Infrastructure Bank Closes On $21 Million Loan for Providence Water Main Rehabilitation Work

PRESS RELEASE
For Immediate Release: December 16, 2025

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 $21 million Drinking Water State Revolving Fund loan with $9.4 million in principal forgiveness (i.e. a grant) for Providence Water to complete the Trinity Square Area Water Main Rehabilitation Project and to support additional water main rehabilitation work in South Providence over the next two years. Work will include a mix of full water main replacements, cleaning and lining of existing mains, and replacing older hydrants and valves to support efficient system operations.

“Maintaining and upgrading our distribution system is essential to our mission of providing a clean and reliable source of drinking water to the 75,000 direct retail customers who rely on us every day,” said Ateesh Chanda, Chairman of the Providence Water Supply Board. “This $21 million loan from the Rhode Island Infrastructure Bank will allow us to conduct water main replacement and rehabilitation work in Providence’s Trinity Square neighborhood and in South Providence. We want to thank the Bank for their continued partnership and for providing the low-cost financing needed to continually invest in our water treatment and distribution infrastructure.”

“Turning on the faucet and having clean drinking water is something that is easy to take for granted, but behind that every day act is billions of dollars in critical infrastructure that needs to be continually maintained and upgraded,” said Ricky Caruolo, General Manager of Providence Water. “We deeply appreciate the commitment from our Congressional delegation and the Rhode Island Infrastructure Bank to providing sustained funding for Providence Water’s ongoing work to invest in the infrastructure that reliably delivers clean drinking water to our customers.”

“Clean water is vital for the health of our families, businesses, and communities,” said Senator Jack Reed. “I am pleased to deliver federal funds to help modernize and improve our water infrastructure while minimizing the impact to customer water rates. I will continue working with federal, state, and local officials to ensure all Rhode Islanders have access to safe, clean drinking water and that we protect our waters from pollution,” said Reed, a member of the Appropriations Committee, who led the effort to include $1.126 billion for the Drinking Water State Revolving Fund in 2025.

“Safe drinking water and wastewater systems are essential to keeping Rhode Islanders healthy,” said Senator Whitehouse, Ranking Member of the Senate Environment and Public Works Committee.  “Rhode Island continues to make these kinds of generational upgrades in water infrastructure because of the success of our Bipartisan Infrastructure Law, and we’re going to keep at it.”

“I am grateful to this strong coalition for delivering essential funding to improve Providence’s water infrastructure,” said Congressman Gabe Amo. “I will continue fighting to bring home federal funding so every Rhode Islander has access to safe, unpolluted water.”

“Every Rhode Islander deserves clean, reliable drinking water. I am proud to support federal funding to make projects like the Trinity Square and South Providence water main rehabilitation possible.” said Magaziner. “This partnership will strengthen Providence’s water system, lower utility costs for residents, and ensure the city has safe drinking water for generations to come.”

“Investing in our water infrastructure is essential to protecting public health and strengthening our neighborhoods,” said Mayor Brett P. Smiley. “This financing from the Rhode Island Infrastructure Bank will allow Providence Water to continue its important rehabilitation work in Trinity Square and South Providence, ensuring our neighbors have safe, reliable drinking water for years to come. I want to thank the Bank and our federal delegation for their continued commitment to improving critical infrastructure and supporting investments that directly benefit Providence.”

“Providence Water’s distribution network is one of the most important pieces of infrastructure in our state and we’re proud to provide the low-cost financing they need to maintain and upgrade this system,” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “Over the last 30 years we’ve provided more than $300 million in loans, including $36 million in principal forgiveness, to support Providence Water’s infrastructure investments. Thanks to the strong support of our Congressional delegation, the Drinking Water State Revolving Fund has the resources needed to finance major infrastructure investments, like this, to ensure the continued supply of safe drinking water to Rhode Island residents and businesses.”

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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

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 through wholesale distribution. The utility has more than 75,000 direct retail customers in Providence, North Providence, Cranston, Johnston, and Smithfield.