About

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.

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.