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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.
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced total savings of $6.4 million from a recent refinancing of Clean Water and Safe Drinking Water State Revolving Fund bonds. These savings will be returned to the Bank’s municipal and quasi-public clients, including:
“We were able to take advantage of the current low interest rate environment and favorable bond market conditions to refinance outstanding bonds and significantly lower our costs, generating savings for our municipal and quasi-public clients, whose loans were originally funded with these bonds,” said Jeffrey R. Diehl, Executive Director and CEO of the Bank. “We are pleased to be returning these savings directly to 27 cities, towns, and quasi-public utilities across Rhode Island. Savings that can be reinvested in other clean or drinking water infrastructure projects.”
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, RI – Rhode Island Infrastructure Bank (the Bank) announced today that it is offering $127.965 million* of State Revolving Fund Refunding Revenue Bonds (Federally Taxable) on August 17, 2021, which are expected to be delivered on September 1, 2021.
The bonds will be offered via negotiated sale with Raymond James and Hilltop Securities serving as the senior manager and municipal advisor, respectively, for the transaction. The bonds are rated “AAA” by both S&P Global Ratings Services and Fitch Ratings.
“Our funding optimization strategy together with the current interest-rate environment presents a unique opportunity for the Bank to refinance some of our existing debt and deliver substantial savings to our clients” said Jeffrey R. Diehl, Executive Director and Chief Executive Officer of the Bank. “In undertaking the refunding, we anticipate providing upfront cash payments of approximately $6.2 million to 25 borrowers that utilized our clean and drinking water programs. These savings will help accelerate investment in other eligible clean or drinking water projects.”
Additional information about the upcoming deal, the Bank’s previous projects, and more can be found at www.riibbonds.com, an investor relations platform powered by BondLink.
*Preliminary and subject to change. The size, timing, and structure of the anticipated transaction remain subject to market conditions and the Bank reserves the right to change or modify its plans as it deems appropriate. The Bank is under no obligation to pursue any transaction, any particular structure, or issuance of any bonds. There is no guarantee any contemplated transaction or structure will be completed.
To receive more information, please contact your financial advisor or broker. This press release is not an offer to sell or a solicitation of an offer to buy bonds. Bonds may only be purchased through a registered broker. Carefully review the preliminary official statement.
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, stormwater and resiliency 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. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced the approval of up to a $400,000 loan from the Efficient Buildings Fund to allow the Coventry Fire District to purchase and install energy efficient light emitting diode (LED) streetlights.
“This loan from the Infrastructure Bank will allow us to install over 900 new energy efficient streetlights across our service area,” said Coventry Fire District Board Chairman Bryan Testen. “These LED streetlights will use at least 75% less energy and last three times longer than our existing streetlights. The taxpayers will benefit from better street lighting which increases public safety, and the annual cost savings will result in a tax decrease - that's a great combination. It’s a smart, energy conscious investment in our district’s road infrastructure, and we thank the Infrastructure Bank for their help in financing this project.”
“The Efficient Buildings Fund is a great and flexible resource for municipalities to upgrade the energy efficiency of all kinds of infrastructure from their buildings to streetlights,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “We are pleased to provide a below market loan to the Coventry Fire District to finance their streetlight upgrade project which will deliver improved lighting and long-term savings for the residents of the district.”
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
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
