Infrastructure Bank Finances $17.2 Million for 6 Communities

Rhode Island Infrastructure Bank ("RIIB"), formerly known as the Rhode Island Clean Water Finance Agency is a quasi-public agency which issues tax-exempt, AAA-rated bond securities. The proceeds of the bonds are used to provide low cost financing to Rhode Island's municipalities and to finance sewer and water utilities for infrastructure projects to enhance the waters of the State. Recently enacted legislation changed the name of the agency and expanded its mission to establish and finance newly created programs for energy efficiency and renewable energy projects in public, commercial, and residential properties.

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	Jeffrey R. Diehl, CEO at R.I. Infrastructure Bank

Over the summer we continued to work closely with our state and local representatives to provide Rhode Islanders with energy infrastructure that is both sustainable and energy efficient. The partnerships we have worked to build with our local community leaders have been instrumental in achieving our goals.

It has been one year since Governor Raimondo and General Treasurer Magaziner worked with the General Assembly to develop new green finance programs at the Infrastructure Bank and we have already had many successes. We are well on our way to a more energy efficient Rhode Island.

Sincerely,

Jeffrey R. Diehl

Infrastructure Bank Finances $17.2M in

Energy Projects


	Don Grebien, Mayor of Pawtucket

R.I. Infrastructure Bank recently announced $17.2 million in financing for energy efficiency and renewable energy projects in six Rhode Island communities.

These projects represent the first round of funding through the Infrastructure Bank's Efficient Buildings Fund, a revolving loan fund created to finance energy projects for municipally owned buildings, school facilities, and quasi-governmental agency buildings.

The initial round of funding will go toward projects in Pawtucket, Providence, Cranston, West Warwick, Westerly and Newport, and is expected to create or support 263 jobs, according to state officials.

The announcement was made at a launch event in Pawtucket, which is receiving $3.9 million for the installation of LED streetlights, high-efficiency boilers, energy-efficient windows and lights, and Wi-Fi programmable thermostats. The projects are expected to save taxpayers more than $750,000 annually in avoided energy and maintenance costs.

"As Pawtucket continues to capitalize on its positive momentum and reinvest in its infrastructure we are thrilled to have RIIB as a resource as we move towards future growth," said Pawtucket Mayor Donald Grebien.

"Rhode Island Infrastructure Bank is putting Rhode Islanders back to work, strengthening our infrastructure and reducing our demand for energy by providing a dependable source of capital," said Governor Gina Raimondo.

In total, the projects will save enough energy to meet the average annual energy needs of 832 Rhode Island households, and reduce carbon emissions by 7,878 metric tons annually. The reduction of greenhouse gasses is equivalent to 18.9 million miles driven by an average passenger vehicle.

"The Infrastructure Bank is succeeding in its mission to jumpstart local energy-saving projects, and we are providing new opportunities for cities and towns to save money on energy costs, so they have more money to invest in education, infrastructure and tax relief for their residents."

Exec. Director Jeff Diehl Talks Efficient Buildings Fund, C-PACE with WPRO's Bill Haberman

Rhode Island Infrastructure Bank's Executive Director Jeffrey Diehl recently joined News Talk 630 WPRO's Bill Haberman to talk about the Bank's recent programs and initiatives.

In the interview, Diehl discusses RIIB's expanded role in the state's efforts to become more energy efficient as a result of the Bank's rebranding last year.

Haberman and Diehl also spoke about RIIB's recent progress with the Efficient Buildings Fund. "[The Efficient Buildings Fund] is about investing in infrastructure, which makes Rhode Island a better place to live and work. It's about reviving and improving the economy. It's about creating jobs, and it's good for the environment," Diehl said.

Diehl also went on to explain that RIIB has programs that directly benefit Rhode Island's businesses and communities. "We're not just here to do business with municipalities, although that's a very important part of the infrastructure framework," said Diehl. "One program that we've started up is Commercial PACE... with C-PACE we're trying to mobilize capital to get commercial and industrial real estate owners to be much more efficient with regards to energy and renewables." Diehl also explained that RIIB is looking to expand its PACE program to residential properties in the future.

Click here to listen to the full interview.

EPA Awards Infrastructure Bank $820,000 for Brownfields Cleanup

R hode Island Infrastructure Bank was recently awarded

$820,000 by the U.S. Environmental Protection Agency
Brownfields Program to help clean up brownfield sites throughout Rhode Island.

RIIB and the R.I. Department of Environmental Management received a combined $1.2 million to fund cleanup projects. The Infrastructure Bank was joined by members of Rhode Island's federal delegation at the June announcement event in Pawtucket.

The grant will be used to capitalize the Brownfields Revolving Fund, a revolving loan fund created to support cleanups at sites contaminated with hazardous substances. The grant will also be used to manage the fund and community outreach efforts.

Projects will primarily target brownfield sites in West Warwick's Arctic Village, the Woonasquatucket/Valley Corridor in Providence, and Pawtucket and Central Falls transit hubs.

"This federal funding will help communities come together to restore these blighted areas and prepare them for productive use," U.S. Sen. Jack Reed said. "Revitalizing, remediating, and redeveloping these areas can enhance public health, protect the environment and lead to future economic growth."

RI DEM received $400,000 in brownfield assessment grants and will use the funding to conduct environmental site assessments.

"We look forward to partnering with DEM to build a robust remediation financing program," said Jeffrey Diehl, Executive Director of Rhode Island Infrastructure Bank.

RI Infrastructure Bank | [email protected] |(401) 453-4430