Rhode Island Infrastructure Bank Finances Over $19 Million in Drinking Water Projects
PROVIDENCE, RI – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced that it has financed $19.2 million in drinking water projects for the Town of Cumberland and the Providence Water Supply Board.
“Rhode Island Infrastructure Bank is committed to providing the capital that water suppliers need to deliver clean drinking water to their customers,” said Jeffrey Diehl, Executive Director and CEO of Rhode Island Infrastructure Bank. “We’re pleased that suppliers are continuing to upgrade and modernize their water infrastructure, including the replacement of lead service lines, by utilizing the Infrastructure Bank’s low-cost financing option.”
To date, the Infrastructure Bank has financed more than $400 million in drinking water projects across Rhode Island.
The Cumberland Water Department was approved for a $3.0 million loan for the construction of two new wells and associated components. The wells will have the capacity to provide up to 470 million gallons per year, which will improve the quality of water provided, reduce the Town’s reliance on neighboring water systems, and decrease operating costs.
The Providence Water Supply Board was approved for a $16.2 million loan for the rehabilitation of its drinking water distribution system by replacing existing lead water service lines with new copper water service lines.
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