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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.