Infrastructure Bank Provides More Than $9 Million In Loans For Smithfield Energy Efficiency, Drinking Water & Septic System Projects

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank has closed on $9.8 million in loans for energy efficiency, drinking water, and septic system projects in the Town of Smithfield.

A $6.6 million loan from the Bank’s Efficient Buildings Fund will finance energy efficiency upgrades at Smithfield High School and Vincent J. Gallagher Middle School. Efficiency upgrades are being done in tandem with HVAC improvements and will allow the Smithfield School District to meet energy efficiency standards delineated by the New England Collaborative for High-Performance Schools.

A $3 million loan, with $212,500 in principal forgiveness, from the Bank’s Drinking Water State Revolving Loan Fund will finance Smithfield Water Supply Board upgrades to the Rocky Hill and Island Woods water tanks, and the installation of a new pressure control system in North Providence to help increase firefighting capacity and reduce water stagnation.

A $200,000 interest free loan from the Bank’s Community Septic System Loan Program will allow for the creation of the Town of Smithfield’s first Community Septic Loan Program to make low-interest loans to qualifying Smithfield homeowners to repair failing septic systems or to replace cesspools with a septic system.

“We’re pleased to provide more than $9 million in financing to allow the Town of Smithfield to invest in priority infrastructure projects” said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. “From energy efficiency upgrades at Smithfield schools, to upgrading basic drinking water infrastructure, to providing seed funding for the Town’s Community Septic Loan Program, the Bank is delivering low or no cost financing for projects that are critical to Smithfield’s 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. – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank

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