Rhode Island Infrastructure Bank Finances $41 Million in Clean Water Projects
PROVIDENCE, RI – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced that it has agreed to finance $40.7 million in clean water projects for the Town of North Kingstown and Cities of Newport and Warwick.
“As our water infrastructure continues to age, many municipalities are making strategic investments in protecting both the health of their citizens and the broader environment, while supporting economic development in their communities,” said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. “Ready and affordable access to financing is essential to achieving these goals – and that’s where the Infrastructure Bank plays a vital and growing role. Since its creation, the Infrastructure Bank has provided $1.3 billion in financing for clean water projects.”
Newport will receive a $33.4 million loan for a variety of improvements to the Newport Wastewater Treatment Facility that will increase the capacity of the facility to treat stormwater while also increasing the resiliency of the facility. Additionally, Newport combined financing secured through the Infrastructure Bank’s Efficient Buildings Fund to install solar panels and energy efficiency measures at the facility. The solar panels will produce nearly one-fifth of the facility’s energy demand.
“Rhode Island Infrastructure Bank is a partner with the City to make these improvements which are important to the water quality of Narragansett Bay and the interests of the public,” said Joseph Nicholson, Newport City Manager. “The solar energy system project at the wastewater treatment plan is a significant component to achieve cost savings and is in keeping with the City’s initiative to explore green and sustainable energy projects.”
North Kingstown will receive a $3.6 million loan that will allow the Town to extend its sewer system into the Wickford Village commercial district, enabling approximately 50 commercial properties to tie in to the system. The project will reduce water pollution in Wickford Cove by replacing existing septic systems and cesspools with sewer service. In addition, access to the sewer system will provide economic benefits in Wickford by enabling local businesses to expand and allow a wider variety of businesses to locate in the area.
“This sewer project in this waterfront village has been a long time coming,” said North Kingstown Town Manager Ralph Mollis. “It will allow residents and businesses to finally be serviced by sewers, grow within this waterfront community, and protect the surrounding bay. It’s been a pleasure to work with Rhode Island Infrastructure Bank on the funding of this project.”
Warwick will receive a $3.7 million loan to extend the City’s sewers into the Northwest Gorton’s Pond, Governor Francis Farms, East Natick/O’Donnell Hill and Bayside neighborhoods. The project will improve water quality in the Pawtuxet River by increasing the facility’s capacity to treat stormwater while also extending sewer service to neighborhoods with inadequate septic systems.
About 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. For more information, please visit www.riib.org
Ryan Mulcahey , 401.453.4430, 126