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PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced three energy efficiency construction projects receiving a total of more than $1.7 million in financing through the Bank’s innovative Commercial Property Assessed Clean Energy (C-PACE) program:

• $538,244 in C-PACE financing to allow the St. Francis de Sales Parish in North Kingstown to construct a 249.5 kW ground mounted solar installation that will reduce 3,319 tons of CO2 emissions and save $1,273,642 in electricity costs over the expected 20-year useful life of the project.
   
• $448,750 in C-PACE financing to allow McQuade’s ACE Hardware in Westerly to construct a 200.2 kW roof mounted solar installation that will reduce 2,683 tons of CO2 emissions and save $1,147,243 in electricity costs over the expected 20-year useful life of the project.
   
• $715,000 in C-PACE financing to allow South County Investments in South Kingstown to install measures including water conservation, LED lighting, HVAC upgrades, insulation, and a 33 kW solar system that will reduce 1,210 tons of CO2 emissions and save $613,677 in energy costs over the expected useful life of the project.

“The Infrastructure Bank is pleased to help make these solar, water conservation, and energy efficiency construction projects happen via our C-PACE program,” said Jeffrey R. Diehl, CEO. “As Rhode Island’s commercial building owners look to upgrade their properties to make them more efficient, C-PACE is an excellent tool that can provide up to 100% project financing. That means no upfront, out-of-pocket costs, and no personal guarantees are needed to make these projects a reality. Repayment occurs via an assessment on the property and typically the energy cost savings from these upgrades outweigh the payment.”

“Greenworks Lending’s mission is to fund projects that have a positive impact on buildings, the businesses that occupy them, local communities and the environment,” said It should be attributed to Michael Doty, Director - New England, Greenworks Lending. “These two projects in particular had significant environmental and economic benefits. They are a perfect example of doing well by doing good.”

“Our congregation wanted to reduce our carbon footprint and our energy costs, so we began looking into solar as an option for our parish,” said Rev. David C. Procaccini, Pastor of St. Francis de Sales Parish in North Kingstown. “The upfront costs of solar installations can be excessive, but thanks to the Infrastructure Bank, we found a financing option through the Bank’s C-PACE program. We’re thrilled to be able to complete this project, reduce our carbon footprint, and save energy cost. We are truly grateful to the Infrastructure Bank for their help making this project a reality.”

“We were interested in the possibility of roof mounted solar, but we had just done a full remodel of our store. Without C-PACE financing this project would not have been possible. With no money out of pocket and C-PACE covering installation costs we will be cash flow positive from day one,” said Mark McQuade, General Manager of Ace McQuade’s in Westerly. “I’m looking forward to reduced electricity costs for years to come, and our customers can know they are shopping at an environmentally friendly hardware store.”

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. – Rhode Island Infrastructure Bank announced $1,500,000 in action grants for participants of the 2020 Resilient Rhody Municipal Resilience Program (MRP). Communities prioritized local actions through the program and will now use grant funds for implementation of projects that will increase their climate resilience.

“The Infrastructure Bank is committed to working with our municipal partners to accelerate investment in critical infrastructure and nature-based solutions that better prepare Rhode Island communities for a changing climate” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “We look forward to building on the success of the first two rounds of the program and strengthening relationships with communities statewide to proactively identify the resources needed to make needed resilience projects happen.” 

With support from The Nature Conservancy, over the past 12 months municipalities completed Community Resilience Building workshops and developed a prioritized list of actionable plans and projects. Participating municipalities submitted proposals for action grants, with a 25% local match requirement. After a competitive review process, the selection committee recommended the following communities to receive funding for implementation:

• Bristol - Wetland restoration for flood mitigation and water quality benefits at Bristol Golf Course
• Little Compton - Three green infrastructure projects for stormwater management and coastal erosion control at South Beach, Town Way, and John Dyer Road
• Newport - Meadow restoration for stormwater management and water quality benefits at Sprouting Rock Drive
• Pawtucket & Central Falls - Infrastructure upgrades, green infrastructure, and tree planting in the Transit Oriented Development (TOD) District for stormwater management, water quality, air quality, and heat reduction benefits
• Warwick - Bioretention system and coastal embankment for stormwater management, water quality improvement, and erosion control at Oakland Beach
• Woonsocket - Four green infrastructure projects for stormwater management at River’s Edge Park, River Island Park, Bernon Memorial Park, and the City Hall Parking Lot
• Woonsocket - Increased culvert capacity for flood mitigation at Mendon Road

The Bank also named six municipalities to participate in the 2021 round of the MRP. This is the third round of the program and the selected municipalities will complete Community Resilience Building workshops with The Nature Conservancy and receive designation as a Resilient Rhody Municipality upon successful completion of the program. They are then eligible to apply for 2021 Action Grants. 19 municipalities, or 49% of the state, are currently participating in the program.

Selected 2021 municipalities:

• Cumberland
• East Providence
• Jamestown
• New Shoreham
• North Kingstown
• Providence

“The majority of infrastructure and assets at risk to climate change in Rhode Island are owned and managed by municipalities, but these communities often lack the staff capacity, funding, and expertise to plan and prioritize resilience projects,” said Shaun O’Rourke, managing director of program and business development at the Infrastructure Bank and the state’s chief resiliency officer. “Rising sea levels, increasing heat, and extreme storm events will have long-term effects on local infrastructure and residents. The Municipal Resilience Program is collaboratively building a statewide pipeline of priority projects with municipalities to more effectively and efficiently respond to these climate impacts that we are already experiencing.”

In 2020, The Nature Conservancy adapted the in-person, day-long Community Resilience Building Workshop to an entirely online format that will continue with the 6 municipalities chosen for 2021.  “While we miss in-person connections, we are seeing community leaders enthusiastic to collaborate in response to and try to get ahead of the impacts of climate change,” said Sue AnderBois, The Nature Conservancy’s Climate and Energy Program Manager. “These action grants from RI Infrastructure Bank are a critical down payment to improve water quality, reduce air pollution and create healthier communities for generations to come.”

The MRP supports the goals outlined in the state’s Climate Resilience Action Strategy (Resilient Rhody) released by Governor Gina Raimondo in 2018. Resilient Rhody identified steps the state can take to protect against unexpected events, like severe weather, while addressing chronic environmental stresses, such as sea level rise and aging infrastructure. The MRP empowers cities and towns to evaluate each of their unique vulnerabilities to changing weather and severe weather events, while providing them with the funds necessary to take on specific resilience 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.

About The Nature Conservancy

The Nature Conservancy is a global conservation organization dedicated to conserving the lands and waters on which all life depends. Guided by science, we create innovative, on-the-ground solutions such as Community Resilience Building to our world’s toughest challenges so that nature and people can thrive together. We are tackling climate change, conserving lands, waters and oceans at an unprecedented scale, providing food and water sustainably and helping make cities more sustainable. Working in 72 countries, we use a collaborative approach that engages local communities, governments, the private sector, and other partners. To learn more, visit www.nature.org or follow @nature_press on Twitter.

PROVIDENCE, R.I. –Rhode Island Infrastructure Bank (Bank) today announced that infrastructure expert and respected business leader Vahid Ownjazayeri will serve as new Board Chair, taking over for outgoing Chair Merrill Sherman after six years of service to the Bank.

“The Infrastructure Bank is pleased to welcome Vahid Ownjazayeri as our new Board Chair,” said Jeffrey R. Diehl, CEO. “Vahid’s years of experience at Global Infrastructure Solutions Inc., AECOM, and the Shaw Group in the planning, financing, and construction of major environmental and transportation infrastructure projects will be a tremendous resource as we work to meet the infrastructure financing needs of Rhode Island’s municipalities and commercial property owners.”

Continued Diehl, “I also want to thank Merrill Sherman for her six years of service to the Infrastructure Bank. Thanks to her leadership, counsel, and strategic vision, we have transformed the Bank into a 21st century organization focused on solving the infrastructure investment needs of our communities.  Under her tutelage, we have expanded our lending programs by $700 million, and saved our customers $149 million in lower interest and energy costs, while creating and supporting over 16,000 jobs. Merrill’s decades of experience in finance and banking have been invaluable. She has been a truly dedicated Board member, a mentor and a friend, and we thank her for her service to the Infrastructure bank.”

Vahid Ownjazayeri of Providence is a Managing Director at Global Infrastructure Solutions Inc. He previously served as President of AECOM’s Global Infrastructure Business, and then as its Chief Growth and Strategy officer. Prior to that he was the President of the Commercial, State, and Local division of The Shaw Group. He holds a Master's degree in structural engineering and a Bachelor's degree in civil engineering from Northeastern University.

“The Bank is doing absolutely critical work to ensure that Rhode Island’s cities and towns have the project management and financing tools they need to invest in infrastructure projects that increase resiliency, while also creating good-paying construction jobs,” said Ownjazayeri. “I look forward to sharing my experience so the Bank can continue to grow and fulfill its mission to support and finance investments in Rhode Island’s infrastructure. I would like to thank Merrill Sherman for her service dedicated to the Bank and her work to champion this organization through six years of growth. I look forward to building off of her momentum and important work."

“Serving as Board Chair for the past six years, I am proud to have helped guide the growth and continued success of the Bank’s many infrastructure financing programs that are making our communities more resilient, more energy efficient, and creating construction and green economy jobs that contribute to the Rhode Island economy,” said Merrill Sherman. “Rhode Island still has much work to do to build, repair, and preserve critical transportation, water, clean energy and resiliency infrastructure projects. I am confident the Infrastructure Bank, under the leadership of Vahid Ownjazayeri as Board Chair and Jeff Diehl as CEO, will be there to assist our municipalities finance these much-needed investments.”

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.