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.
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.”
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.
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”.
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