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PROVIDENCE, R.I. – Rhode Island Infrastructure Bank proudly announces the closing of $327,584 in financing for Green Line Apothecary in Providence. Through the Bank’s Commercial Property Assessed Clean Energy (C-PACE) program, the building owner was able to borrow against energy efficiency measures previously installed while increasing liquidity during a challenging economic environment.

“Rhode Island C-PACE affords building owners the opportunity to leverage energy efficiency and clean energy measures installed any time after July 2015,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “This allows C-PACE to support more local businesses and assist them in accessing capital during these difficult financial times.”

Green Line Apothecary’s building, located at 905 N Main Street in Providence, was retrofitted for energy efficiency in 2019 including the installation of LED lighting throughout, high efficiency HVAC equipment, and a building envelope upgrades that exceed building code requirements. These efficiency measures, completed by Lineage Corporation, will save the business over $7,500 a year on energy costs. Greenworks Lending provided the private capital for this C-PACE loan. 

“At Green Line Apothecary, we are not just green in name only. Our modern version of the neighborhood drugstore means being engaged and responsible members of the communities we serve,” said Ken Procaccianti, President & Chief Operating Officer of Green Line Apothecary. “And practicing environmental sustainability is a crucial part to being a community steward. The Rhode Island C-PACE program enabled Green Line Apothecary, and its design & build firm Lineage Corporation, to implement significant energy efficient improvements to its Providence facility. Green Line now serves Rhode Island statewide and looks forward to working again with RI C-PACE, Greenworks Lending and Rhode Island Infrastructure Bank.”

With locations on Main Street in Wakefield and North Main Street in Providence, Green Line Apothecary is a pharmacy and soda fountain inspired by the vintage apothecary. Guests can experience their old-fashioned soda fountain and personal service while filling their prescription needs at their modern pharmacy.

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 leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, 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. For more information, please visit www.riib.org.

About Rhode Island C-PACE

Rhode Island C-PACE is a program of the Rhode Island Infrastructure Bank that enables owners of commercial and industrial buildings to finance up to 100 percent of eligible energy efficiency, renewable energy, water conservation, and environmental health and safety improvements. Financing is provided by private capital providers at competitive rates with repayment terms that can span up to 25 years. For more information, visit www.ri-cpace.com.

About Greenworks Lending

Greenworks Lending is the largest provider of Commercial Property Assessed Clean Energy (C-PACE) financing in the country. Led by several of the industry’s founding policy developers and standard-setters, Greenworks Lending is a private capital provider uniquely dedicated to funding commercial real estate through C-PACE. Greenworks has provided financing to hundreds of commercial properties and is active in 23 states. Greenworks Lending’s C-PACE financing makes clean energy a smart financial decision for commercial property owners. For more information visit www.greenworkslending.com.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced $30 million in below-market rate financing through its Drinking Water State Revolving Fund (DWSRF) for projects across four borrowers, including the Town of Cumberland, the City of Newport, Providence Water Supply Board, and Smithfield Water Supply Board. By financing these projects through Infrastructure Bank loan programs, these clients will realize over $10.9 million in lifetime debt-service savings compared to borrowing independently from banks or the bond market.

“There is no greater natural resource than water,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “The Infrastructure Bank is proud to support local communities and drinking water systems as they take bold action to ensure that public drinking water remains safe and reliable for their residents and ratepayers.”

Providence Water received $19.1 million to finance its ongoing work to modernize its distribution infrastructure. To advance these efforts, Providence Water will continue to retrofit older water main pipes, as well as clean and line additional pipes in its system. As part of this loan, the Bank provided Providence Water with $9.75 million in loan forgiveness. This allows Providence Water to complete this critical work, while saving ratepayers money.

The City of Newport borrowed $4,131,000 to upgrade its system by rehabilitating water mains in the areas of Annandale Road, Narragansett Avenue, Thames Street, Spring Street and Roseneath Avenue. The project also calls for the installation of new valves, fittings, water services, curb stops and fire hydrants.

Through a $4 million loan, the Town of Cumberland and the Cumberland Water Department will be rehabilitating and replacing water mains. The Cumberland Water Department operates as an enterprise fund within the Town servicing roughly 23,000 people north of Marshall Avenue.

Smithfield Water Supply Board will be rehabilitating and recoating up to three existing water storage tanks with a $2,730,000 loan. The project will include removing and replacing existing coatings as well as installing water mixers and an advanced filtration system on the tanks at Island Woods, Rocky Hill and Burlingame. The Infrastructure Bank provided an innovative borrowing solution that afforded Smithfield maximum flexibility in executing the work while it conducts further studies to determine what additional repairs, if any, are necessary.

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 leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, 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. For more information, please visit www.riib.org.

PROVIDENCE, R.I. – The Rhode Island Commercial Property Assessed Clean Energy (C-PACE) program, a program of Rhode Island Infrastructure Bank, announced the closing of $6.4 million in financing with the Preserve Sporting Club & Residences. The Preserve is incorporating energy efficiency features into the construction of 18 condominium units. The Hilltop Lodge at The Preserve features a state-of-the-art, highly efficient HVAC system, energy efficient windows, LED lighting throughout the facility and a building envelope rating that exceeds standard code. The comprehensive upgrades, financed by Twain Financial Partners, will reduce annual energy expense by over 20%.

“Rhode Island’s hospitality and lifestyle industry are increasingly utilizing our C-PACE program for new construction and large-scale renovations,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “We are proud to work with The Preserve to expand their property portfolio and reduce energy usage and costs in the process.”

The three-story, 40,000 square foot building, features one-level condominiums and access to The Preserve’s 3,500 acres and amenities. Construction of the building, by MTM Corporation, will be completed by September 2020. Over the 25-year financing term, the hotel is expected to reduce its carbon footprint by the equivalent to the annual energy output of 300 Rhode Island homes.

The Preserve Sporting Club & Residences added “The Preserve Sporting Club & Residences is pleased to use the Rhode Island C-PACE program to help us fund and build a more energy efficient development, allowing us to save energy and operating costs in the long term. Conserving our natural resources and being more energy efficient is important to us, because our primary goal is to be good stewards of the beautiful land we have here at The Preserve.”

The Preserve, located in Richmond, R.I., is a four-season New England sporting club with more than 3,500 acres of protected nature. The Preserve features an 18-hole par-3 golf course, clay and grass tennis courts, fly fishing ponds, an equestrian center, zip-line, rock climbing areas, walking and bicycle trails, three world class sporting clay courses, longest indoor underground automated public shooing range in the world. In addition to private residences, guest lodging at The Preserve includes luxury single family residences, townhomes, condominiums, safari tents, cabins and treehouses, nestled in scenic areas.

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 leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, 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. For more information, please visit www.riib.org.