PROVIDENCE, R.I. – Rhode Island Infrastructure Bank has closed on $15.8 million in loans for critical clean and drinking water infrastructure projects in the City of Newport.
A $12.5 million loan from the Bank’s Clean Water State Revolving Fund will finance upgrades to the Long Wharf Pump Station including replacing pumping and odor control systems, and the installation of a deployable flood barrier wall. The upgrades will harden the wastewater treatment system to the impacts of flooding while also reducing odors at the plant.
A $3.3 million loan from the Bank’s Drinking Water State Revolving Fund will allow the Newport Water Department to replace water mains city-wide and to identify and replace all lead service lines connected to the project. Lead service lines can result in serious health effects and replacement is essential.
“Rhode Island Infrastructure Bank is pleased to provide more than $15 million in financing to allow the City of Newport to invest in critical clean and drinking water infrastructure that residents and businesses rely on every day,” said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. “From hardening the Long Wharf Pump Station to the impacts of flooding while reducing odors, to water main replacements and eliminating lead service lines, Newport is making smart investments in basic infrastructure that will pay dividends for decades to come. And by financing through the Infrastructure Bank’s below market rate programs, Newport will realize more than $2.7 million in debt service savings.”
“On behalf of the City of Newport I want to thank Rhode Island Infrastructure Bank for providing us with low-cost financing to invest in essential clean and drinking water projects,” said Newport Mayor Xay Khamsyvoravong. “This is a great example of Newport working with our state and federal partners to make critical infrastructure improvements while minimizing the cost to our 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
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