Cadiz Inc., the Los Angeles company trying to develop a water storage project in the Mojave Desert, announced it has retained investment bank Hannon Armstrong Securities LLC of Annapolis, Md. to lead the estimated $225 million construction financing effort.

The move represents another step forward for Cadiz, which has been trying for more than two decades to develop the project underneath 45,000 acres of land it owns east of the Twentynine Palms Marine Corps Air Station. The company plans to sell the water to distributors across Southern California.

Until now, Cadiz has focused on raising money from investors to fund $15 million in project development and entitlement costs. In recent months, the company has released a draft environmental impact report. Construction could start as soon as next year.

The construction phase is expected to include building several wells and a 43-mile underground water pipeline to take the water to the Colorado River Aqueduct. Cadiz estimates the cost of building these facilities at about $225 million.

Hannon Armstrong, an investment bank that has arranged funding for infrastructure projects for more than three decades, is expected to sell senior debt on behalf of Cadiz to insurance companies, pension funds and other institutional investors seeking fixed-income returns.