More results found.
No results match your search term, but we're constantly adding new issuers to the BondLink platform. Looking to learn more?

Learn about Rhode Island Infrastructure Bank, including Featured News, Key Projects, and The Team.
Source
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 and The Nature Conservancy are proud to announce the opening of the application period for the 2021 Municipal Resilience Program (MRP). Building off the program’s success over the past two years, the Municipal Resilience Program aims to equip municipalities with the tools necessary to assess their vulnerability to climate change, while providing the necessary funding to take on specific community resilience projects. Successful applicants gain access to technical assistance from The Nature Conservancy and the opportunity to apply for action grants through the Infrastructure Bank. The Bank has committed $2 million in grant funding for projects identified in the 2019 and 2020 MRP rounds and additional funding will be available for participating municipalities in 2021.
“The Infrastructure Bank is committed to assisting communities invest in green infrastructure that withstands and adapts to a changing climate” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “We look forward to continuing this important program and strengthening our partnership with communities as they prepare and invest in critical infrastructure.”
Since the program’s inception in 2019, Barrington, Bristol, Little Compton, Newport, Middletown, Pawtucket/Central Falls, Portsmouth, South Kingstown, Warwick, Warren, Westerly and Woonsocket completed Community Resilience Building workshops. During the workshop process, participating municipalities developed a list of priority projects and subsequently applied to the Bank for a share of action grant funding, which require a 25% local match. A range of resilience projects have emerged from the workshops including; stormwater management, coastal restoration, dam repair/removal, tree planting, culvert repair, and flood mitigation. Grant awards for projects identified in the 2021 MRP process will be announced in early 2022.
“Municipalities are taking action to combat rising sea levels and increased storms that 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 Municipal Resilience Program has demonstrated the impact of identifying and accelerating investment in local priority actions through planning and project pipeline building.”
“The MRP workshops are driving community-wide conversations about on-the-ground efforts to address climate change, such as how to make sure our roads, culverts and wastewater systems can handle more frequent and intense storms,” said Sue AnderBois, The Nature Conservancy’s Climate and Energy Program Manager. “Yesterday’s solutions aren’t working anymore. We are looking forward to working with more cities and towns in 2021 to make Rhode Islanders safer and more resilient to climate change.”
All Rhode Island cities and towns can apply for the 2021 Municipal Resilience Program here. Municipalities are encouraged to apply as regional clusters or multi-municipal groups. Regional groups need not share a boundary but should be able to work well together based on their geography as well as other commonalities. MRP workshops are scheduled to start in May 2021 and will likely be conducted online. Applications are due no later than 4 PM on January 29th, 2020. At least 5 municipalities will be selected for the 2021 round of the program.
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 $1.9 million in principal forgiveness loans through the Drinking Water State Revolving Fund (DWSRF) for small water systems in Tiverton, Chepachet, and Richmond. Upon completion, the three projects will improve water quality, system resilience and lessen the financial burden on the communities.
Hillsdale Housing Cooperative, a residential community located in Richmond for those aged 55 and older, received a $1,230,919 principal forgiveness loan. The cooperative utilized the forgivable loan to fund comprehensive system and distribution upgrades to its deteriorating community drinking water system.
Lawrence Sunset Cove Association, a homeowner’s association located in Tiverton, received a $576,100 principal forgiveness loan to improve its water supply, treatment technologies and distribution systems. These preemptive upgrades will ensure that the well-based community water system continues to deliver safe, and quality water to residents.
The Harmony Hill School received a $100,000 principal forgiveness loan to fund improvements to its drinking water distribution, treatment and pumping infrastructure. Harmony Hill School is a day and residential youth developmental facility located in Glocester.
“A number of rural Rhode Island communities gain access to drinking water through small drinking water systems,” said Jeffrey R. Diehl, CEO of the Infrastructure Bank. “Improvements to these aging systems can be cost prohibitive, which is why the Infrastructure Bank and EPA strive to provide these small and, often, disadvantaged communities with loan forgiveness. Ultimately, access to clean drinking water is an inherent right of all Rhode Islander’s -irrespective of their income levels.”
According to the Environmental Protection Agency, 90% of New England's drinking water systems are small or disadvantaged. Of this 90%, a vast majority utilize ground water sources. Small systems provide drinking water to less than 3,300 people and often have limited financial and operational resources compared to larger systems.
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 upgrades. To date, the Drinking Water State Revolving Fund has provided more than $615 million in low-cost project-financing to 29 water systems across the State. In turn, these dollars drive public health improvements and support more than 17,500 well-paying jobs across Rhode Island’s building trades.
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 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.
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