About

Learn about Rhode Island Infrastructure Bank, including Featured News, Key Projects, and Our Team.

Total Financing
Over $2.1 Billion
Program Credit Ratings
AAA/AA
Jobs Created and Supported Through Our Financing Programs
60,000+

About Rhode Island Infrastructure Bank

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.

Key Projects

Town of Warren

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

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US Extruders

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

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City of Newport

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

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Embrace Home Loans

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

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Our Team

Jeffrey R Diehl

Executive Director and CEO

ceo@riib.org

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David Birkins

Chief Operating Officer

(401) 453-4430

dbirkins@riib.org

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