North Smithfield Partners With Infrastructure Bank to
Remedy Water Contamination 
The Infrastructure Bank recently closed on $1.4 million in low-interest financing through its Drinking Water State Revolving Fund for the extension of a drinking water mainline in North Smithfield. The extension will provide access to North Smithfield’s primary drinking water system for 3,000 residents currently living with contaminated drinking water wells. As part of the loan, the Bank provided the Town with approximately $850,000 of principal loan forgiveness on the original $1.4 million amount. In tandem, the principal forgiveness and low-interest rate will generate $945,000 of debt-service savings, compared with traditional financing. 


Infrastructure Bank Celebrates Record Year for C-PACE Program 
Over the past year, Rhode Island’s C-PACE Program set an annual lending volume record of $58.2 million across 9 projects. In his latest feature for the New England Real Estate Journal, Infrastructure Bank CEO Jeffrey R. Diehl reflects on the Program’s record-breaking year and how C-PACE can help property owners affordably adapt to a post-COVID economy. To read the full article and learn more about C-PACE please click here . 
$1 Million for Winnapaug Pond Restoration Project 
Rhode Island Infrastructure Bank announced $1M of financing to the Town of Westerly for an Aquatic Ecosystem Restoration Project which calls for the dredging of Winnapaug Pond and the planting of eel grass to restore the marsh. The dredging project is expected to benefit the environment by improving water quality, reducing sedimentation, and supporting the growth of eel grass. The latter provides natural water filtration, foraging space for crabs and an abundant food source for waterfowl. The loans are being financed through the Bank’s Clean Water and Stormwater Infrastructure Fund (CWSIF) and are expected to reduce the Town’s debt service by 33% throughout the duration of the loan.

In addition to funding the entirety of the project, the loan will also serve as a “state match” to unlock $2,442,569 of grant funding awarded to the Town by the U.S. Department of Agriculture for a Natural Systems Demonstration Project in Winnapaug Pond. 

Learn more here .
Preserve Club & Residences Secures $6.4 Million Financing for Energy Efficient Projects through C-PACE
The Infrastructure Bank recently closed a $6.4 million loan with the Preserve Club & Residences through its C-PACE program. The financing, which is provided by Twain Financial Partners, will be used to incorporate energy efficiency features into the construction of its lodge facility. Features like state-of-the-art, highly efficient HVAC systems; energy-efficient windows; and LED lighting throughout the facility. These comprehensive efficiency measures are anticipated to reduce the property’s annual energy expenses by over 20%.

“Rhode Island’s hospitality and lifestyle industry are increasingly utilizing our C-PACE program for new construction and large-scale renovations,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank. “We are proud to work with The Preserve to expand their property portfolio and reduce energy usage and costs in the process.” 

Learn more here.