About

Projects

Learn about Projects for Rhode Island Infrastructure Bank, including Town of Warren, US Extruders, and City of Newport.

Town of Warren

The Town of Warren financed a $20 million upgrade to the Town's wastewater treatment facility through the Clean Water State Revolving Fund managed by Rhode Island Infrastructure Bank. The project will modernize the wastewater treatment facility by reducing nitrogen discharges into the Warren River, increasing energy efficiency, replacing obsolete equipment, improving safety for workers, and increasing the resiliency of the facility to storms, flooding, and the effects of climate change. The resilience components of the project make it the first wastewater treatment facility in Rhode Island to incorporate flood protection measures identified in the Rhode Island Department of Environmental Management's 2017 climate change vulnerability assessment. Specific  measures include relocating electrical equipment and motor drives above projected flood elevation and replacing pumps and mixers with submersible motors where  raising pumps above flood level is not feasible. Green elements of the project also allowed Warren to receive approximately $450,000 of principal forgiveness  that reduces the overall cost of the project.

Borrower - Town of Warren

Program(s) - Clean Water State Revolving Fund (CWSRF)

Amount - $20,000,000

US Extruders

US Extruders, a small manufacturer of screws and extruders located in Westerly, financed the installation of a 210.4 kW rooftop solar installation using the Commercial Property Assessed Clean Energy (C-PACE) program. By financing the project through C-PACE, US Extruders was able to access 100% long-term financing that will cover the full cost of the project. Over the 20-year loan term, US Extruders is projected to save more than $1.1 million - funds that can be reinvested into core business activities. Additionally, the project will reduce carbon emissions by more than 2,300 tons over 20 years, an amount equivalent to the emissions produced by burning more than 3.4 million pounds of coal. 

Borrower - US Extruders

Program(s) - Commercial Property Assessed Clean Energy (CPACE)

 Amount - $503,953

City of Newport

The City of Newport is financing a series of improvements to the Newport Water Pollution Control Plant through RIIB’s Clean Water State Revolving Fund. These upgrades are intended to address wet weather flows and mitigate combined sewer overflows (CSOs), which are a substantial source of water pollution. Among the upgrades made to the facility are an increase in the capacity that it can treat to better handle wet weather events, chemically-enhanced primary treatment, biofilters and improved solids management to minimize odors and a UV disinfection system to protect against the escape of bacteria. Additionally, RIIB’s Efficient Buildings Fund provided financing for solar panels that will provide a portion of the facility’s electricity and energy efficiency measures will reduce the amount of energy that the facility requires to operate.

The project loan total was $49,227,000 which was a combination of  $47,985,000 from CWSRF and $1,242,000 from EBF. 

Borrower - City of Newport

 Program(s) - Clean Water State Revolving Fund (CWSRF) Efficient Buildings Fund (EBF)

 Amount - $49,227,000

Embrace Home Loans

Embrace Home Loans, a full-service direct mortgage lender operating nationally, used Rhode Island Infrastructure Bank’s Commercial Property Assessed Clean Energy (C-PACE) program to finance the cost of two solar energy projects at Embrace’s corporate headquarters in Middletown. Through C-PACE, Embrace received 100% long-term financing that will cover the entire $1.2 million cost of the two solar installations. Over 20 years, the projects are expected to save Embrace more than $226,000 after debt service is accounted for. In addition to the cost savings, the projects will also have a substantial environmental impact by reducing annual emissions of CO2 by 188.6 tons, equivalent to the emissions produced from the average passenger vehicle travelling over 452,000 miles.

Borrower - Embrace Home Loans

Program(s) - Commercial Property Assessed Clean Energy (CPACE)

Amount  - $1,213,000

Edgewood Highland Elementary School

Through the Efficient Buildings Fund, Rhode Island Infrastructure Bank provided a $2.2 million loan to Cranston Public Schools for the completion of energy efficiency improvements at Edgewood Highland Elementary School. The improvements at the school, which include new boilers and chillers, new HVAC units and associated structural supports, and a digital control system with programmable thermostats, are expected to reduce energy consumption at the school by more than 40%. Additionally, the projects that were completed provide significant air quality, temperature and ventilation benefits that will improve the student learning environment. Project plans were approved by the Rhode Island Department of Education and meet standards set by the Collaborative for High Performance Schools. Notably, annual debt service for the project is equal to the annual savings provided by the energy efficiency improvements made to the school.

Borrower - City of Cranston (Cranston Public Schools)

Program(s) - Efficient Buildings Fund (EBF)

Amount - $2,224,000