Assignment of MLA ROW Grant Clears Title for Financing
Los Angeles, CALIFORNIA (12.15.23) – Cadiz, Inc. (NASDAQ: CDZI/CDZIP, the “Company”) is pleased to announce that today the U.S. Bureau of Land Management (“BLM”) issued a final decision approving the assignment of a Mineral Leasing Act right-of-way (“ROW”) grant to Cadiz for the Company’s Northern Pipeline. BLM’s approval of the ROW grant to Cadiz completes the Company’s acquisition of the 220-mile pipeline from El Paso Natural Gas (“EPNG”) and will allow the company to advance project development on several fronts.
“We’re excited to cross this milestone,” said Susan Kennedy, Executive Chair of Cadiz. “The Northern Pipeline is the backbone of Cadiz’s clean water and clean energy projects. Repurposing existing fossil fuel infrastructure to support clean water, green hydrogen and low-emission generation is the key to climate adaptation. The BLM staff did a great job sorting through a lengthy review process. We’re excited to move forward.”
Cadiz completed purchase of the Northern Pipeline from EPNG in 2020. As part of the purchase agreement, EPNG assigned the 30-year MLA ROW grant to Cadiz subject to BLM’s approval. Today’s decision by the BLM approves EPNG’s assignment of the MLA ROW to Cadiz as required under the 2020 purchase agreement.