equity on the same economic terms offered to other investors, under agreements to be finalized between the parties.
Lytton Rancheria Formalized Its Partnership With Cadiz
Lytton Rancheria’s partnership with Cadiz progressed from a letter of intent to a definitive investment agreement:
- November 2024: Cadiz and Lytton signed a letter of intent for an investment of up to $50 million in the Mojave Groundwater Bank.
- October 2025: Cadiz announced the definitive agreement providing up to $51 million in convertible loan financing for project development and construction.
Lytton’s Commitment Advances Water Infrastructure Development
The $51 million commitment supports development work and equipment deposits for Mojave Groundwater Bank construction. Cadiz’s October 2025 announcement describes the project as expected to be the largest groundwater bank in the Southwest.
The loan carries a fixed annual interest rate of 8%, payable quarterly in cash or, by mutual agreement, Cadiz shares. It matures on April 30, 2031, with a possible extension to April 30, 2036. The 2026 quarterly filing sets out these terms and the ownership-conversion option.
Lytton’s investment forms part of the project’s broader equity and debt financing plan. Municipal debt and government financing are among the funding sources planned to support construction.
The project is applying for a potential WIFIA loan of up to $194 million for the Northern Pipeline. The WIFIA application invitation describes this potential debt financing, and the August 2026 shareholder letter reports progress on the application.
Lytton’s Partnership Supports Community Water Goals
Lytton Rancheria’s commitment of up to $51 million advances Mojave Groundwater Bank development and creates a path to ownership of project infrastructure. The partnership connects investment in water infrastructure with the Tribe’s goal of participating in how that infrastructure is managed and whom it serves.
The project’s water commitments to communities include planned supply for disadvantaged communities and the Torres Martinez Tribe. Lytton’s investment helps advance the infrastructure needed to serve those communities and deliver on California’s human right to water.
Frequently Asked Questions
How does Lytton’s $51 million commitment compare with the earlier $50 million proposal?
The two figures describe different milestones. The November 2024 letter of intent proposed up to $50 million; the October 2025 definitive agreement provided for up to $51 million in loan financing. They are successive arrangements, not two amounts to add together.
How Does Lytton’s Investment Fit the Project’s Financing Plan?
Lytton’s investment provides development funding and a path to MWI equity. The broader construction-financing plan combines equity with debt, including the potential WIFIA loan for the Northern Pipeline.
How Will Lytton’s Investment Support Construction?
The commitment provides funds for development and capital costs, including equipment deposits needed for construction. Cadiz can draw the loan in installments to support that work.
What Are the Repayment Terms for Lytton’s Investment?
The loan carries a fixed annual interest rate of 8%, payable quarterly in cash or, by mutual agreement, Cadiz shares. It matures on April 30, 2031, with a possible extension to April 30, 2036. Lytton also has an option to convert the loan toward project ownership.
Does the Project Plan to Partner With Other Tribes?
Yes. The project’s June 2025 announcement described additional Tribal Nation collaborations in progress, with Lytton Rancheria the first Tribe to commit investment.
How Can Lytton’s Loan Become Project Ownership?
After the full $51 million is funded, or at maturity, Lytton may elect to convert the outstanding loan and accrued interest into a right to receive up to 51% of Cadiz’s water-storage cash flows. Lytton would contribute that right to MWI for equity on the same economic terms as other investors, under agreements to be finalized.
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