R.I. Infrastructure Bank Provides $77,000 To Richmond’s Shannock Water District For New Emergency Generator

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, has closed on a $77,000 Drinking Water State Revolving Fund (DWSRF) loan, with 100% principal forgives (i.e. a grant), for the Shannock Water District to install a new emergency generator. Located in Richmond, the Shannock Water District provides drinking water to approximately 250 people.

“Rhode Island’s many smaller water systems like the Shannock Water District, often lack the broad base of ratepayers to finance necessary but often expensive system upgrade projects on their own,” said Bill Fazioli, Executive Director of Rhode Island Infrastructure Bank. “That is why we are pleased to offer low-cost financing and loan forgiveness through the Drinking Water State Revolving Fund to allow our state’s smaller water providers to make investments, such as installing a new emergency backup generator, that are needed to ensure the continued supply of safe drinking water.”

Since the inception of the DWSRF, the Infrastructure Bank has provided more than $700 million in loans to Rhode Island’s public water systems.


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. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank

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