Infrastructure Bank Closes On $45 Million Loan to Town of Westerly for Wastewater Infrastructure Upgrades

PRESS RELEASE
For Immediate Release: September 2, 2026

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, has closed on a $45 million Clean Water State Revolving Fund (CWSRF) loan to the Town of Westerly. This loan represents the first phase of an $85 million project to modernize and upgrade the town’s wastewater treatment infrastructure.

The comprehensive project includes extensive rehabilitation and new installations at the Westerly Wastewater Treatment Facility. Key improvements in Phase I include the rehabilitation of the headworks building and odor control system, primary and secondary clarifiers, and existing aeration tanks. The project also features the installation of a new influent wet weather bypass pipe, two new aeration tanks, a carbon addition system, and new buildings for water treatment materials storage. Additional work will encompass electrical and instrumentation improvements, including new switchgear and nutrient pump stations.

“Wastewater infrastructure is something that people often take for granted, but it is essential to our communities, and to protecting public health and the environment” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “This $45 million Clean Water State Revolving Fund loan provides Westerly with the low-cost financing needed to undertake these critical wastewater treatment system upgrades. By securing a 20-year loan with a 2.85% interest rate through the Infrastructure Bank, Westerly ratepayers will save more than $6 million in interest payments compared to a market-rate loan. This is a vivid example of the Infrastructure Bank’s financial model providing direct relief to our clients during a time of rising interest rates. We are pleased to partner with the town on the first phase of a project that will ensure their wastewater system remains efficient and reliable for decades to come.”

“Westerly is committed to investing in the basic wastewater infrastructure our residents and businesses rely on every day,” said Westerly Town Manager Shawn Lacey. “These upgrades are essential for our community’s long-term health and growth, and to protecting our environment. This first phase of modernization at our wastewater treatment facility is a big undertaking. We thank the Rhode Island Infrastructure Bank for providing the financing to move this project forward, and the Rhode Island Department of Environmental Management for helping us navigate the regulatory permitting process.”

“The Rhode Island Department of Environmental Management is proud to partner with the Infrastructure Bank and the Town of Westerly on this critical investment,” said DEM Director Terry Gray. “This project will strengthen the reliability, resilience, and performance of a vital public service while protecting the health of the surrounding environment. Modernizing Westerly’s treatment facility will ensure the Town has the infrastructure needed to meet both current and future wastewater treatment demands, while advancing efforts to improve water quality and protect Rhode Island’s valuable natural resources.”

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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. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank