PSG
Executive Summary · 2026
Northwest Colorado · Colorado River Basin

Water, land,
and the beneficial use
of both.

A staged plan to expand ~$80M of audited Colorado water and land assets into a $2.35B portfolio of energy, housing, and agricultural production — over a 5–10 year horizon.

$80M
Audited base today
$2.35B
Target portfolio value
$25.7M
Avg net annual revenue
~29×
Asset value multiple
Colorado Water Project
Confidential · For discussion only
01 · The opportunity Why water · why now · why PSG

A scarce resource — already owned and in use.

The reality

Water is at a premium across the seven Compact States that draw on the Colorado River.

Reserves are depleting while demand from agriculture, municipalities, and industry keeps climbing. Apportionment grows more contentious — and unit values for adjudicated water move in one direction.

Lake Powell · surface decline
−150ft
1999 → 2022, Glen Canyon Dam
Adjudicated water · top of market
$33K/AF
Single acre-foot, immediate market
PSG’s position today — audited & appraised
$80M
Current asset value
4,000AF
Adjudicated water
870ac
Land owned / under contract
<0.018%
Of capacity now in use
The moat

Most developers can’t build housing at scale, and most energy providers can’t deliver hydro-backed solar at scale — for the same reason: water. PSG already owns the water, the land, and the infrastructure.

Reality · Position · Moat 02 / 03
02 · The plan Four beneficial uses · one footprint

From $80M to $2.35B.

Acquire ~50,000 contiguous acres at ~$3,500/acre · adjudicate up to 125,000 AF at the current $16,000/AF appraisal · layer four compounding beneficial uses, each raising the unit value of the water beneath it.

Net revenue at maturity — 2025 dollars
Beneficial use Annual net
Solar & hydro power lease
450 → 1,125 MW · 20-yr lease executed · 3% escalator
$12.10M
Workforce housing — 2,969 units
830 ac · PUD, 6 phases · 20-yr sales program
$10.92M
Regenerative ag + X-West commercial
up to $23,887/ac/yr · 40 ac annexed, 1.74M sq ft
~$2.70M
Average net annual revenue $25.7M
Asset value trajectory
Yr 1 — 3
First assemblage

~12,870 ac · 35,000 AF · solar live, housing underway

$673M
Yr 3 — 5
Offsite assemblage option

+10,000 ac · +72,000 AF undeveloped rights

$1.40B
Yr 5 — 10
Mature portfolio

up to 50,000 ac · up to 125,000 AF adjudicated

$2.35B
~$175M
capital to deploy
18 yrs
compliance history
$80M → $2.35B · ~$25.7M net / yr 03 / 03