News & Events

Fiscal Year 2026 award includes a 35% increase in lead service line replacement funding via $11.3 million in reallotted federal funds, resulting from proactive coordination with Rhode Island municipalities and water utilities.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, in coordination with the Rhode Island Department of Health (RIDOH), has been awarded $38,776,000 in Drinking Water State Revolving Funds (DWSRF) for Lead Service Line Replacement (LSLR) for fiscal year 2026 from the U.S. Environmental Protection Agency (EPA).

This $38.7 million allocation represents a 35% increase in lead service line replacement funds compared to historical yearly allotments. The increase in funding is due to the Infrastructure Bank and RIDOH’s strong coordination with municipalities and public water systems—including Providence Water—to proactively identify and replace lead service lines throughout the state.

The total award includes $11,320,000 in reallotted federal funds from federal fiscal years 2023 and 2024. Rhode Island secured these additional reallotted dollars after other states were unable to expend their federal allotments in a timely manner.

“This 35% increase in lead service line replacement funding is a testament to the close coordination between the Infrastructure Bank, RIDOH, and local water suppliers across our state,” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “Because our state partners and local water systems were prepared to put federal dollars to work quickly and efficiently, Rhode Island was able to capture $11.3 million in reallotted funds that other states left on the table. We want to thank Senator Jack Reed, Senator Sheldon Whitehouse, Congressman Seth Magaziner, and Congressman Gabe Amo for their tireless work to help Rhode Island secure this critical federal funding for drinking water infrastructure.”

“This is a wise investment in removing lead pipes and improving the health, safety, and future of Rhode Island residents and communities,” said U.S. Senator Jack Reed. “I was proud to support the Infrastructure Investment and Jobs Act and help secure this federal funding, which will support lead service line inventories and replacement projects across the state.  I commend the state for being proactive about replacing lead pipe lines and taking advantage of this additional funding,” said Senator Reed, who leads funding efforts for Clean and Drinking Water State Revolving Funds as a member of the Senate Appropriations Committee.”

“Clean, lead-free drinking water is one of the keys to good health, particularly for children,” said U.S. Senator Sheldon Whitehouse, ranking member of the Senate Environment and Public Works Committee.  “Bravo to the Rhode Island Infrastructure Bank and the Rhode Island Department of Health for leveraging our Bipartisan Infrastructure Law to fund these long-overdue pipe replacements at no cost to Rhode Island families.”  Whitehouse has a long history of mitigating lead hazards, dating back to his tenure as Rhode Island’s Attorney General.

“As General Treasurer, I was proud to champion the creation of the Rhode Island Infrastructure Bank to ensure our state was ready to put federal dollars to work quickly,” said Congressman Seth Magaziner. “This $38.7 million in funding to replace lead pipes shows that preparation is paying off. I am proud to have helped secure these resources in Congress and will keep fighting until every Rhode Islander knows that the water from their faucet is safe to drink.”

“Every Rhode Islander deserves clean, safe drinking water,” said Congressman Gabe Amo. “This federal investment will help communities replace aging lead pipes, protect families, and build healthier communities. I’m proud to work alongside my colleagues to help secure these resources and will keep fighting for the federal investments Rhode Island needs.”

“Ensuring that all Rhode Islanders have access to drinking water that is healthy and safe is at the core of our public health mission,” said Jerome Larkin, MD, Director of the Rhode Island Department of Health. “Removing potential sources of lead contamination at no cost to property owners is a major public health victory. We are proud to partner with the Rhode Island Infrastructure Bank and Rhode Island’s water suppliers as we deploy federal funding to safeguard drinking water and public health statewide.”

Rhode Island Infrastructure Bank will be receiving $108 million in total for drinking water and clean water programs for Federal Fiscal Year 2026.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, has closed on $5,616,729 in Clean Energy Fund (CEF) financing and a $700,000 Energy Efficiency Revolving Loan Fund (EERLF) loan at 0% interest, which also includes $140,000 in principal forgiveness (i.e. a grant), to the Town of Lincoln and the Lincoln Public School District. The $6.3 million in total financing will support comprehensive energy efficiency and building system upgrades at Northern Elementary School.

“Modernizing public school facilities with energy-efficient infrastructure creates healthier, more comfortable learning environments for students while also delivering long-term energy cost savings for taxpayers,” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “We are pleased to partner with the Town of Lincoln and the Lincoln Public School District to deliver $6.3 million in low-cost financing to support smart energy investments at Northern Elementary School.  More than ever, the Bank’s resources provide a fiscal shield for our clients during times of rising interest rates.”

“Upgrading heating, ventilation, and energy management systems at Northern Elementary School is a smart investment,” said Lincoln Town Administrator Philip Gould. “By working with the Rhode Island Infrastructure Bank and leveraging the Clean Energy Fund and Energy Efficiency Revolving Loan Fund, we are able to execute these comprehensive improvements in a cost-effective manner that will save taxpayer dollars in the long run through energy cost savings. We thank the Infrastructure Bank for their continued partnership in helping us make our town’s public school buildings more energy efficient.”

“Providing safe, modern, and energy-efficient school facilities is essential to supporting learning and student well-being across Rhode Island,” said Mario Carreño, Chief Operating Officer of the Rhode Island School Building Authority. “Projects like this one at Northern Elementary demonstrate the power of state and local collaboration to transform schools into energy-efficient learning environments.”

The Northern Elementary School project includes energy-efficient HVAC and building systems replacements, including high-performance condensing boilers, unit ventilator retrofits with electronically commutated motors, heat timer controls, heat pump water heaters, kitchen hood exhaust controls, hot water pump retrofits, a gymnasium air handling unit retrofit, lighting occupancy and photocell sensors, and a building-wide energy management control system. upgrades. The implemented energy conservation measures are estimated to generate annual energy savings of 78,000 kWh and 3,750 therms.

This financing builds on the Infrastructure Bank’s ongoing collaboration with the Town of Lincoln to improve energy efficiency across its public school buildings, helping the district accelerate school facility improvements while lowering operational energy costs and debt service.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, has closed on a $45 million Clean Water State Revolving Fund (CWSRF) loan to the Town of Westerly. This loan represents the first phase of an $85 million project to modernize and upgrade the town’s wastewater treatment infrastructure.

The comprehensive project includes extensive rehabilitation and new installations at the Westerly Wastewater Treatment Facility. Key improvements in Phase I include the rehabilitation of the headworks building and odor control system, primary and secondary clarifiers, and existing aeration tanks. The project also features the installation of a new influent wet weather bypass pipe, two new aeration tanks, a carbon addition system, and new buildings for water treatment materials storage. Additional work will encompass electrical and instrumentation improvements, including new switchgear and nutrient pump stations.

“Wastewater infrastructure is something that people often take for granted, but it is essential to our communities, and to protecting public health and the environment” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “This $45 million Clean Water State Revolving Fund loan provides Westerly with the low-cost financing needed to undertake these critical wastewater treatment system upgrades. By securing a 20-year loan with a 2.85% interest rate through the Infrastructure Bank, Westerly ratepayers will save more than $6 million in interest payments compared to a market-rate loan. This is a vivid example of the Infrastructure Bank’s financial model providing direct relief to our clients during a time of rising interest rates. We are pleased to partner with the town on the first phase of a project that will ensure their wastewater system remains efficient and reliable for decades to come.”

“Westerly is committed to investing in the basic wastewater infrastructure our residents and businesses rely on every day,” said Westerly Town Manager Shawn Lacey. “These upgrades are essential for our community’s long-term health and growth, and to protecting our environment. This first phase of modernization at our wastewater treatment facility is a big undertaking. We thank the Rhode Island Infrastructure Bank for providing the financing to move this project forward, and the Rhode Island Department of Environmental Management for helping us navigate the regulatory permitting process.”

“The Rhode Island Department of Environmental Management is proud to partner with the Infrastructure Bank and the Town of Westerly on this critical investment,” said DEM Director Terry Gray. “This project will strengthen the reliability, resilience, and performance of a vital public service while protecting the health of the surrounding environment. Modernizing Westerly’s treatment facility will ensure the Town has the infrastructure needed to meet both current and future wastewater treatment demands, while advancing efforts to improve water quality and protect Rhode Island’s valuable natural resources.”

PROVIDENCE, RI – Rhode Island Infrastructure Bank has closed on a $4 million Municipal Road and Bridge Revolving Fund (MRB) loan for the Town of East Greenwich. The low-cost financing will be used for the construction, rehabilitation, and repair of approximately 12 miles of town roads, as well as sidewalk and drainage facilities work.

“Well-maintained roads are essential to Rhode Island’s communities, businesses, and residents, and we are pleased to provide $4 million in low-cost financing to the Town of East Greenwich so they can more effectively improve and maintain this basic infrastructure,” said William Fazioli, Executive Director of Rhode Island Infrastructure Bank.

“East Greenwich is committed to improving our network of road infrastructure to ensure safe travel for our residents and visitors,” said Town Manager Andrew Nota. “We want to thank the Rhode Island Infrastructure Bank for working with us to obtain this low-cost financing that will allow us to accelerate our road pavement program.”

Paving work will target several major arterial and collector roads townwide, including segments of Frenchtown Road, Middle Road, and South Road.

PROVIDENCE, RI – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, has closed on two Drinking Water State Revolving Fund (DWSRF) loans totaling $290,790. Both loans feature 100% principal forgiveness, effectively acting as grants to support critical resiliency and safety projects at the Greene School in West Greenwich and the Clear River Electric & Water District in Burrillville.

“Whether it is a local school campus or a small water district, ensuring continuous access to safe drinking water requires proactive infrastructure investments,” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “We are pleased to provide these fully-forgiven Drinking Water State Revolving Fund loans to the Greene School and the Clear River Electric & Water District. By leveraging our specialized School and Small System subsidies, we are delivering needed upgrades—from emergency backup power to advanced lead service line mapping—at zero cost to these systems and the communities they serve.”

*Greene School Backup Generators – $190,790
*DWSRF funding will finance the installation of two standby generators to provide backup power to two separate drinking water systems located on the school’s campus. By supplying emergency power to the well pumps serving each system, the generators will allow the campus to maintain water pressure, protect the continuity of drinking water service, and ensure safe drinking water remains available during power outages and emergency conditions.

*The Clear River Electric & Water District Service Line Inspection – $100,000
*DWSRF funding will be used to conduct field inspections of approximately 1,300 service lines using innovative SWORDFISH technology to identify and collect data on service line materials, with a specific goal of identifying lead service lines. Results will help the utility better understand service line conditions and inform future infrastructure planning and district-wide replacement activities.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, has awarded a total of $1,095,800 in grants to the communities of Bristol, Coventry, East Greenwich, Hopkinton, Jamestown, Middletown, New Shoreham, Pawtucket, Providence, and West Warwick for the design and engineering of systems to mitigate stormwater issues caused by increase flooding events. The grant funding comes from the U.S. Environmental Protection Agency’s Overflow Sewer Grant (OSG) program.

“Cities and towns across Rhode Island are experiencing more frequent and intense flooding events that are impacting roads, homes, businesses, and municipal operations,” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “Rhode Island’s aging stormwater infrastructure wasn’t built for today’s rainfall patterns, and municipalities often lack the upfront money for engineering work. These Overflow Sewer Grants fill that gap so communities can move from ‘we have a flooding problem’ to ‘we have a shovel‑ready solution.’ We’re pleased to assist our city and town partners with this grant funding to help build more resilient communities.”

Please see a summary of grant awards by community below:

Bristol – Former Reynolds School Stormwater Runoff – $70,000
The former Reynolds School is primarily surrounded by impervious surfaces and lacks stormwater best management practices. It experiences basement flooding following rain events potentially due to proximity of the downspout outlets to the building. Runoff might infiltrate in the grass areas adjacent to the building contributing to basement flooding. Reducing impervious areas will reduce total runoff coming from the site. New trench drains to convey roof leaders off site will help mitigate basement flooding. Besides improving stormwater management practices on site, these changes will make the site more aesthetically pleasing.

Coventry – Municipal Stormwater Infrastructure – $120,000
The property contains a large building that serves as Town Offices, community center, and the home for Coventry Public Schools. The northern portion of the site is undergoing construction; a new parking lot and stormwater drainage system are being installed. The Southern and Western sides of the site are serviced by a stormwater drainage system made up of primarily catch basins and pipes. Re-piping the existing roof leaders to bioretention basins will increase stormwater treatment, infiltration, and peak runoff attenuation. It will also reduce erosion to the woods. Planting trees and installing tree filters will reduce runoff, increase infiltration and shade, and enhance the aesthetics of the site overall.

East Greenwich – Downtown Parking Lot Improvements – $115,000
The East Greenwich DPW Parking Lot is a regularly used parking lot shared by the DPW, Senior Center, and Academy Field/tennis courts. It is majority hardscape and lacks stormwater management practices. Roof leaders discharge directly to grass and paved areas. Two catch basins within the westernmost entrance drive direct flows to a pipe network on Spring Street. The site experiences ponding in some areas and stormwater sheet flows downward to their Main Street. The proposed retrofit is intended to reduce impervious surfaces, reduce runoff, increase infiltration, and increase stormwater treatment on site. The addition of bioretention basins will increase infiltration and stormwater treatment on site.

Hopkinton – Crandall Field Park Flood Abatement – $100,000
Crandall Field Park is a large park with basketball and tennis courts, a new playground, and is home to the Crandall House Senior Center. Adjacent to the Crandall House Senior Center is a large gravel parking area that is going to be paved in the near future. Stormwater from Main Street flows onto Crandall Field and ponds causing erosion and preventing the town from conducting maintenance work. The proposed retrofit is intended to help mitigate flooding issues on the site. Proposed water quality swales with check dams and level spreaders will help convey and treat stormwater as well as prevent erosion. A new bioretention basin will help treat and infiltrate stormwater from the parking lot adjacent to the Senior Center and is essential due to the lot being paved in the near future.

Jamestown – Potter’s Cove Runoff Mitigation – $115,000
The parking area on Freebody Drive is a regularly used parking area downgradient of a steep hill and overlooking Potters Cove. The parking area is comprised of a paved drive aisle/roadway and gravel parking spaces. A large culvert at the base of the hill conveys water from a channel south of the roadway to a flat area adjacent to the beach north of the roadway. A severely eroded rip-rap revetment separates the parking lot from the beach which is accessible via a stairway on the west side of the parking area. The parking lot currently experiences erosion both from stormwater and from human activity. A new timber guardrail between the gravel parking area and eroded slope will act as fall protection. A new grass channel and energy dissipator will help prevent erosion due to stormwater. A restored rip-rap revetment will provide structural support and erosion protection for the parking lot.

Middletown – Johnny Cake Hill Road/John Clarke Road Stormwater Improvements – $135,000
Johnny Cake Hill Road and John Clarke Road are intersecting roads upgradient of Green End Pond. The site is currently serviced by an existing drainage system made up of French drains with check dams, catch basins, manholes, and culverts. Johnny Cake Hill Road currently experiences an excess of stormwater runoff due to a large drainage area with a high percentage of impervious cover. Proposing water quality swales with check dams and flush curbs will allow for stormwater treatment and infiltration while reducing peak runoff rates. Replacing catch basin grates with solid covers will allow for maximal stormwater treatment within the proposed systems. John Clarke Road currently has stormwater BMP’s installed on the east side of the road but is lacking any on the west side. Proposed bioretention basins on the west side of the road with sediment forebays and outlet control structures will greatly increase stormwater treatment and infiltration prior to stormwater leaving the system via an existing culvert.

New Shoreham – West Beach Road Design – $115,000
West Beach Road experiences flooding and ponding due to runoff from the Town Transfer Station and the up-gradient portion of the road. Flooding blocks beach access and eventually overtops causing erosion along the beach. Proposing a grass channel and bioretention basin will help prevent runoff from the transfer station and roadway from traveling down the road and causing erosion. Installation of a reinforced gravel surface will make the existing roadway more resilient to ponding, erosion, and flooding. The addition of a water bar combined with a level spreader will prevent road runoff from causing erosion of the sand at the end of the roadway.

Pawtucket – New City Hall Parking Lot Stormwater Design – $115,000
The future site of Pawtucket City Hall has a large 200,000+ sq. ft. parking lot. The parking lot has stormwater drainage issues on the southeast corner due to the abutting property’s roof leaders discharging on the lot. The parking lot has an existing stormwater drainage system made up of catch basins and an underground storage tank; ultimately draining out to Freight Street. The proposed project would improve runoff conditions by removing impervious pavement, installing bioretention basins, sediment forebays, and trees; and reconfiguring grey stormwater infrastructure to divert stormwater to the new bioretention basins.

Providence – Washington Park Neighborhood Stormwater Improvements – $112,800
The Washington Park neighborhood in Providence has stormwater related flooding concerns and is a part of the City’s Street Tree Program. The neighborhood has an existing drainage system which discharges to Roger Williams Park which has a bacteria TMDL. Multiple streets within the Washington Park Neighborhood were evaluated and Homer Street and Payton Street were chosen to receive stormwater improvements due to large amounts of impervious and sidewalks wide enough to accommodate tree filters. The proposed project includes replacing concrete sidewalks with grass landscapes and tree filter installations to increase stormwater infiltration and reduce runoff.

West Warwick – Riverpoint Park Improvements – $98,000
Industrial Lane near Riverpoint Park in West Warwick is adjacent to the Pawtuxet River is the low point for the surrounding industrial park. During large storm events, a culvert at the intersection of Main Street and Ventura Street overtops and floods to Industrial Lane. When large storm events occur, the poor condition catch basins closest to the low point overtop and flow through a wooded drainage easement which over time has eroded a natural channel. The proposed project includes the installation of bioretention basin and sediment forebay as well as the installation of a bituminous berm to receive and treat stormwater runoff which would otherwise flow, untreated, into the Pawtuxet River.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, has closed on two loans totaling $950,000 to the Town of Tiverton ($450,000) and the Town of Jamestown ($500,000). These loans, made through the Infrastructure Bank’s Community Septic System Loan Program (CSSLP), will allow both communities to provide 0% interest loans to qualifying homeowners to repair or replace failing septic systems and cesspools.

“We recognize the financial strain that septic system or cesspool replacements can impose on homeowners,” said Bill Fazioli, Executive Director of Rhode Island Infrastructure Bank. “That’s why we are pleased to make these funds available to the Town of Tiverton and the Town of Jamestown so they can offer 0% interest loans to address septic system issues. This will help homeowners manage significant costs while protecting our environment and public health from the impacts of failing septic systems.”

The CSSLP program provides low-cost, long-term financing to residential property owners for the repair or replacement of failed or substandard septic systems, or to upgrade a cesspool to a modern septic system. Borrowers typically benefit from interest-free loans with a ten-year repayment term, paying only a one-time origination fee and a small annual servicing charge. 19 communities currently participate in CSSLP: Bristol, Charlestown, Coventry, Cranston, Glocester, Hopkinton, Jamestown, Johnston, Narragansett, New Shoreham, North Kingstown, Portsmouth, Richmond, Scituate, Smithfield, South Kingstown, Tiverton, Warren, Westerly.

Tiverton and Jamestown homeowners interested in CSSLP financing should contact their respective town halls for more information and loan applications.

$6.2 million Municipal Road & Bridge Fund loan to finance accessibility and historic preservation improvements along Benefit Street.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, has closed on a $6,200,000 Municipal Road & Bridge Fund loan to the City of Providence to complete the Mile of History Sidewalk Restoration Project. The project will restore approximately one mile of sidewalks along historic Benefit Street, known as the “Mile of History,” to improve safety and accessibility while preserving the area’s unique historic character.

The $6.2 million loan will finance the restoration and upgrade of the concrete and brick sidewalks characteristic of Benefit Street. Key project components include the installation of new tree wells designed to mitigate future root damage to sidewalks and ensure long-term ADA accessibility. Benefit Street is home to one of the highest concentrations of colonial architecture in the United States and serves as a cultural and tourism driver for the city and state.

“Benefit Street is one of Rhode Island’s most iconic thoroughfares, and maintaining its public infrastructure is essential to ensuring it remains an accessible destination for residents and visitors alike,” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “This $6.2 million Municipal Road & Bridge loan provides the City of Providence with the low-cost financing needed to make these sidewalks safe and accessible while protecting the historic streetscape that makes the Mile of History so special.”

“Benefit Street is one of Providence’s most beloved historical spaces and this investment allows our city to preserve its character while making improvements to its safety and accessibility,” said Mayor Brett P. Smiley. “The Mile of History is not only a point of pride for Providence, it’s a living part of our city’s story. I am grateful to the Rhode Island Infrastructure Bank and the Mile of History Association for their partnership in this endeavor, and for helping us move this restoration forward.”

“The Mile of History Association preserves and protects historic Benefit Street ‘for the benefit of all’ Rhode Islanders,” said Liz Rollins Mauran, President of the Mile of History Association. “It has been fantastic to work with our City Council and Mayor Smiley, as well as the Rhode Island Infrastructure Bank, to bring this accessible sidewalk project to fruition. What better way to celebrate American Independence than to visit this historic street. Thanks to our leaders, Benefit Street’s historic sidewalks will be restored and its history will be accessible for all visitors.”

“In collaboration with the administration and my Council colleagues, I was proud and honored to lead the legislation to help secure a $6.2 million investment in Providence’s iconic Mile of History,” said Councilman John Goncalves (Ward 1). “For generations, Benefit Street’s sidewalks have told the story of our city but many have fallen into disrepair and become inaccessible. We are grateful to the Rhode Island Infrastructure Bank for helping make this transformative investment possible to restore the historic brick and concrete sidewalks, improve ADA accessibility and protect the character of one of America’s most historic streets for generations to come.”

“Benefit Street is full of cultural and historic significance. Tourism is also critical to the economy of Providence, and that tourism is deeply tied to the architecture and history of the city that is so well-represented on Benefit Street. We want people to keep visiting and coming back, as well as for local visitors from across the city and state,” said Councilor Sue AnderBois (Ward 3). “Investing in safe, accessible sidewalks on this street is an economic and quality of life benefit for the entire city.”

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, in coordination with the Rhode Island Department of Health (RIDOH), has awarded a $1,481,570 grant to the Smithfield Water Supply Board for the construction and implementation of the Lake Forest Health & Rehabilitation Center Log Road interconnection project. The project will address radium and manganese contamination impacting the Lake Forest Health & Rehabilitation Center’s drinking water system by allowing the facility to interconnect with the Smithfield Water Supply Board’s municipal system, which meets all regulatory drinking water standards.

“Ensuring all Rhode Islanders have access to safe drinking water is a top priority, particularly for our most vulnerable residents who may rely on small systems that lack the financial resources to address contamination issues on their own,” said Rhode Island Infrastructure Bank Executive Director William Fazioli. “This $1.48 million Emerging Contaminants grant will allow the Smithfield Water Supply Board to extend its municipal system to the Lake Forest Health & Rehabilitation Center, providing a reliable, long-term supply of safe drinking water to the facility’s elderly residents and staff.”

“The residents and staff of the Lake Forest Health & Rehabilitation Center deserve access to safe drinking water, and that’s exactly what this project will accomplish,” said Gene Allen, Smithfield’s

Water Commissioner. “We are prioritizing the completion of the interconnection this year, and we want to thank the Rhode Island Infrastructure Bank and Rhode Island Department of Health for helping us to secure the grant funding to make this project a reality.”

“This funding makes critical resources available to address immediate public health needs for susceptible populations,” said Director of Health Jerome Larkin, MD. “We are pleased to partner with the Rhode Island Infrastructure Bank to support the Smithfield Water Supply Board as they advance this interconnection, which will ensure sustained access to safe drinking water.”

The interconnection project involves extending an existing water main approximately 2,500 linear feet to provide the facility—formerly the Hebert Health & Rehabilitation Center—with access to Smithfield’s municipal water system. This construction phase follows a previous $143,400 Emerging Contaminants grant awarded in April 2025 to complete the engineering and design portion of the project.

Funding for the grant award comes from the U.S. Environmental Protection Agency’s Emerging Contaminants in Small or Disadvantaged Communities (EC-SDC) Grant Program.

Since 2024, the Rhode Island Infrastructure Bank has awarded more than $16 million in Emerging Contaminants grants for drinking water improvement projects across the state.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, in partnership with the Rhode Island Department of Health, has closed on a $26.2 million Drinking Water State Revolving Fund loan with $12.8 million in principal forgiveness (i.e. a grant) for Providence Water to continue their Accelerated Lead Service Line Replacement Program. This latest round of funding will support Providence Water’s ongoing efforts to remove lead service lines at no cost to property owners.

With this latest loan, the Infrastructure Bank has provided a total of $78.8 million in funding for Providence Water’s Accelerated Lead Service Line Replacement program. The Bank has been recognized nationally for its effective pace to leverage federal funds to advance lead service line replacement projects throughout Rhode Island.

“This loan represents our continued commitment to putting federal Infrastructure Investment & Jobs Act funding to work quickly and efficiently to remove lead pipes and improve public health,” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “We look forward to a continued partnership with Providence Water and our Congressional delegation to provide affordable funding for this needed investment in basic drinking water infrastructure.”

“Providing safe and reliable drinking water is our most fundamental responsibility at Providence Water, and ensuring our system is lead-free is a critical part of that mission,” said Ateesh Chanda, Chairman of the Providence Water Supply Board. “This new $26.2 million loan from the Rhode Island Infrastructure Bank is a major win for public health that allows us to continue replacing lead service lines for eligible customers at no cost to them. We are grateful for our long-term partnership with the Infrastructure Bank and our Congressional delegation for securing the federal funding necessary to continue our Accelerated Lead Service Line Replacement program.”

“Since the start of the Accelerated Lead Service Program in January 2024, Providence Water has successfully replaced over 4,300 lead service lines for free within our service area using a combination of federal grant, loan, and state funding,” said Ricky Caruolo, General Manager of Providence Water. “This loan from the Infrastructure Bank will allow us to continue the progress we have made eliminating lead from our customers’ taps. We want to thank the Bank for their continued partnership and our Rhode Island Congressional delegation for securing the federal dollars needed to sustain this major drinking water infrastructure program.”

“Our neighbors deserve access to safe, clean drinking water and today’s announcement ensures that the critical rehabilitation of the city’s outdated water infrastructure can continue,” said Mayor Brett P. Smiley. “At a moment when our community is facing an affordability crisis, ensuring continued access to no-cost private-side lead service line replacement is essential for the health and wellbeing of our neighborhoods. I’m thankful to our entire federal delegation and the Infrastructure Bank for their dedication to improving the quality-of-life of our city.”

“When Rhode islanders turn on the tap, their drinking water should be clean, safe, and lead-free.  Replacing old pipes will improve the health and well-being of Rhode Islanders across the state.  Despite the Trump Administration trying to eliminate federal funding for lead pipe replacement, this is a smart investment in improving water quality, protecting residents, and removing toxic lead water pipes that contaminate our drinking water,” said U.S. Senator Jack Reed.

“Clean, lead-free drinking water is a cornerstone of public health, particularly for children,” said Senator Whitehouse, ranking member of the Senate Environment and Public Works Committee. “Our Bipartisan Infrastructure Law is supporting these long-overdue pipe replacements that won’t cost Rhode Island families a penny.”

“Every Rhode Islander deserves clean, safe drinking water when they turn on the tap,” said Congressman Seth Magaziner. “I was proud to help expand the Rhode Island Infrastructure Bank when I was State Treasurer to make investments like this possible, and it is great to see that work continuing to deliver results. This new funding will help remove lead pipes, deliver reliable drinking water, and lower costs for Rhode Islanders.”

“The science is clear: no amount of lead in our drinking water is safe,” said Congressman Gabe Amo. “This federal investment from the Infrastructure Investment and Jobs Act will help replace dangerous lead pipes in our communities and ensure Rhode Islanders have access to clean, safe water. I’m grateful for the work of the Rhode Island Infrastructure Bank, state, and municipal leaders, and I will continue working with our federal delegation to secure funding for water infrastructure projects.”

“Public water systems take many steps to keep drinking water safe from lead, including treatment that reduces corrosion and routine testing. However, collaborations like this to replace lead service lines are a critical additional step in our work to make Rhode Island’s drinking water as healthy and safe as possible,” said Director of Health Jerry Larkin, MD. “We are thankful to everyone at the local, city, state, and federal levels who are coming together to move this work forward for Providence.”

Thanks to the Infrastructure Bank’s favorable lending terms, which include a 0% interest rate, Providence Water realized more than $22 million in debt service savings on this loan.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, has successfully closed on a $184,495,000 bond issuance to finance critical infrastructure investments in clean water (Narragansett Bay Commission, $75 million) and drinking water (Kent County Water Authority, $25 million) projects. The bond received AAA credit ratings from both S&P Global Ratings and Fitch Ratings, reflecting strong investor confidence and the Bank’s prudent financial management.

“This $184 million bond issue represents a major investment in the health of our environment and the safety of our drinking water,” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “By providing low-cost financing for the Narragansett Bay Commission’s historic CSO project and supporting Kent County Water Authority’s efforts to tackle emerging contaminants, we are continuing to put capital to work for the benefit of Rhode Islanders. These projects are a testament to the power of utilizing the Clean Water and Drinking Water State Revolving Funds to meet the state’s most pressing infrastructure needs.”

The bond issue also includes significant affordability components made possible via federal funding, including more than $8.8 million in principal forgiveness for the Narragansett Bay Commission and $7.5 million for the Kent County Water Authority, helping to directly reduce costs for local ratepayers.

“Our ability to secure AAA ratings allows the Infrastructure Bank to access the capital markets at the lowest possible cost,” said Vahid Ownjazayeri, Rhode Island Infrastructure Bank Board Chair. “By utilizing the Bank’s capital and below-market rate financing, our partners are realizing significant savings compared to traditional financing options.”

The transaction also includes a bond refinancing of existing debt that is expected to generate over $2.7 million in savings, further strengthening the long-term financial position of the Bank’s lending capacity.

Narragansett Bay Commission CSO Phase III – $75 Million
Approximately $75 million in bond proceeds will primarily support the Narragansett Bay Commission’s Combined Sewer Overflow (CSO) Project Phase III. This major initiative is aimed at improving water quality and protecting the health of Narragansett Bay by reducing overflow volumes by 98%. As a result of the Bank’s subsidy, the interest rate on this 30-year loan is an attractive 3.15%.

“The Rhode Island Infrastructure Bank has been a vital partner in the CSO project for over two decades,” said Kevin McDonald, Chief Financial Officer of the Narragansett Bay Commission. “This latest round of $75 million in financing, combined with nearly $9 million in principal forgiveness, is crucial as we move forward with CSO Phase III construction. These savings allow us to continue this historic environmental work while remaining mindful of the financial impact on our customers.”

**Kent County Water Authority PFAS Remediation – $25 Million
**In addition to clean water efforts, the financing will fund a PFAS remediation project at the Kent County Water Authority, advancing efforts to address emerging contaminants and ensure safe drinking water for residents. The interest rate on this 20-year loan is a very favorable 2.79%.

“Ensuring the long-term safety of our drinking water supply requires proactive investment in new technologies to address emerging contaminants like PFAS,” said David Simmons, Executive Director / Chief Engineer of the Kent County Water Authority. “The Infrastructure Bank’s low-cost financing and $7.5 million in principal forgiveness make it possible for us to implement this critical remediation project efficiently and affordably for our customers.”

The financing team that assisted the Bank on this transaction included Jeffries as Senior Managing Underwriter along with Raymond James, Siebert Williams, Stern Brothers, Bank of America Securities, and Academy Securities as co-managers. The Bank was represented by Hinckley Allen as Bond Counsel, Harrington Vitale Bernardo as General Counsel and Hilltop Securities as municipal advisor.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank today announced that leading rating agencies Fitch and S&P have given AAA, stable outlook credit ratings to the Bank’s Clean Water State Revolving Fund and Drinking Water State Revolving Fund programs.

Both agencies point out several underlying factors which contribute to these top tier credit ratings including;

• Secure Market Position
• Robust over collateralization
• Strong Financial Policies and Procedures
• Extremely strong risk profile

“This is a tremendous vote of confidence despite uncertainties around federal funding,” said Executive Director William Fazioli. “These AAA ratings demonstrate that the Infrastructure Bank is highly creditworthy and a responsible steward in managing public funds to improve critical clean and drinking water infrastructure, while providing the most affordable financing terms for our city, town, and quasi-public clients. They also demonstrate that during a time of uncertainty, the Bank stands for stability and resilience as a source of low-cost financing for infrastructure projects across Rhode Island.”

The ratings were assigned in connection with an upcoming bond sale to fund projects at the Narragansett Bay Commission and Kent County Water Authority.

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PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, has issued a $41,630,000 Clean Water State Revolving Fund bond, with $5,200,000 in principal forgiveness stemming from the Bipartisan Infrastructure Law (e.g., a grant). Bond proceeds will help finance the ongoing construction of the Narragansett Bay Commission’s Combined Sewer Overflow (CSO) Phase III project and other system infrastructure upgrades. The 30-year bond met with strong investor demand that netted an attractive overall borrowing rate of 3.93% and is rated AAA by S&P and Fitch Ratings.

“For the past 20 years, Rhode Island Infrastructure Bank has been providing low-cost financing for the Narragansett Bay Commission’s CSO project, and we’re pleased to continue that partnership with this $41 million bond to support Phase III construction and other system upgrade projects,” said William Fazioli, Executive Director. “The CSO is one of the largest infrastructure projects in Rhode Island’s history and has produced dramatic improvements in the health of Narragansett Bay. It is an excellent example of what is possible through investing in infrastructure and utilizing Rhode Island’s Clean Water State Revolving Fund program.”

“Our CSO project would not have been possible without the low-cost financing provided by the Rhode Island Infrastructure Bank,” said Narragansett Bay Commission Executive Director Laurie Horridge, Esq. “We thank the Bank for their decades-long partnership and for this latest $41 million Clean Water State Revolving Fund financing for CSO Phase III work, and other upgrades to our system infrastructure.”

“By utilizing the Bank’s capital and below market rate financing on this bond issue, Narragansett Bay Commission was able to save $24 million versus borrowing via traditional options,” said Rhode Island Infrastructure Bank Board Chair Vahid Ownjazayeri. “Including this bond, Rhode Island Infrastructure Bank has provided approximately $900 million in Clean Water State Revolving Fund financing for Narragansett Bay Commission clean water infrastructure investments. We are proud of this long-term partnership, which demonstrates the power public infrastructure investment can have in improving public health and the health of our environment.”

Since 2003, the Narragansett Bay Commission has used the Bank’s low-cost Clean Water State Revolving Fund program to complete Phase I and Phase II of the CSO project, diverting more than 1 billion gallons of combined water and wastewater that would have otherwise gone straight into Narragansett Bay, and is now treated at their Field’s Point Wastewater Treatment Facility each year. The project has helped to dramatically improve the health of Narragansett Bay.

Phase III of the Combined Sewer Overflow project, currently under construction, is a 2.2-mile long, 30-foot diameter tunnel running underneath Pawtucket and Central Falls that is expected to reduce overflow volumes by 98 percent and treat stormwater before it flows into Narragansett Bay.

The financing team that led this highly successful transaction included Ramirez & Co as Senior Managing Underwriter, Hilltop Securities as Financial Advisor, and Hinckely Allen as Bond Counsel.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank today announced that leading rating agencies Fitch and S&P have both given AAA, outlook stable credit ratings to the Bank.

“Receiving these AAA credit ratings is a testament to the strong financial foundation we have built, and Rhode Island Infrastructure Bank’s resilient fiscal condition,” said Executive Director William Fazioli. “The stable outlook also demonstrates the rating agencies’ confidence that the Board and Management will continue to enact policies and procedures that will benefit our borrowers, Rhode Island taxpayers, and ensure the Bank is able to provide a source of capital to support a clean and healthy environment for generations to come.”

“Our Clean and Drinking Water State Revolving Fund programs provide hundreds of millions of dollars in needed low cost financing for stormwater, wastewater, and drinking water projects in cities and towns across Rhode Island,” said Rhode Island Infrastructure Bank Board Chairman Vahid Ownjazayeri. “With these AAA credit ratings, Rhode Islanders can be confident that the Infrastructure Bank is highly credit worthy and extremely vigilant in the use of public funds to improve critical infrastructure in our state.”

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, today announced that Anthony Hebert will join the Bank as a Business Development Officer. The Bank also announced the promotions of Anna Coelho Cortes to Managing Director of Business Development and Ken Viera to Deputy Chief Financial Officer.

“We are pleased to announce the hiring of Anthony Hebert as a Business Development Officer,” said William Fazioli, Executive Director of Rhode Island Infrastructure Bank. “Anthony’s experience in municipal economic development will be a strong asset as he assists us in reaching out to our city, town, and quasi-public partners. We are also pleased to share that two of our talented employees, Anna Coelho Cortes and Ken Viera are being promoted to the positions of Managing Director of Business Development and Deputy Chief Financial Officer, respectively.”

Continued Fazioli, “Anna has been with the Bank for 25 years, progressively taking on more responsibility each year and has developed an unmatched level of expertise regarding the Bank’s wide range of financing programs. As our Managing Director of Business Development, she will play a critical role in ensuring that our city and town partners are aware of and utilize the Bank’s broad financial solutions designed to meet infrastructure needs.”

“Ken has been with the Bank since 2017, overseeing internal controls, assisting with budget preparation, financial reporting and managing the Bank’s strong capital position. We’re pleased to promote him Deputy Chief Financial Officer, particularly as the Bank manages an influx of nearly $400 million in federal Bipartisan Infrastructure Law funding for projects across the state,” concluded Fazioli.

Anthony Hebert grew up in Sutton, Massachusetts and holds a Master’s Degree in Public Administration from Bridgewater State University. Anthony is joining the Infrastructure Bank as a Business Development Officer focused on launching new programs under the bank’s expanding portfolio. Prior to joining the Rhode Island Infrastructure Bank, Anthony spent 5 years working for the City of Pawtucket in their planning department and, most recently, in their commerce department as the City’s Economic Development Officer where he managed small business initiatives, advanced community development and infrastructure projects, and facilitated the financing to grow local business and foster tourism.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, today announced that Joanna L’Heureux has been named the Bank’s new Chief Financial and Operating Officer.

“Joanna L’Heureux brings more than 30 years of experience in public finance, accounting and strong leadership qualities to the table, and we’re thrilled to have her join the Bank as our new Chief Financial and Operating Officer,” said William Fazioli, Executive Director of the Infrastructure Bank.

“We are pleased to welcome Joanna to the Infrastructure Bank team at a critical time for the Bank and the cities, towns, and quasi-public entities we serve,” said Vahid Ownjazayeri, Chair of the Rhode Island Infrastructure Bank’s Board of Directors. “Her public finance background and strong relationships with local municipalities will be invaluable as we work to ensure our municipal partners are aware of and able to access the approximately $400 million in federal Bipartisan Infrastructure Law funding coming into our state for wastewater, drinking water, lead pipe replacements, and other critical infrastructure projects.”

Joanna L’Heureux has over 30 years of municipal finance experience in both the private and public sectors. She previously served as the Finance Director for the City of Pawtucket for 10 years and most recently as the Chief Financial and Administrative Officer for the Rhode Island Interlocal Risk Management Trust. Her experience includes working as an independent auditor with two CPA firms specializing in auditing municipalities and school districts in Rhode Island and Massachusetts. Joanna earned a BS degree in Business Administration with a concentration in accounting from Bryant University.

PROVIDENCE, R.I. – The Board of the Rhode Island Infrastructure Bank today announced the appointment of William J. Fazioli as CEO and Executive Director of the Bank.  The appointment of Mr. Fazioli follows the departure of Jeffrey R. Diehl who, as Chief Executive Officer and Executive Director of the Bank, provided more than 7 years of dedicated public service to the Bank and the citizens of Rhode Island.

Mr. Fazioli, who most recently served as the Bank’s Managing Director of Program and Business Development, has over 35 years of public administration experience in municipal finance, economic development, and infrastructure investment.  Well-known and respected by state and municipal leaders, Bill previously served as Northeast Regional Director for BondLink, a public finance investor relations portal, and prior to that was Director of Planning & Economic Development for the City of East Providence. His background includes senior roles in public sector banking, financial advisory, and municipal government. He is also the Executive Director of New England States Government Finance Officers Association and Chair of the East Providence Waterfront District Commission. Bill earned an MPA degree in public finance from SUNY-Albany and a BA in public administration and sociology from Rhode Island College.

“On behalf of the Board, I want to thank Jeff for his valued service in leading Rhode Island Infrastructure Bank,” said Board Chair Vahid Ownjazayeri.  “Under Jeff’s leadership, the Bank invested hundreds of millions of dollars to assist Rhode Island municipalities, businesses, and not-for-profit organizations to facilitate and to help bring down the costs of highly significant infrastructure projects. During Jeff’s tenure and under his leadership, the Bank experienced tremendous growth in its financing of critical water and transportation infrastructure. as well as renewable energy, municipal resilience, and energy efficiency projects, all areas critical to the future of our State. We wish Jeff all the best and continuing success in his future endeavors.” Chair Ownjazayeri concluded, “We’re excited to have Bill as our new Executive Director. We believe his experience and expertise make him well-suited to build upon the Bank’s many successes and to lead the Bank to further its mission to serve many important needs of our State.”

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank is applauding the Governor and General Assembly for funding several infrastructure priorities in the FY 2024 state budget including:

$5.5 million for the Municipal Infrastructure Grant Program (MIGP) – Originally created by the General Assembly in 2021, the MIGP has awarded $3.5 million in grant funding to 9 cities and towns across the state. This funding included in the FY23 supplemental budget is for the Bank to establish a Municipal Matching Grant Pool of funds to assist cities and towns in providing the local match for federal funding opportunities under the federal Bipartisan Infrastructure Law.

$28.5 million in state matching funds for the Clean Water State Revolving Fund and Drinking Water State Revolving Fund – Thanks to the federal Bipartisan Infrastructure Law, Rhode Island’s Clean Water State Revolving Fund and Drinking Water State Revolving Fund are set to receive nearly $400 million in federal funding over the next several years. The $28.5 million included in the FY 2024 budget is the required state match to unlock a portion of these federal funds.

$4.3 million for support infrastructure necessary for affordable housing development – Rhode Island Infrastructure Bank will work in coordination with the Rhode Island Department of Housing to provide funding to cities and towns to support the infrastructure necessary to support affordable housing development, such as road and utility infrastructure.

“We thank Governor McKee, Speaker Shekarchi, and Senate President Ruggerio for prioritizing key infrastructure investments in this year’s state budget,” said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. “From assisting our city and town partners in completing local projects, to unlocking hundreds of millions in federal funding for clean and drinking water projects across the state, to making sure local infrastructure can support the development of new affordable housing projects, these are smart investments that will benefit our communities, residents, businesses, and the environment.”

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank has closed on a $77,260,000 Green Bond to support clean water projects for the Narragansett Bay Commission and the communities of East Greenwich, East Providence, Middletown, Woonsocket, and Warwick, and for drinking water projects in the City of Providence.

“Thanks to the Bipartisan Infrastructure Law, Rhode Island’s Clean and Drinking Water State Revolving Funds are receiving nearly $400 million in funding for projects across the state,” said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. “We are using this bond sale to speed up the flow of financing so our cities, towns, and quasi-public entities can get to work on major infrastructure projects. Projects like upgrading wastewater treatment plants, building new pump stations, installing new sewer mains, and repairing and replacing drinking water mains, transmission lines, and service lines. These projects are essential to our communities, residents, and businesses who rely on often unseen but absolutely critical drinking water, sewer, and stormwater infrastructure.”

Projects receiving Green Bond proceeds:

Narragansett Bay Commission – Combined Sewer Overflow Phase III, Fields Point Wastewater Treatment Facility upgrades, and other upgrade and replacement projects – $47.6 million.

East Greenwich – Wastewater treatment plant facility upgrades – $4.9 million.

Woonsocket – Replacement of Manville Road pump station and repairs at Woonsocket Regional Wastewater Treatment Facility – $2.3 million.

Middletown – Replacement of Paradise Avenue Pump Station Force Main – $1 million.

Warwick – Rehabilitation of Cedar Swamp Force Main and completion of sewer installation to bring sewer availability to the city’s Bayside neighborhood – $20 million.

East Providence – Water pollution abatement and resiliency improvements to Booth Avenue and Bold Point Park areas – $2.5 million.

Providence / Providence Water Supply Board – Water distribution improvements including cleaning, relining, repair and replacement of water mains, transmission lines, service lines, and valves – $5.5 million.

The bond received a rating of AAA from Fitch and AAA from S&P Global Ratings.

Infrastructure Bank Announces $4.9 Million

for Municipal Resilience Program Action Grants and Names 6 Municipalities to Participate in 2022 Program Round

Cities and towns will implement specific projects to address impacts of climate change

PROVIDENCE, R.I – Rhode Island Infrastructure Bank today announced $4.9 million in Action Grants for participants of the Municipal Resilience Program (MRP). Communities prioritized local actions through the program and will use grant funds to implement projects that will increase their climate resilience.

“The Infrastructure Bank stands by our commitment to Rhode Island’s municipalities to accelerate investment in critical infrastructure and nature-based solutions that will better prepare communities for a changing climate” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “The Bank’s Municipal Resilience Program directly supports cities and towns to identify and fund priority resilience projects, with a particular focus on nature-based solutions and those benefitting disadvantaged communities. We look forward to building on the success of the first three rounds of the program and strengthening relationships with our municipal partners statewide to proactively address climate change.”

With support from The Nature Conservancy, 20 municipalities have completed Community Resilience Building workshops and developed prioritized lists of actionable resilience plans and projects. Municipalities are then eligible to submit applications for MRP Action Grants with a 25% local match requirement. After a competitive review process, the selection committee recommended the following proposals to receive funding for implementation:

● Barrington - Shoreline adaptation and upgradient tree planting at five sites for water quality, flood reduction, and heat reduction benefits; in addition, improvements at the Municipal Tree Nursery to support street tree populations across town

● Bristol - Green infrastructure at Independence Park to improve water quality, reduce flooding, and create safer public access

● Central Falls & Pawtucket - Two parklets, one in each City, along the Pine Street corridor in the Pawtucket-Central Falls Transit Oriented Development District, which will incorporate green infrastructure for water quality and flood reduction benefits

● Cumberland - Planting of 196 trees at 26 locations throughout the Valley Falls and Lonsdale neighborhoods for stormwater management and cooling benefits

● Cumberland - Enhancement of Cumberland’s stormwater management system along Industrial Road, incorporating a combination of green and gray infrastructure techniques

● East Providence - Stormwater management installations incorporating green infrastructure at Beach Road and Willet Pond and floodproofing of the Silver Street Pump Station

● Newport - Shoreline adaptation and green infrastructure installations at the end of Pine Street to improve water quality, reduce flooding, control erosion, and increase public access to the waterfront

● North Kingstown - Shoreline adaptation and green infrastructure at the end of Roger Williams Drive, providing water quality, flood reduction, and erosion control benefits

● North Kingstown - Flooding solutions at the Brown Street Parking Lot in Wickford Village, utilizing green infrastructure and elevation to address both water quality and flooding concerns

● Portsmouth - Stormwater injection facility and green infrastructure at Riverside Street and dredging at Founders Brook to remove silt and vegetation buildup without hardening or channelizing the watercourse to address water quality concerns and reduce flooding

● Providence - Green infrastructure “treatment train” at Mashapaug Pond that will address water quality concerns and allow for the testing of innovative stormwater management methods

● Providence - Emergency generators at the Davey Lopes Recreation Center and the Elmwood Community Center to allow these centers to provide shelter during storm and extreme temperature events, and as a first step to establishing these centers as Resilience Hubs, which will provide information & engagement on climate resilience and transition to clean-energy systems in line with City-wide resilience goals

● Tiverton - Restoration of natural hydrological patterns, relocation of vulnerable infrastructure, and creation of sand dunes stabilized with beach grass at Fogland Beach, Fogland Marsh, and Three Rod Way to address flooding concerns and protect against storm surges

● Warren - Installation of stormwater management green infrastructure at Fern Drive to provide water quality treatment and reduce flooding

● Westerly - Installation of nature-based stormwater infrastructure along Main Street, serving as a nature-based solution demonstration that will improve water quality, reduce flooding, reduce heat, and increase green space

The Bank also named six municipalities to participate in the 2022 round of the MRP. This is the fourth round of the program and increases the number of participating communities to 26.

Selected 2022 municipalities:

●      Burrillville

●      Charlestown

●      Glocester

●      Lincoln

●      Narragansett

●      Richmond

“Municipalities across the state are already feeling the impacts from climate change – from increased damage from storms to rising sea levels,” said Sue AnderBois, The Nature Conservancy’s Climate and Energy Program Manager. “The Nature Conservancy is proud to have partnered with the Infrastructure Bank to bring these planning workshops to 20 of the state’s 39 municipalities already, and we are so pleased to see the municipalities taking advantage of these initial grants to implement the recommendations of their workshops. We know there continues to be additional need for this type of planning and implementation. The proposed Green Bond includes an additional $16 million for implementation grants, and we are working with our colleagues across the region to determine how we can leverage federal infrastructure funds here in Rhode Island.”

All Rhode Island cities and towns are eligible to apply for the Municipal Resilience Program. More information on the program can be found here.

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.

PRESS RELEASE For Immediate Release: March 30, 2022

Infrastructure Bank Awards $827,000 In Water Quality Grants To 4 Water Systems Across Rhode Island

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced the award of $827,000 in water quality grants to 4 public water systems across Rhode Island. Awards come from the Bank’s Water Quality Protection Charge program, which makes funds available to public drinking water suppliers to complete projects that protect sources of drinking water.

·        $28,500 grant to the Pawtucket Water Supply Board for the purchase of a conservation easement and right of first refusal for watershed property adjacent to Pawtucket Water’s reservoir in Cumberland.

·        $672,000 grant to the Kent County Water Authority for the purchase of two parcels in the Town of Coventry and Hopkins Hill water main looping and re-servicing.

·        $2,700 grant to the Richmond Water Supply Board for engineering costs associated with the design and permitting of a water treatment system.

·        $123,900 grant to the Westerly Water Department for the development of a Water Supply System Management Plan, a vulnerability assessment, and a dead-end looping project on Spray Rock Road.

“Rhode Island’s communities, residents, and businesses depend on the reliable supply of clean drinking water, and these grants will allow water suppliers across the state to invest in important water quality protection projects,” said Rhode Island Infrastructure Bank CEO Jeffrey R. Diehl.

Through our drinking water programs, the Infrastructure Bank has provided $647 million in loans and grants for drinking water projects across the state.

# # #

About the 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. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank

Infrastructure Bank Announces $810,000 In Financing & Principal Forgiveness For Ponaganset High School Water System Upgrades

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced an $810,000 loan and $200,000 in principal forgiveness for safe drinking water upgrades to Ponaganset High School’s water system. The project is being financed via the Drinking Water State Revolving Fund (DWSRF), which provides below-market interest rate loans to community public water systems, nonprofit noncommunity public water systems, privately organized water suppliers, and local governmental units to complete water infrastructure projects.

Upgrades to Ponaganset High School’s water system will include:

• The installation of a new south booster pump station and new water storage tank;
• Modifications to the existing north booster pump station for implementation of corrosion control treatment;
• Modifications to the exterior water supply piping;
• Demolition and disposal of the existing south water storage tank; and
• Demolition and abandoning in place the existing underground south booster pump station.

“Rhode Island’s many smaller water systems, like Ponaganset High School’s system, lack a broad base of rate payers to finance necessary, but often expensive system upgrades,” said Rhode Island Infrastructure Bank CEO Jeffrey R. Diehl. “That’s why the Infrastructure Bank is pleased to offer the Foster Glocester School District low-cost financing and principal forgiveness to allow for needed upgrades to ensure the continued supply of safe drinking water at Ponaganset High School.”

“I want to thank Rhode Island Infrastructure Bank for working with us to help finance these needed upgrades to Ponaganset High School’s water system,” said Dr. Michael Barnes, Superintendent of the Foster-Glocester Regional School District. “Our Ponaganset High students, teachers, and staff rely on safe drinking water, and these upgrades will help to ensure just that for decades to come.”

Since the inception of the DWSRF, the Infrastructure Bank has provided $450 million in loans to Rhode Island’s public water systems.

# # #

About the 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. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced a $20 million loan to the Kent County Water Authority, enabling the Authority to move forward with the construction of a new energy efficient administration and maintenance facility in West Greenwich. Financing was provided through the Bank’s Drinking Water State Revolving Fund and Efficient Buildings Fund programs.

“We have significantly outgrown our current facility, and that is why we are so pleased to partner with the Infrastructure Bank on a $20 million financing package that will allow us to build a brand new, state -of-the-art energy efficient administration and maintenance facility to better serve our customers,” said David L. Simmons, PE, Executive Director and Chief Engineer of Kent County Water Authority. “In addition to meeting the spatial needs for future growth and an enhanced customer service experience, we are excited about the many energy efficiency features that will be integrated into the new building including a variable refrigerant flow (VRF) system, LED lighting, and enhanced insulation, just to name a few. In addition, the new facility will feature solar panels and charging stations for a fleet of electric vehicles. Combined, these elements will result in significant energy cost savings for the Authority and our customers while simultaneously moving toward our 100/100 goal to provide 100 % of the water service utilizing 100 % renewable energy sources. We want to thank the Infrastructure Bank for working with us to help make this important project a reality.”

“There is nothing more fundamental to Rhode Island’s communities, residents, and businesses than the reliable supply of clean, safe drinking water and that is why we are pleased to make this $20 million loan to enable the Kent County Water Authority to construct their new administration and maintenance facility,” said Infrastructure Bank CEO Jeffrey R. Diehl. “Through the combination of our Drinking Water State Revolving Fund and Efficient Buildings Fund programs, this loan will allow the Authority to continue to supply drinking water to their customers for decades to come, while also delivering energy cost savings.”

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 – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank

About the Kent County Water Authority

The Kent County Water Authority supplies and distributes water services on a retail basis to residential, commercial, industrial, and other consumers within reach of its existing infrastructure within Kent County and a portion of Cranston, Scituate, and a small area of North Kingstown. The Authority provides service to over 87,000 inhabitants through 26,700 service connections and 457 miles of water main. kentcountywater.org

PROVIDENCE, R.I. – Today, Rhode Island Infrastructure Bank (Infrastructure Bank) released the Resilient Rhody 3 Year Impact Report detailing progress that has been made by state agency and municipal partners in turning the original 2018 Resilient Rhody report’s recommendations into concrete actions including infrastructure upgrades, coordinated planning, and financing of resilience projects.

Resilient Rhody 3 Year Impact Report highlights:

• 100% of municipalities have active Hazard Mitigation Plans or are updating their plans
• 20 municipalities have participated in the Municipal Resilience Program (MRP) since 2018
• 1,424 acres of open space and natural land preserved since 2018
• $19.5 million in new, dedicated funding to implement climate resilience projects
• 9 projects engineered through CRMC’s Shoreline Adaptation Inventory and Design Program

“Three years ago, a broad coalition of more than 50 stakeholders from state agencies, to municipalities, to non-profits came together to research and release Resilient Rhody. This was Rhode Island’s first comprehensive strategy on the impacts of climate change and actionable strategies to increase resilience in the face of threats to our infrastructure, environment, and public health,” said Jeffrey Diehl, CEO of the Infrastructure Bank. “Given the serious impacts identified in Resilient Rhody, allowing the report to gather dust on a shelf was simply not an option. Rather, as detailed in the Resilient Rhody 3 Year Impact Report, state agency and municipal partners have made real progress increasing resilience. For example, the Infrastructure Bank’s Municipal Resilience Program has worked with 20 municipalities who have participated in workshops led by The Nature Conservancy and the Bank to identify key projects. Through $2.5 million in action grants, we have helped municipal partners bring 22 projects to reality and mobilized an additional $6 million in funding for other resiliency projects like reducing stormwater runoff into Almy Pond in Newport, and constructing a bio-retention stormwater system to reduce flooding and minimize bacterial pollution in Warwick’s Greenwich Bay.”

“From sea level rise to increased flooding events, there is no question that Rhode Island is already feeling the impacts of climate change and that these impacts will only get worse if we fail to take action” said Terrence Gray, Acting Director of the Rhode Island Department of Environmental Management (RIDEM). “That is why RIDEM has been deeply engaged in resilience work since the release of the original Resilient Rhody report in 2018. For example, Resilient Rhody noted the vulnerability of many of our state’s wastewater treatment plants to flooding events that could overwhelm these systems and lead to sewage overflows into our streams, rivers, and Narragansett Bay. To address this, RIDEM led vulnerability assessments of all major treatment plants, and through our $5-million Wastewater Treatment Facility Resilience Fund we invested in hardening improvements at plants in East Greenwich and Woonsocket. This is just one of many actions taken by state agency partners that are detailed in the Resilient Rhody 3 Year Impact Report. While we collectively have much work left to do, we are making progress in ways both big and small towards building a more resilient Rhody.”

Click here for a PDF copy of the full Resilient Rhody 3 Year Impact Report.

About the 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. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced the creation of a new pilot “Regional Resilience Coordinator” position to provide dedicated technical assistance to Aquidneck Island’s municipalities to implement climate resiliency investments. The hiring of this two-year pilot position has been made possible thanks to the support of the van Beuren Charitable Foundation.

“Through our Municipal Resilience Program work with Newport, Middletown, and Portsmouth, each community has identified limited staff capacity and technical expertise as barriers to advancing climate resilience projects,” said Jeffrey R. Diehl, Executive Director and Chief Executive Officer of the Bank. “Thanks to generous grant funding provided by the van Beuren Charitable Foundation, the Infrastructure Bank will be hiring an Aquidneck Island Regional Resilience Coordinator to better facilitate strategic infrastructure investments to increase the island’s resilience to the impacts of climate change including sea level rise, storm water runoff, and flooding events. We are excited to offer this new resource and believe it will serve as a statewide model for regional collaboration.”

For those interested in the two-year pilot Aquidneck Island Regional Resilience Coordinator position, a detailed job description and how to apply instructions can be found here.

About the 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. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced $205,000 in bridge financing and an $83,000 Stormwater Project Accelerator grant to enable Groundwork Rhode Island to complete a new community composting facility and vegetation garden at 34 Fuller Street and 37 Westfield Street in Providence. Funds will be used to install a comprehensive below-grade stormwater management system and corresponding site remediation efforts on the two abutting properties.

 “Rhode Island Infrastructure Bank is pleased to be providing Groundwork Rhode Island with the financing and grant resources they need to expand their successful community composting program,” said Infrastructure Bank CEO Jeffrey R. Diehl. “Groundwork had identified a promising site for an expanded composting facility, but soil contamination and the lack of stormwater management systems to control potentially polluted stormwater runoff was holding the project back. With this $288,000 package of bridge financing and a Stormwater Project Accelerator Grant, Groundwork will now be able to complete site remediation and stormwater management work to make their new community composting facility and vegetation garden a reality.”

“Groundwork Rhode Island deeply appreciates the financing and grant resources the Infrastructure Bank is providing so that we can complete construction of our new community composting facility and vegetation garden,” said Amelia Rose, Executive Director. “The Infrastructure Bank has been an incredible partner, helping us work through site preparation, technical, engineering, and financing issues to make this project a reality. A project that when completed will allow more Providence residences, restaurants, and institutions to take advantage of composting by recycling organic materials that would otherwise end up in the landfill.”

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) 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:

• Narragansett Bay Commission -  $2.6 million
• City of Newport - $880,000
• Providence Water - $620,000
• City of Warwick - $615,000
• City of Woonsocket - $599,000
• Town of West Warwick - $299,000
• Town of Burrillville - $174,000

“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

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced the approval of a $400,000 loan from the Brownfields Revolving Loan Fund to finance environmental remediation work as part of the larger Nexus Lofts redevelopment project located at 49 North Union Street, in downtown Pawtucket. The redevelopment will include 27 affordable market-rate apartments with ground floor     office and/or retail.

“Many commercial redevelopment sites in Rhode Island require some form of brownfield remediation, and that’s precisely what the Brownfields Revolving Loan Fund program is for,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “This $400,000 loan for site remediation work at the Nexus Lofts project will help catalyze further development in the surrounding buildings. We are pleased to help finance a portion of this key project for the continued revitalization of downtown Pawtucket.”

“This brownfields loan is a critical part of our overall project financing and site redevelopment plan,” said Co-Developer Michael Leshinsky. “We want to thank the team at the Infrastructure Bank for working with us to finance the site remediation we need to complete in order to unlock the full potential of our Nexus Lofts project.”

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) today announced more than $3 million in financing and loan forgiveness for safe drinking water upgrade projects for 5 small and community water system providers across the state. The projects are being financed via the Drinking Water State Revolving Fund (DWSRF) program, which provides below-market interest rate loans to community public water systems, nonprofit noncommunity public water systems, privately organized water suppliers, and local governmental units to complete water infrastructure projects.

• $106,000 in DWSRF loan forgiveness to the Hog Island North Drinking Water System in Portsmouth for a water tank replacement.
•  Up to $1 million in DWSRF loan forgiveness to Paige Associates in Coventry for storage tank, pumphouse, and distribution system upgrades.
• $195,000 in DWSRF loan forgiveness to the Pascoag Utility District in Burrillville for the replacement of public and private lead service lines.
• $936,721 in DWSRF loan forgiveness to the Charlestown Cedars in Charlestown for distribution system upgrades.
• $810,000 in DWSRF financing with up to $200,000 in loan forgiveness to the Foster-Glocester Regional School District for the South Booster Pump Station Project at Ponaganset High School.

“Rhode Island’s many smaller water systems often lack the broad base of rate payers to finance needed, but often expensive, system upgrade projects on their own,” said Rhode Island Infrastructure Bank CEO Jeffrey R. Diehl. “That’s why the Infrastructure Bank is pleased to offer low-cost financing and loan forgiveness through the Drinking Water State Revolving Fund to allow our state’s smaller water system providers to make the investments needed to ensure the continued supply of safe drinking water.”

Since the inception of the DWSRF, the Infrastructure Bank has provided $450 million in loans to Rhode Island’s public water systems.

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) 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.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced the promotion of Shaun O’Rourke to Managing Director, Program and Business Development. Mr. O’Rourke assumes the new role after 4 years serving as the Infrastructure Bank’s Director of Stormwater and Resiliency. He is replacing Michael Baer, who is leaving to pursue a new position in the private sector after 6 years of service to the Infrastructure Bank.

“We’d like to thank Michael for his years of work in leading new program and business development for the Infrastructure Bank,” said Jeffrey R. Diehl, CEO. “Thanks to Michael’s work in developing our new investment programs and building connections with Rhode Island’s municipal leaders and commercial property owners, the Bank has invested over $700 million in water, road, and clean energy infrastructure projects that have supported 16,000 jobs, and saved borrowers nearly $200 million through lower financing costs and energy savings. We wish Michael the best of luck in his new endeavor.”

Continued Diehl, “The Infrastructure Bank is pleased to promote Shaun O’Rourke to Managing Director, Program and Business Development, based on his strong record of running our stormwater and resiliency programs. Shaun is a true climate change leader who has been focused on ways to accelerate the state and its municipalities’ transition to clean energy and greater climate resiliency as Rhode Island’s first gubernatorial appointed Chief Resiliency Officer. Bringing those skills and experience to his new role, we look forward to continuing to grow our portfolio of infrastructure financing solutions for our state’s cities and towns, businesses, and homeowners.”

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 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.

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.

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.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (the Infrastructure Bank) announced the closing of a $2.5 million loan with the Providence Marriott Downtown today. Through the Bank’s Commercial Property Assessed Clean Energy (C-PACE) program, the hotel, at 1 Orms Street, installed a state-of-the-art, highly efficient HVAC system along with new controls and LED lighting throughout the facility. The comprehensive upgrades will reduce the hotel’s annual energy expense by almost 40% when compared to their current usage.

“RI C-PACE financing has helped twenty-six buildings make upgrades and offset their energy costs,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “The Providence Marriott project is one of the C-PACE program’s largest loans to-date.”

The energy efficiency upgrades will offset the facility’s energy consumption. Over the 18-year financing term, the hotel is expected to reduce its carbon footprint by 12,945 metric carbon tons, a figure equivalent to the annual energy output of 1,500 Rhode Island homes.

“The PACE funds helped us install state-of-the-art HVAC and lighting systems that provide our guests with superior guestroom comfort,” said Richard Jabara, CEO of Meyer Jabara Hotels. “This work is part of our broader “re-imagination” of the hotel, bringing it to the latest Marriott standards and incorporating features our guests desire including farm-to-table food options, an expanded coffee shop hosting local roasters and electric vehicle (“EV”) charging stations. The associated environmental benefits of the PACE funded improvements are also very important to us and to our many valued individual and corporate guests. We are grateful for the assistance provided by the Infrastructure Bank, Thompson Partners, our consultant that developed the PACE project and secured third party financing, Greenworks Lending that provided the funding and National Grid for providing technical assistance and incentive funds.”

The Providence Marriott Downtown is a full-service hotel. It has been serving local organizations and transient guests since its opening in 1975. The hotel contains 354 guest rooms, extensive meeting space, a ballroom, an on-site salon and spa and a guest favorite in-door and outdoor pool with a pool-side bar.  The hotel is also looking forward to the opening of a new restaurant.

C-PACE helps commercial and industrial property owners lower their energy costs through financing for energy efficiency upgrades and the installation of renewable energy systems. Projects eligible for C-PACE financing include efficiency measures such as lighting, insulation, heating and cooling systems, and renewable energy projects in addition to other related construction 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, R.I. – Rhode Island Infrastructure Bank announced $1.3 million in financing for LED streetlight conversions and stormwater improvements in Pawtucket. By borrowing through the Infrastructure Bank at below market interest rates, the City will save $157,336 on debt service payments over the lifetimes of the loans. Of the $1.3 million, $1 million is for streetlight conversions through the Efficient Building Fund (EBF), and $350,000 is a Clean Water State Revolving Fund loan for a stormwater mitigation project adjacent to the future Pawtucket-Central Falls Train Station.

“By taking advantage of the Bank’s Efficient Buildings Fund to upgrade their streetlights, Pawtucket will generate significant savings for the community and make a positive impact on the environment,” said Jeffrey Diehl, CEO of the Infrastructure Bank. “The future Pawtucket-Central Falls Train Station will be a hub of economic activity for the Blackstone Valley. The stormwater improvements will significantly reduce pollutants from rainwater runoff and add to the beautification of the area.”

Pawtucket is converting approximately 6,000 streetlights to LED lights across the city, saving significantly on annual energy savings. This is the City’s second time borrowing from the EBF program; in 2017 the City borrowed $3.9 million for energy efficiency improvements in municipal buildings. The City’s stormwater project received $77,000 in principle forgiveness funding and is expected to be completed by the end of the summer.

“The City is constantly looking for innovative ways to save the taxpayers’ money. Transitioning over to LED lights not only saves us money but is environmentally friendly. The improvements to the train station district will make Pawtucket cleaner and greener,” said Pawtucket Mayor Donald R. Grebien. “We thank the Rhode Island Infrastructure Bank as these projects may not have been feasible without their continued partnership.”

The Efficient Buildings Fund provides below-market interest rate loans to municipalities, school districts and quasi-state entities to invest in clean energy projects. Since 2016, the Efficient Buildings Fund has reduced energy, maintenance and debt-service costs for municipalities by approximately $66 million dollars through investments in onshore wind, solar, LED lighting and highly efficient heating and cooling improvements. These projects are estimated to reduce emissions equivalent to the annual carbon footprint of 3,400 American homes. Overall, the Bank’s Efficient Buildings Fund has provided $33 million in loans to thirteen borrowers across the State.

Through the Clean Water State Revolving Fund, municipalities and quasi-public agencies are able to access below-market interest rate loans for the completion of projects that mitigate water pollution. To date, the fund has provided $1.5 billion in loans to Rhode Island communities.

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 $1.4 million in financing through the Efficient Buildings Fund (EBF) for infrastructure upgrades in the Pascoag Utility District (PUD) today. PUD is utilizing the funds to upgrade its power grid through the acquisition and integration of a battery storage facility. By borrowing with the Bank, as opposed to a traditional private lender, PUD ratepayers will save $50,000 on debt-service over term of the loan.

“The Bank’s Efficient Building Fund provides a wide-range of options for municipalities and utilities to make significant infrastructure investments and reduce energy usage and costs,” said Jeffrey R. Diehl, CEO of the Infrastructure Bank. “PUD’s investment in battery storage technology will provide a stronger, more resilient power grid for its customers.”

The innovative addition of a 3MW/9MWh battery storage facility on Davis Drive in Pascoag, RI will increase reliability and eliminate the need for PUD to expand and increase the capacity of existing infrastructure through more expensive, traditional methods.

The Efficient Buildings Fund provides below-market interest rate loans to municipalities and their utilities, school districts and quasi-state entities to invest in clean energy projects. Since 2016, the Efficient Buildings Fund has reduced energy, maintenance, and debt-service costs for municipalities by approximately $66 million dollars through investments in onshore wind, solar, LED lighting and highly efficient heating and cooling improvements. These projects are estimated to reduce emissions equivalent to the annual carbon footprint of 3,400 homes.

Overall, the Bank’s Efficient Buildings Fund has provided $33 million in loans to thirteen municipalities across the State.

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 (Infrastructure Bank) announced $30.9 million in low interest loans for road and bridge projects in Providence, Warwick and Cumberland through the Municipal Road and Bridge Revolving Fund (MRBRF). With the closing of these loans, the Bank’s Road and Bridge Program has provided over $100 million in low interest loans to 19 municipalities across the state.

“The Infrastructure Bank is proud to support local communities make significant investments in their transportation infrastructure,” said Jeffrey Diehl, Infrastructure Bank CEO. “Our below-market interest rate loans will deliver over $2.6 million of debt service savings for Providence, Warwick, and Cumberland over the lifetime of the loans. Additionally, the project financing will support approximately 332 well-paying jobs across Rhode Island.”

The Bank’s Loan and Bridge program provides below-market interest rate loans to municipalities to complete critical right-of-way improvements. Since the program’s inception in 2015, the program has lent over $105 million to 19 communities for local road and bridge improvements. Over this 5-year span, the MRBRF has supported over 1,100 local jobs for Rhode Island’s skilled laborers.

Providence received a $20 million loan to fund the second phase of road and sidewalk improvements. Over the 20-year term of the loan, Providence is expected to save over $2.1 million in interest payments. In 2018 the city borrowed $10 million with the Bank for the first stage of improvements.

“Today’s Providence is built by years of strategic investments that would not be possible without partners like the Rhode Island Infrastructure Bank,” said Providence Mayor Jorge O. Elorza. “These funds play a key role in our mission to make our streets safe for all methods of transportation and travel. I want to thank RIIB for their shared vision and commitment in making Providence a city that works for every resident.”

Warwick received an $10.0 million loan to design, construct, and repair streets and sidewalks. Over the course of the 10-year loan, the city is expected to save $300,000 in interest payments. This is the second time the city has taken advantage of MRBRF financing. In 2015, the city used a $1.6 million loan from the Infrastructure Bank for the replacement of the Mill Creek Bridge.

“Rhode Island Infrastructure Bank has been essential to saving Warwick taxpayer dollars,” said Mayor Joseph. J. Solomon. “We are proud to continue working with the Bank to upgrade Warwick’s infrastructure in a way that delivers savings to the community; by spending wisely we can do more for our taxpayers. With interest rates at historic lows and the Bank offering below-market rates, this is a prime opportunity to make investments in our infrastructure.”

Cumberland received a $2.5 million loan to support town-wide street pavement improvements. Over 20-year loan term, the city is expected to save $200,000 in loan payments. Previously, Cumberland borrowed $500,000 from the Road and Bridge program for roadway and sidewalk reconstruction.

“With the help of the Infrastructure Bank, we are not only able to resurface our roads,” said Cumberland Mayor, Jeffrey Mutter. “We will also be able to deliver the benefits of safer travel, reduced maintenance, more attractive neighborhoods, and extended asset life at a lower cost to taxpayers.”

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 $1,000,000 in action grants for inaugural participants of the Municipal Resilience Program (MRP). Through the program, five communities developed climate resilience plans with prioritized local actions and will now use the grant funds for implementation.

 “The Infrastructure Bank is committed to accelerating investment in sustainable infrastructure that better prepares 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 round of the program and partnering with communities statewide to prepare and invest in critical infrastructure.”

To develop a prioritized list of actionable plans and projects, program participants completed Community Resilience Building workshops led by The Nature Conservancy. At the conclusion of the workshop process, the participating municipalities submitted action grant proposals for identified projects with a required 25% local match. After a competitive review process, the selection committee recommended the following projects to receive funding for implementation:

• Barrington – $201,000

  • Coastal restoration for flood mitigation at Walker Farm

  • Green infrastructure for water quality benefits at Bowden and Opechee Streets

• Portsmouth – $339,000

  • Rehabilitation and stabilization of the Melville Dam

  • Three flood mitigation projects to expand the capacity of existing infrastructure for increasing precipitation volumes

• Warren – $156,000

  • Three green infrastructure projects to reduce runoff and improve water quality at public access points to the Warren and Kickemuit Rivers

• Westerly – $304,000

  • Flood protection wall at the Old Canal St. Pump Station

  • Two green infrastructure projects to reduce flooding and improve water quality of the Pawcatuck River

The Infrastructure Bank and Nature Conservancy will be announcing the 2020 round of the Municipal Resilience Program participants at the Infrastructure Banks’s Legislative Day on February, 12th, from 3pm – 4pm at the Statehouse. Also being highlighted during the program will be the grant recipients from the 2019 Program Round.

“Better prepared municipalities lead to a better prepared Ocean State. Rising sea levels, increasing heat, and extreme storm events 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 is building a statewide pipeline of priority projects to more effectively and efficiently respond to the climate impacts we are already experiencing.”

“The Nature Conservancy is proud to be an implementation partner on the Municipal Resilience Program. Municipalities across the state are already confronted with the realities of climate change. The workshops empower communities to collaboratively figure out how to meet these challenges,” said Sue AnderBois, The Nature Conservancy’s Climate and Energy Program Manager. “These grants will help the initial Resilient Rhody Municipalities implement some of their priorities – and we are pleased to see that the Governor’s proposed Beach, Clean Water and Green Bond includes funding for an additional 20 municipalities.”

The program 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.

More information about the program can be found here.

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.

Rhode Island Infrastructure Bank (Infrastructure Bank) is proud to announce the closing of a Clean Water State Revolving Fund and Drinking Water State Revolving Fund bond refinancing transaction, with a principal value of $153.8 million.  The transactions will generate $7.8 million of savings for 26 municipalities and utilities.

“Through proactive balance sheet management, the Infrastructure Bank monitors interest rate environments to identify opportunities to lower our cost of borrowing,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “By refinancing existing debt at lower interest rates, we can provide savings to our customers and maximize the amount of capital available to finance additional infrastructure projects.”

The refinancing of Drinking Water and Clean Water State Revolving Fund bonds is part of a strategic effort by the Bank to take advantage of low interest rates and provide financial savings to customers. This past July, the Bank completed a refinancing for Drinking Water State Revolving Fund bonds, which generated more than $550,000 of cash-savings for borrowers. In 2019, the Bank has created $8.4 million of cash-savings for borrowers.

“Ensuring that Rhode Islanders have access to, and can afford, clean water is core to the Infrastructure Bank’s mission and is important to every one of us,” said Rhode Island General Treasurer Seth Magaziner. “This refinancing of clean water debt will help Rhode Island cities and towns save millions of dollars, which can be used to create additional economic opportunity; so that Rhode Island remains a great place to work and live.”

Over the last five years, the Bank has provided $33.4 million in savings to borrowers by refinancing existing debt at lower interest rates.

Rhode Island Infrastructure Bank is providing $350,000 in financing for drinking-water system improvements at the Four Seasons Mobile Home Cooperative Association in Tiverton, the Providence-based bank announced.

The financing was made possible through the bank’s Drinking Water State Revolving Fund. The principal “forgiveness” loan will allow Four Seasons to improve the safety and quality of residents’ drinking water without compromising the cooperative’s finances, the bank said.

Rhode Island Infrastructure Bank is pleased to announce that it has become a signatory to the Green Bond Pledge.  In doing so, the Bank is reinforcing its commitment toward financing projects that directly account for environmental impact and climate risk.

The Green Bond Pledge asserts that when applicable, bonds financing long-term infrastructure and capital projects will address environmental impacts and climate risk. The Pledge calls on signatories (cities, county and state governments, and corporations) to incorporate resilient and sustainable solutions when planning, designing and building/rehabilitating infrastructure assets. By adhering to the core tenets of the Pledge, signatories ensure that both communities and investors will be positioned to “withstand the 100-year storm”.

Rhode Island Infrastructure Bank announced the closing of its inaugural public-market Green Bond issuance for the Efficient Buildings Fund (EBF) program today. The Bank’s inaugural $18.3 million Efficient Buildings Fund Green Bond was given a top rating of “AA” by Standard and Poor’s (S&P). The Efficient Buildings Fund provides below-market interest rate loans to municipalities, school districts and quasi-state entities to invest in clean energy projects.

Rhode Island Infrastructure Bank (Infrastructure Bank) announced $559,826 in saving for five borrowers at Pawtucket Water Authority on Friday, July 26th. The refinancing of Drinking Water State Revolving Fund bonds is part of a strategic effort by the Bank to take advantage of low interest rates and provide financial savings to customers.

“The Infrastructure Bank is committed to proactively working with municipalities to leverage our programs to save money and reduce the cost of infrastructure investment,” said Jeffrey R. Diehl, Executive Director and CEO of Rhode Island Infrastructure Bank. “By refinancing existing debt at lower interest rates, we can provide savings to our customers and maximize the amount of capital available to finance additional infrastructure projects.”

The five borrowers who benefited from this refinancing are:

1. The City of Pawtucket received $329,048
2. The City of Newport received $25,266
3. The City of Woonsocket received $33,048
4. Bristol County Water received $23,542
5. Providence Water received $148,118

“The Infrastructure Bank’s refinancing of water debt has helped cities and towns save over a half million dollars,” said Rhode Island General Treasurer Seth Magaziner. “This money can now help create greater economic opportunity and put people to work protecting the vital resources that make Rhode Island a great place to live.”

In response to low interest rates, the Bank has sought to proactively manage its balance sheet as a way of delivering savings to borrowers. Over the last five years, the Bank has provided $25 million in savings to borrowers by refinancing existing debt at lower interest rates.

“The City of Pawtucket has made record investments in our local infrastructure, due in-part to the innovative, low cost borrowing programs available through the Infrastructure Bank,” said Mayor Donald R. Grebien. “The city, and its entities like Pawtucket Water, will continue to seek savings and efficiencies to ensure that our taxpayers are getting the best bang for their buck.”

Rhode Island Infrastructure Bank announced $18.5 million in financing for road and bridge projects in Central Falls, Pawtucket, and Westerly.  The municipalities will save $1.4 million in interest payments by financing their projects through the Bank. Additionally, the project financing will support approximately 200 well-paying jobs across Rhode Island in the building trades.

“The Infrastructure Bank is proud to partner with our local communities to make significant investments in their roads and bridges,” said Jeffrey Diehl, CEO and Executive Director of the Infrastructure Bank. “Our low-interest rate loans translate into over a million dollars in savings for Central Falls, Pawtucket, and Westerly.”

The Infrastructure Bank’s Municipal Road and Bridge program finances projects at below-market interest rates and has lent over $49 million for projects in the past 24 months. Since its inception, the Infrastructure Bank has provided almost $75 million in lending to 19 communities for local road and bridge improvements.

“Pawtucket utilized our financing in 2018, as well, to continue their record investment in resurfacing their roads. We are excited that Central Falls is taking advantage of the program for the first time to invest in its growing community,” said Diehl.

The Infrastructure Bank also issued the second public bond for the Municipal Road and Bridge program for $15.4 million with a debt rating of “AA” by Standard and Poor’s (S&P).

Central Falls received a $1.5 million loan to start the initial phase of the City’s Green and Complete Streets initiative. This is the first Green and Complete Streets ordinance in New England and will ensure that road projects minimize environmental impact while creating safer streets for the community. Central Falls will save $161,513 in debt service payments.

“This is a great opportunity for our city to borrow money at a subsidized rate to improve the infrastructure of our beloved square mile,” said Mayor James A. Diossa. “These funds will allow us to fix streets that require the most repair such as Cross Street. The City of Central Falls encourages local cities and towns to consider R.I. Infrastructure Bank’s program options for their infrastructure plans.”

Pawtucket received a $1.9 million loan to resurface their roadways, including major thoroughfares like Pawtucket Avenue, Main Street, Beverage Hill Road and Walcott Street. The City will save $224,188 in debt service payments by borrowing through the Infrastructure Bank.

“The Rhode Island Infrastructure Bank has been essential to saving Pawtucket taxpayer dollars,” said Mayor Donald R. Grebien. “This partnership between the State and local municipalities is exactly the type of success story that taxpayers need and deserve. We are proud to continue working with the Bank to upgrade Pawtucket infrastructure in a cost effective manner.”

Westerly received a $14.8 million loan to perform the reconditioning and resurfacing of approximately 21 miles of roads and the construction of the Boombridge Road Bridge. The first phase of the plan, financed through the Infrastructure Bank, is anticipated to span a three-year period to address road improvements and a partnership project with R.I. Department of Transportation and C.T. Department of Transportation to repair the Boombridge Road Bridge.

“Through the approval of our voters and financing through the Infrastructure Bank, the Boombridge Road Bridge, an important access between the two states, will finally be open after 10 years,” said Westerly Town Manager Mark Rooney. “This project and the resurfacing of our roads will ensure safer travel, reduced maintenance, more attractive neighborhoods, and extended asset life.”

Rhode Island Infrastructure Bank issued the first Efficient Building Fund (EBF) loan following its inaugural public bond issuance last month. A portion of the proceeds will provide below market financing to the Town of North Kingstown for its streetlight retrofit project. Recently, North Kingstown purchased their streetlights from National Grid to convert them to energy-saving LED lights.

“By taking advantage of the Bank’s Efficient Buildings Fund to upgrade their streetlights, North Kingstown will generate significant savings for the Town and make a positive impact on the environment,” said Jeffrey Diehl, CEO of the Infrastructure Bank. “The EBF program finances projects that reduce energy costs for municipalities, save tax payers money, reduce greenhouse gas emissions and protect the environment.”