Infrastructure Bank Closes on $77 Million Green Bond to Support Clean & Drinking Water Projects Across Rhode Island

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank has closed on a $77,260,000 Green Bond to support clean water projects for the Narragansett Bay Commission and the communities of East Greenwich, East Providence, Middletown, Woonsocket, and Warwick, and for drinking water projects in the City of Providence.

“Thanks to the Bipartisan Infrastructure Law, Rhode Island’s Clean and Drinking Water State Revolving Funds are receiving nearly $400 million in funding for projects across the state,” said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. “We are using this bond sale to speed up the flow of financing so our cities, towns, and quasi-public entities can get to work on major infrastructure projects. Projects like upgrading wastewater treatment plants, building new pump stations, installing new sewer mains, and repairing and replacing drinking water mains, transmission lines, and service lines. These projects are essential to our communities, residents, and businesses who rely on often unseen but absolutely critical drinking water, sewer, and stormwater infrastructure.”

Projects receiving Green Bond proceeds:

Narragansett Bay Commission – Combined Sewer Overflow Phase III, Fields Point Wastewater Treatment Facility upgrades, and other upgrade and replacement projects – $47.6 million.

East Greenwich – Wastewater treatment plant facility upgrades – $4.9 million.

Woonsocket – Replacement of Manville Road pump station and repairs at Woonsocket Regional Wastewater Treatment Facility – $2.3 million.

Middletown – Replacement of Paradise Avenue Pump Station Force Main – $1 million.

Warwick – Rehabilitation of Cedar Swamp Force Main and completion of sewer installation to bring sewer availability to the city’s Bayside neighborhood – $20 million.

East Providence – Water pollution abatement and resiliency improvements to Booth Avenue and Bold Point Park areas – $2.5 million.

Providence / Providence Water Supply Board – Water distribution improvements including cleaning, relining, repair and replacement of water mains, transmission lines, service lines, and valves – $5.5 million.

The bond received a rating of AAA from Fitch and AAA from S&P Global Ratings.

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. – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank

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