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Learn about Rhode Island Infrastructure Bank, including Featured News, Key Projects, and The Team.
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We efficiently leverage limited capital and offer below-market, innovative financing for an array of infrastructure-based projects including water and wastewater, transportation, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment.
Established by the Rhode Island General Assembly in 1989, the Bank’s mandate was significantly expanded in 2015 by adding energy and brownfield remediation initiatives to its existing water and transportation programs. The Bank’s expanded mandate has significantly enhanced its ability to provide competitive financing to a broader variety of infrastructure-based projects.
Rhode Island Infrastructure Bank (Infrastructure Bank) is proud to announce the closing of a Clean Water State Revolving Fund and Drinking Water State Revolving Fund bond refinancing transaction, with a principal value of $153.8 million. The transactions will generate $7.8 million of savings for 26 municipalities and utilities.
“Through proactive balance sheet management, the Infrastructure Bank monitors interest rate environments to identify opportunities to lower our cost of borrowing,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “By refinancing existing debt at lower interest rates, we can provide savings to our customers and maximize the amount of capital available to finance additional infrastructure projects.”
The refinancing of Drinking Water and Clean Water State Revolving Fund bonds is part of a strategic effort by the Bank to take advantage of low interest rates and provide financial savings to customers. This past July, the Bank completed a refinancing for Drinking Water State Revolving Fund bonds, which generated more than $550,000 of cash-savings for borrowers. In 2019, the Bank has created $8.4 million of cash-savings for borrowers.
“Ensuring that Rhode Islanders have access to, and can afford, clean water is core to the Infrastructure Bank’s mission and is important to every one of us,” said Rhode Island General Treasurer Seth Magaziner. “This refinancing of clean water debt will help Rhode Island cities and towns save millions of dollars, which can be used to create additional economic opportunity; so that Rhode Island remains a great place to work and live.”
Over the last five years, the Bank has provided $33.4 million in savings to borrowers by refinancing existing debt at lower interest rates.
Rhode Island Infrastructure Bank is providing $350,000 in financing for drinking-water system improvements at the Four Seasons Mobile Home Cooperative Association in Tiverton, the Providence-based bank announced.
The financing was made possible through the bank’s Drinking Water State Revolving Fund. The principal “forgiveness” loan will allow Four Seasons to improve the safety and quality of residents’ drinking water without compromising the cooperative’s finances, the bank said.
Rhode Island Infrastructure Bank is pleased to announce that it has become a signatory to the Green Bond Pledge. In doing so, the Bank is reinforcing its commitment toward financing projects that directly account for environmental impact and climate risk.
The Green Bond Pledge asserts that when applicable, bonds financing long-term infrastructure and capital projects will address environmental impacts and climate risk. The Pledge calls on signatories (cities, county and state governments, and corporations) to incorporate resilient and sustainable solutions when planning, designing and building/rehabilitating infrastructure assets. By adhering to the core tenets of the Pledge, signatories ensure that both communities and investors will be positioned to “withstand the 100-year storm”.
The Town of Warren financed a $20 million upgrade to the Town's wastewater treatment facility through the Clean Water State Revolving Fund managed by Rhode Island Infrastructure Bank. The project will modernize the wastewater treatment facility by reducing nitrogen discharges into the Warren River, increasing energy efficiency, replacing obsolete equipment, improving safety for workers, and increasing the resiliency of the facility to storms, flooding, and the effects of climate change. The resilience components of the project make it the first wastewater treatment facility in Rhode Island to incorporate flood protection measures identified in the Rhode Island Department of Environmental Management's 2017 climate change vulnerability assessment. Specific measures include relocating electrical equipment and motor drives above projected flood elevation and replacing pumps and mixers with submersible motors where raising pumps above flood level is not feasible. Green elements of the project also allowed Warren to receive approximately $450,000 of principal forgiveness that reduces the overall cost of the project.
Borrower - Town of Warren
Program(s) - Clean Water State Revolving Fund (CWSRF)
Amount - $20,000,000
US Extruders, a small manufacturer of screws and extruders located in Westerly, financed the installation of a 210.4 kW rooftop solar installation using the Commercial Property Assessed Clean Energy (C-PACE) program. By financing the project through C-PACE, US Extruders was able to access 100% long-term financing that will cover the full cost of the project. Over the 20-year loan term, US Extruders is projected to save more than $1.1 million - funds that can be reinvested into core business activities. Additionally, the project will reduce carbon emissions by more than 2,300 tons over 20 years, an amount equivalent to the emissions produced by burning more than 3.4 million pounds of coal.
Borrower - US Extruders
Program(s) - Commercial Property Assessed Clean Energy (CPACE)
Amount - $503,953
The City of Newport is financing a series of improvements to the Newport Water Pollution Control Plant through RIIB’s Clean Water State Revolving Fund. These upgrades are intended to address wet weather flows and mitigate combined sewer overflows (CSOs), which are a substantial source of water pollution. Among the upgrades made to the facility are an increase in the capacity that it can treat to better handle wet weather events, chemically-enhanced primary treatment, biofilters and improved solids management to minimize odors and a UV disinfection system to protect against the escape of bacteria. Additionally, RIIB’s Efficient Buildings Fund provided financing for solar panels that will provide a portion of the facility’s electricity and energy efficiency measures will reduce the amount of energy that the facility requires to operate.
The project loan total was $49,227,000 which was a combination of $47,985,000 from CWSRF and $1,242,000 from EBF.
Borrower - City of Newport
Program(s) - Clean Water State Revolving Fund (CWSRF) Efficient Buildings Fund (EBF)
Amount - $49,227,000
Embrace Home Loans, a full-service direct mortgage lender operating nationally, used Rhode Island Infrastructure Bank’s Commercial Property Assessed Clean Energy (C-PACE) program to finance the cost of two solar energy projects at Embrace’s corporate headquarters in Middletown. Through C-PACE, Embrace received 100% long-term financing that will cover the entire $1.2 million cost of the two solar installations. Over 20 years, the projects are expected to save Embrace more than $226,000 after debt service is accounted for. In addition to the cost savings, the projects will also have a substantial environmental impact by reducing annual emissions of CO2 by 188.6 tons, equivalent to the emissions produced from the average passenger vehicle travelling over 452,000 miles.
Borrower - Embrace Home Loans
Program(s) - Commercial Property Assessed Clean Energy (CPACE)
Amount - $1,213,000