Infrastructure Bank Closes On $26.3 Million Loan For Providence Water To Continue Lead Service Line Replacement Program

PRESS RELEASE
For Immediate Release: April 29, 2025

$26.3 million in Infrastructure Investment and Jobs Act funding to be utilized for lead pipe replacement work within Providence Water’s service area.

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 $26.3 million Drinking Water State Revolving Fund loan with $12.8 million in principal forgiveness (e.g. a grant) for Providence Water to continue their Accelerated Lead Service Line Replacement Program. Since 2021, using a combination of federal grant, loan, and state funding, Providence Water has replaced approximately 3,000 lead service lines within their service area.

“Our Accelerated Lead Service Line Replacement Program is making real progress removing old private side lead service lines from our customers’ homes,” said Ateesh Chanda, Chairman of the Providence Water Supply Board. “Using several funding sources, we have already replaced approximately 3,000 private side lead service lines at no cost to property owners. This additional $26.3 million in Infrastructure Investment and Jobs Act funding will allow us to continue this important work. We want to thank our Congressional delegation and the Rhode Island Infrastructure Bank for their work to secure and make these funds available for this critical investment in infrastructure and improving public health.”

“At Providence Water, our motto is ‘Lead Free Is The Way To Be’ and thanks to this $26.3 million in funding, our Accelerated Lead Service Line Replacement Program will be able to help hundreds more customers replace their private side lead service lines at no cost,” 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 this work.”

“The Ocean State has made the removal of lead service lines a priority. I am proud to deliver federal funding to put these plans into action, make needed upgrades, and improve water quality and better protect residents,” said U.S. Senator Jack Reed. “Replacing these pipes will improve the health and wellbeing of Rhode Islanders. It is a smart investment in our future.”

“Safe drinking water is essential to public health,” said Senator Sheldon Whitehouse. “I am glad to see our Bipartisan Infrastructure Law continuing to deliver generational investments to Rhode Island’s water infrastructure. I’m hard at work as Ranking Member on the Environment and Public Works Committee to keep funding flowing for these much-needed investments to replace lead service lines, improve drinking water quality, and keep families safe.”

“Ensuring safe and reliable drinking water for all our neighbors is a top priority for our city,” said Mayor Brett P. Smiley. “This funding will allow Providence Water to continue replacing lead service lines at no cost to homeowners, helping to protect public health and safety. This is a critical investment in the future of Providence and the community’s quality-of-life. I want to thank the Rhode Island Infrastructure Bank and our federal delegation for their continued partnership and commitment to improving the lives of Providence residents.”

“This is the second year in a row that we have provided $26.3 million in funding for Providence Water’s Accelerated Lead Service Line Replacement Program,” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “That is a demonstration of quickly and efficiently putting federal Infrastructure Investment and Jobs Act funding to work to remove lead pipes and improve public health. We look forward to a continued partnership with Providence Water and our Congressional delegation to provide efficient funding for this important investment in drinking water infrastructure.”

“There is no safe level of lead, and that is why this funding for Providence Water’s Accelerated Lead Service Line Replacement Program is so important,” said Rhode Island Department of Health Director Jerry Larkin, MD. “Removing a potential source of lead, at no cost to eligible property owners, is a major public health win.”

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

# # #

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.