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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