The Infrastructure Bank announced $45 million in financing for drinking water projects in Providence, Portsmouth and Woonsocket through the Drinking Water State Revolving Fund.
Providence Water is utilizing $14.7 million for the replacement of lead service lines and to replace or reline water mains and valves throughout Providence.
Portsmouth Water and Fire District is investing $3.1 million to replace the Union Street Pumping Station and demolish the current, 50-year old station. The new plant will increase the water system’s peak demand capacity, providing significant improvement to operations and flexibility of the town.
Woonsocket’s $27.2 million loan marks the city’s third and final transaction from the Bank for the construction of a new water treatment plant. Across the three financing rounds, the Bank has lent more than $55 million to the City for this vital project. By financing these upgrades through the Infrastructure Bank’s Drinking Water State Revolving Fund, the City of Woonsocket will save more than half a million dollars on debt service due to the lower interest rates. The new plant will provide significant capacity and environmental upgrades over the legacy system currently being used.