Rhode Island Infrastructure Bank Closes on Clean Water Transactions for Bristol and Narragansett Bay Commission
Narragansett Bay Commission and Town of Bristol to make wastewater treatment and sewer system upgrades financed by the Bank’s Clean Water Program
RHODE ISLAND – Rhode Island Infrastructure Bank has announced $47.3 million in financing to support wastewater, sewer and stormwater projects for the Town of Bristol and the Narragansett Bay Commission (NBC). Financing these projects through the Infrastructure Bank’s Clean Water State Revolving Fund will save approximately $5.2 million in interest expense when compared to directly borrowing in the bond market. Collectively, these projects will support approximately 1,300 jobs.
The Town of Bristol received $2.3 million to complete primary treatment upgrades at the wastewater treatment facility along with various systemwide drainage improvements.
The Narragansett Bay Commission received $45 million for systemwide sewer improvements, green stormwater infrastructure and engineering and planning activities. The Narragansett Bay Commission will save approximately $5.0 million by borrowing through the Bank’s below-market interest rate lending program for clean water projects.
“To date, the Bank has provided over $1.5 billion in financing to Rhode Island communities for clean water projects,” said Infrastructure Bank CEO, Jeffrey R. Diehl. “The Bank is proud to be building on that track record by extending below-market financing to the Town of Bristol and the Narragansett Bay Commission. We are deeply committed to ensuring the long-term structural integrity of Rhode Island’s critical infrastructure systems”
The Bank’s Clean Water Program, which includes the Clean Water State Revolving Fund (CWSRF), is the State’s largest financier of local water-infrastructure projects. The Fund enables municipalities and quasi-public agencies in Rhode Island to access below-market interest rate loans to complete projects that will mitigate the effects of water pollution.
“The Narragansett Bay Commission values its long-standing partnership with the RI Infrastructure Bank,” said Laurie A. Horridge, NBC Executive Director. “Thanks to the Bank’s impressive stewardship of the State Revolving Loan Fund, NBC’s ratepayers have invested in infrastructure that has made Narragansett Bay cleaner than it has been in 150 years and we anticipate continued improvements in water quality for future generations.”
“The Town of Bristol is grateful to the Infrastructure Bank for their assistance with upgrades to our wastewater treatment facility and sewer system,” said Bristol Town Administrator Steven Contente. “This financing will not only allow us to improve our water quality in Bristol, it will also improve the quality of life for Bristol residents for years to come.”
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 RIIB.org