Infrastructure Bank Closes On $15 Million Loan for Pawtucket Drinking Water Upgrades

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank has closed on a $15,000,000 Drinking Water State Revolving Fund loan, with $2.25 million in principal forgiveness (e.g. a grant), to finance water meter replacements in the City of Pawtucket. Funding for the loan was made available through the Bipartisan Infrastructure Law, passed by Congress in November 2021.

“Access to safe drinking water is essential to our City, and with this $15 million loan from Rhode Island Infrastructure Bank’s Drinking Water State Revolving Fund, we’ll be making major investments to modernize the infrastructure that delivers drinking water to Pawtucket’s residents and businesses every day,” said Mayor Donald Grebien. “Specifically, this loan will allow Pawtucket Water to install, at no cost to customers, advanced water meters that can detect leaks and inform customers about what they can do to better conserve water. Thanks to the Infrastructure Bank’s below market rates, Pawtucket will save more than $2.8 million in interest costs over the course of the loan. We want to thank Governor McKee, the Infrastructure Bank team, and the Rhode Island Congressional Delegation for obtaining and helping Pawtucket access these funds for investments in our City’s drinking water infrastructure.”

“Rhode Island Infrastructure Bank is pleased to make this $15,000,000 loan to the City of Pawtucket so they can invest in and modernize their drinking water infrastructure,” said Pawtucket native Anna Coelho Cortes, Managing Director of Rhode Island Infrastructure Bank. “When Rhode Islanders turn their taps on, they take for granted that safe drinking water is readily available. But behind that everyday occurrence is billions of dollars in drinking water infrastructure that needs to be maintained. Thanks to funding from the Bipartisan Infrastructure Law, our State Drinking Water Revolving Fund will be making loans and grants, like this one, to cities and towns across the state to maintain and upgrade their drinking water infrastructure. That’s a win for residents, businesses, our communities, and for the state’s economy.”

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