Infrastructure Bank Closes On $26.2 Million Loan For Providence Water To Continue Accelerated Lead Service Line Replacement Program

PRESS RELEASE
For Immediate Release: April 27, 2026

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, in partnership with the Rhode Island Department of Health, has closed on a $26.2 million Drinking Water State Revolving Fund loan with $12.8 million in principal forgiveness (i.e. a grant) for Providence Water to continue their Accelerated Lead Service Line Replacement Program. This latest round of funding will support Providence Water’s ongoing efforts to remove lead service lines at no cost to property owners.

With this latest loan, the Infrastructure Bank has provided a total of $78.8 million in funding for Providence Water’s Accelerated Lead Service Line Replacement program. The Bank has been recognized nationally for its effective pace to leverage federal funds to advance lead service line replacement projects throughout Rhode Island.

“This loan represents our continued commitment to putting federal Infrastructure Investment & Jobs Act funding to work quickly and efficiently to remove lead pipes and improve public health,” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “We look forward to a continued partnership with Providence Water and our Congressional delegation to provide affordable funding for this needed investment in basic drinking water infrastructure.”

“Providing safe and reliable drinking water is our most fundamental responsibility at Providence Water, and ensuring our system is lead-free is a critical part of that mission,” said Ateesh Chanda, Chairman of the Providence Water Supply Board. “This new $26.2 million loan from the Rhode Island Infrastructure Bank is a major win for public health that allows us to continue replacing lead service lines for eligible customers at no cost to them. We are grateful for our long-term partnership with the Infrastructure Bank and our Congressional delegation for securing the federal funding necessary to continue our Accelerated Lead Service Line Replacement program.”

“Since the start of the Accelerated Lead Service Program in January 2024, Providence Water has successfully replaced over 4,300 lead service lines for free within our service area using a combination of federal grant, loan, and state funding,” said Ricky Caruolo, General Manager of Providence Water. “This loan from the Infrastructure Bank will allow us to continue the progress we have made eliminating lead from our customers’ taps. We want to thank the Bank for their continued partnership and our Rhode Island Congressional delegation for securing the federal dollars needed to sustain this major drinking water infrastructure program.”

“Our neighbors deserve access to safe, clean drinking water and today’s announcement ensures that the critical rehabilitation of the city’s outdated water infrastructure can continue,” said Mayor Brett P. Smiley. “At a moment when our community is facing an affordability crisis, ensuring continued access to no-cost private-side lead service line replacement is essential for the health and wellbeing of our neighborhoods. I’m thankful to our entire federal delegation and the Infrastructure Bank for their dedication to improving the quality-of-life of our city.”

“When Rhode islanders turn on the tap, their drinking water should be clean, safe, and lead-free.  Replacing old pipes will improve the health and well-being of Rhode Islanders across the state.  Despite the Trump Administration trying to eliminate federal funding for lead pipe replacement, this is a smart investment in improving water quality, protecting residents, and removing toxic lead water pipes that contaminate our drinking water,” said U.S. Senator Jack Reed.

“Clean, lead-free drinking water is a cornerstone of public health, particularly for children,” said Senator Whitehouse, ranking member of the Senate Environment and Public Works Committee. “Our Bipartisan Infrastructure Law is supporting these long-overdue pipe replacements that won’t cost Rhode Island families a penny.”

“Every Rhode Islander deserves clean, safe drinking water when they turn on the tap,” said Congressman Seth Magaziner. “I was proud to help expand the Rhode Island Infrastructure Bank when I was State Treasurer to make investments like this possible, and it is great to see that work continuing to deliver results. This new funding will help remove lead pipes, deliver reliable drinking water, and lower costs for Rhode Islanders.”

“The science is clear: no amount of lead in our drinking water is safe,” said Congressman Gabe Amo. “This federal investment from the Infrastructure Investment and Jobs Act will help replace dangerous lead pipes in our communities and ensure Rhode Islanders have access to clean, safe water. I’m grateful for the work of the Rhode Island Infrastructure Bank, state, and municipal leaders, and I will continue working with our federal delegation to secure funding for water infrastructure projects.”

“Public water systems take many steps to keep drinking water safe from lead, including treatment that reduces corrosion and routine testing. However, collaborations like this to replace lead service lines are a critical additional step in our work to make Rhode Island’s drinking water as healthy and safe as possible,” said Director of Health Jerry Larkin, MD. “We are thankful to everyone at the local, city, state, and federal levels who are coming together to move this work forward for Providence.”

Thanks to the Infrastructure Bank’s favorable lending terms, which include a 0% interest rate, Providence Water realized more than $22 million in debt service savings on this loan.

For more information about Providence Water’s Accelerated Lead Service Line Replacement program, visit provwater.com/lead.

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About the 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. www.riib.org

About Providence Water

Providence Water is Rhode Island’s largest water utility, providing drinking water to approximately 600,000 Rhode Islanders in more than a dozen communities. The utility has more than 75,000 direct retail customers in Providence, North Providence, Cranston, Johnston, and Smithfield.