Norton Rose Fulbright represents Cadiz on investment in Mojave Groundwater Bank

Global law firm Norton Rose Fulbright represented Cadiz Inc. (Cadiz) in relation to a definitive agreement with Lytton Rancheria of California, a federally recognized Native American tribe, for a US$51 million investment in the Mojave Groundwater Bank project. The deal closed on October 27, 2025.

This transaction marks the first tranche of project financing and the inaugural tribal investment for Cadiz’s Mojave Groundwater Bank, which is it is slated to be the largest of its kind in the Southwest when complete.

The project has 2.5 million acre-feet of new water supply, approximately 30 million acre-feet of water in storage today plus 1 million acre-feet of new storage capacity and more than 300 miles of pipelines that intersect California’s water transportation network to provide clean water supply to underserved and tribal communities in the region.

Under the agreement, Cadiz may draw up to US$51 million in unsecured loan proceeds to fund development and capital costs. The loan is convertible into membership interests in Mojave Water Infrastructure Company, LLC, the special-purpose entity formed to construct, own and operate the project.

Norton Rose Fulbright’s deal team was led by Kevin Friedmann and included Yi-Ping Chang (Chicago), Geren Brown, Spencer Brown (Dallas) and Siyuan An (Los Angeles).