Infrastructure Bank Funds First Local Project Following Its Inaugural Public Bond Issuance
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank issued the first Efficient Building Fund (EBF) loan following its inaugural public bond issuance last month. A portion of the proceeds will provide below market financing to the Town of North Kingstown for its streetlight retrofit project. Recently, North Kingstown purchased their streetlights from National Grid to convert them to energy-saving LED lights.
“By taking advantage of the Bank’s Efficient Buildings Fund to upgrade their streetlights, North Kingstown will generate significant savings for the Town and make a positive impact on the environment,” said Jeffrey Diehl, CEO of the Infrastructure Bank. “The EBF program finances projects that reduce energy costs for municipalities, save tax payers money, reduce greenhouse gas emissions and protect the environment.”
North Kingstown is upgrading approximately 2,400 streetlights to LED lights with the $935,000 loan from the Infrastructure Bank. The Town anticipates saving more than $2.6 million over the 10-year life of the loan.
“The Town of North Kingstown will experience significant savings each year through the purchase of its streetlights and installation of LED streetlighting,” said North Kingstown Town Administrator A. Ralph Mollis. “We will also enjoy additional savings with the Infrastructure Bank having secured us low interest financing. We are excited about this project, it’s benefits to the residents and the savings it provides our community.”
The Efficient Buildings Fund provides below-market interest rate loans to municipalities, school districts and quasi-state entities to invest in clean energy projects. Since 2016, the Efficient Buildings Fund has reduced energy, maintenance and debt-service costs for municipalities by approximately $66 million dollars through investments in onshore wind, solar, LED lighting and highly efficient heating and cooling improvements. These projects are estimated to reduce emissions equivalent to the annual carbon footprint of 3,400 American homes.
Overall, the Bank’s Efficient Buildings Fund has provided $31 million in loans to twelve municipalities across the State. By accessing the bond market, the Bank was able to shore up capital to finance additional projects.
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 private sector capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, roads and bridges, 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.