Cadiz signs $273.8 million in guaranteed-price pipeline construction contracts
Cadiz's subsidiary Fenner Gap Mutual Water Company signed two construction manager at risk agreements on July 27, 2026, with guaranteed maximum prices totaling about $273.8 million for the Northern Pipeline. The company estimates total construction capital expenditures to place the pipeline into service at about $403.3 million, so the agreements cover most of the estimated cost and set a defined budget for the Mojave Groundwater Bank financing.
Key points
- Lyles Agreement: guaranteed maximum price of about $218.9 million for pump-station facilities, with 15% project contingency.
- Bubalo Agreement: guaranteed maximum price of about $54.9 million for pipeline replacement, with 10% project contingency.
- Estimated total construction capital budget is about $403.3 million, including $129.5 million for owner-procured equipment and other items.
- Construction starts after notices to proceed and financing and permitting conditions are met; the agreements assume a September 2026 notice to proceed.
The filing
Written by AI on Nov 9, 2026, 8:51 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 28, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.