The Thousand Islands are moving forward with a plan to install eight new water treatment systems across eight of their islands.
Developing water resources to match supply and demand throughout the state is the core of WaterTexas, and one of the state's leading environmental and water policymakers joins the company as chairman of the board.
Former Senator J.E. "Buster" Brown, a member of the Texas Legislature for more than 20 years and chairman of the Senate Natural Resources Committee from 1995 to 2002, has joined WaterTexas as chairman.
WaterTexas uses water equity transactions to bridge the gap between communities and much needed water resources in a manner that is fair, respectful and prudent. It is the first company in Texas dedicated exclusively to the systematic development of wholesale water projects using private equity. This includes locating available water resources, partnering with landowners to create a marketable water supply, negotiating water supply agreements with communities, and constructing and financing the infrastructure to transport water produced.
"Senator Brown's knowledge of water issues combined with his expertise in dealing with municipalities and local interests give WaterTexas a distinct advantage in developing water projects across the state," said Lynn Sherman, president of WaterTexas. "Our company partners with landowners and communities to locate and cultivate water supplies in a manner that respects the environment and economy of the region."
Historically, water development has been a government function, with government entities accounting for about 85 percent of the nation's public water-supply business. However, due to growing complexities and costs of water development, governments are less inclined to take on water projects.
"With almost 400 communities in 96 counties in Texas facing water shortfalls today, the most viable solution is water transfers and accessing water rights through transactions," said Brown. "Through WaterTexas, we facilitate water equity transactions with private funds to meet regional water needs."
WaterTexas, formerly known as the Texas Water Development Company, LLC, is funded through private investors, primarily individuals, trusts and investment funds based in Texas. The company will form separate limited partnerships to own and develop each wholesale water project. Other partners could include landowners who own or control groundwater or surface water rights and special limited partners such as hydrologists and engineers.