PRESS RELEASE
For Immediate Release: September 22, 2026
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, has closed on $5,616,729 in Clean Energy Fund (CEF) financing and a $700,000 Energy Efficiency Revolving Loan Fund (EERLF) loan at 0% interest, which also includes $140,000 in principal forgiveness (i.e. a grant), to the Town of Lincoln and the Lincoln Public School District. The $6.3 million in total financing will support comprehensive energy efficiency and building system upgrades at Northern Elementary School.
“Modernizing public school facilities with energy-efficient infrastructure creates healthier, more comfortable learning environments for students while also delivering long-term energy cost savings for taxpayers,” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “We are pleased to partner with the Town of Lincoln and the Lincoln Public School District to deliver $6.3 million in low-cost financing to support smart energy investments at Northern Elementary School. More than ever, the Bank’s resources provide a fiscal shield for our clients during times of rising interest rates.”
“Upgrading heating, ventilation, and energy management systems at Northern Elementary School is a smart investment,” said Lincoln Town Administrator Philip Gould. “By working with the Rhode Island Infrastructure Bank and leveraging the Clean Energy Fund and Energy Efficiency Revolving Loan Fund, we are able to execute these comprehensive improvements in a cost-effective manner that will save taxpayer dollars in the long run through energy cost savings. We thank the Infrastructure Bank for their continued partnership in helping us make our town’s public school buildings more energy efficient.”
“Providing safe, modern, and energy-efficient school facilities is essential to supporting learning and student well-being across Rhode Island,” said Mario Carreño, Chief Operating Officer of the Rhode Island School Building Authority. “Projects like this one at Northern Elementary demonstrate the power of state and local collaboration to transform schools into energy-efficient learning environments.”
The Northern Elementary School project includes energy-efficient HVAC and building systems replacements, including high-performance condensing boilers, unit ventilator retrofits with electronically commutated motors, heat timer controls, heat pump water heaters, kitchen hood exhaust controls, hot water pump retrofits, a gymnasium air handling unit retrofit, lighting occupancy and photocell sensors, and a building-wide energy management control system. upgrades. The implemented energy conservation measures are estimated to generate annual energy savings of 78,000 kWh and 3,750 therms.
This financing builds on the Infrastructure Bank’s ongoing collaboration with the Town of Lincoln to improve energy efficiency across its public school buildings, helping the district accelerate school facility improvements while lowering operational energy costs and debt service.
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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
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