About

News & Events

Learn about the latest News & Events for Rhode Island Infrastructure Bank, and sign up to receive news updates.

News & Press Releases

October 19, 2020

Press Release
Green Line Apothecary Leverages Past Efficiency Investment to Increase Liquidity

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.

September 2, 2020

Press Release
Rhode Island Infrastructure Bank Finances $30 Million in Drinking Water Projects

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.

August 3, 2020

Press Release
The Preserve Club & Residences Finances Energy Efficient New Construction Project with RI C-PACE

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.

July 22, 2020

News
R.I. Infrastructure Bank Announces $1 Million for Aquatic Ecosystem Restoration Project in Westerly

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.

July 20, 2020

News
Infrastructure Bank Finances North Smithfield Water System to Address Contamination

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.

July 1, 2020

Press Release
Providence Marriott Undergoes Major Renovation Using RI C-PACE

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.

June 29, 2020

Press Release
Infrastructure Bank Finances $1.3 Million for LED Streetlights and Stormwater Improvements

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.

June 19, 2020

Press Release
Pascoag Utility District Increasing Reliability and Savings Through Infrastructure Bank Loan

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.

April 29, 2020

Press Release
Infrastructure Bank’s Road and Bridge Program Marks $100M in Lending

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.

February 11, 2020

Press Release
R.I. Infrastructure Bank Announces $1 Million for Municipal Resilience Projects

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.

December 24, 2019

Press Release
Infrastructure Bank Announces over $7.8 million in Savings for Borrowers

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.

December 24, 2019

Press Release
Infrastructure Bank finances drinking-water improvements

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.

December 24, 2019

Press Release
Infrastructure Bank Signs the Green Bond Pledge

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”.

December 24, 2019

Press Release
Infrastructure Bank Issues First Public Market Green Bond

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.

July 29, 2019

Press Release
Infrastructure Bank Announces over $500,000 in Savings for Borrowers

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.”

May 8, 2019

Press Release
Infrastructure Bank Finances Municipal Road & Bridge Projects

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.”

Press Release
Infrastructure Bank Funds First Local Project Following Its Inaugural Public Bond Issuance

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.”