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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.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank announced $1 million of financing to the Town of Westerly for an Aquatic Ecosystem Restoration Project which calls for the dredging of Winnapaug Pond and the planting of eelgrass to restore the marsh. The loans are being financed through the Bank’s Clean Water and Stormwater Infrastructure Fund and are expected to reduce the Town’s debt service by 33% throughout the duration of the loan.

“The Infrastructure Bank is committed to accelerating investments in climate resilience and the preservation of Rhode Island’s natural resources,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “This loan will not only provide cost effective financing that reduces the financial burden on the Town, it will also serve as a catalyst to unlock an even greater amount of grant funding that will be invested in the community and the environment.”

This project is an outcome of Westerly’s participation in the Municipal Resilience Program, which is co-managed by the Infrastructure Bank and the Nature Conservancy. The Program helps municipalities prioritize actionable infrastructure projects designed to mitigate the impacts of climate change. Westerly was selected as one of the first five municipalities to participate in the program.

“Better prepared municipalities lead to a better prepared Ocean State. Our changing climate will have long-term effects on local infrastructure and residents,” said Shaun O’Rourke, Director of Stormwater and Resiliency at the Infrastructure Bank and the State’s Chief Resiliency Officer. “The Infrastructure Bank is glad to see the town taking decisive steps to put their strategy into action.”

The dredging project is expected to benefit the environment by improving water quality, reducing sedimentation and spurring eelgrass growth. The latter provides natural water filtration, foraging space for crabs and an abundant food source for waterfowl. In addition to funding the entirety of the project, the loan will also serve as a “State Match” to unlock $2,442,569 of grant funding awarded to the Town by the U.S. Department of Agriculture for a Natural Systems Demonstration Project in Winnapaug Pond.

“Working with the Infrastructure Bank not only provided the mechanism to obtain over $5 million in funding to implement two significant grant projects, it also provided the Town with a process to gain consensus within the community and with its partners to identify, apply for, and receive grant funding for large-scale resiliency projects,” said Westerly Town Manager Mark Rooney. “We are looking forward to beginning the project in the fall of 2020.”

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 (Infrastructure Bank) announced $1.4 million in low-interest financing through the Drinking Water State Revolving Fund (DWSRF) for the extension of a drinking water main line in North Smithfield. The extension will provide access to North Smithfield’s primary drinking water system for 3,000 residents currently living with contaminated drinking water wells.

“Access to safe, clean and affordable drinking water is fundamentally important for all Rhode Islanders,” said Jeffrey R. Diehl, CEO of the Infrastructure Bank. “We are proud to support North Smithfield as it expands its water system infrastructure to deliver safe drinking water to its residents, with the attendant positive health outcomes.”

As part of the loan, the Bank provided the Town with approximately $850,000 of principal loan forgiveness on the original $1.4 million amount. Together, the principal forgiveness and low interest rate will generate $945,000 of debt-service savings, compared with traditional financing.

The Drinking Water State Revolving Fund is a financing program that provides below-market interest rate loans to public and private drinking water systems to complete water infrastructure projects. To date, the Drinking Water State Revolving Fund has provided $578.6 million in low-cost project-financing to 29 water systems across Rhode Island.

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.