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Rhode Island Infrastructure Bank

Issuer Type: Pool/Bond Bank/Conduit

Bond Ratings

1 of 6

Municipal Road and Bridge Fund - Revolving Funds

S&P
AA
S&P
AA
S&P
AA

Drinking Water Fund - State Revolving Funds

S&P
AAA
Fitch
AAA

Clean Water Fund - State Revolving Funds

S&P
AAA

Efficient Buildings Fund - Revolving Funds

S&P
AA

Efficient Buildings Fund - Green Bond Evaluation

S&P
E1

Clean Water Fund - State Revolving Fund

Fitch
AAA
Jeffrey R Diehl

On behalf of Rhode Island Infrastructure Bank, I would like to welcome you to our investor relations portal. We appreciate your interest and investment in bonds issued by the the Bank, as it allows us to make critical investments in public infrastructure throughout Rhode Island. We are committed to maintaining our strong bond ratings and providing transparency to the investor community and public at large.

I hope you find the information included on our BondLink page useful as you seek to better understand the credit fundamentals of the Bank. Please do not hesitate to contact our office with suggestions for how we can be doing better. Thank you again for your interest in our Bank and our bond issues.

Jeffrey R Diehl, Executive Director and CEO

News & Highlights

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.

Read Press Release

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.

Read Press Release

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.

Read Press Release