FY 2023 State Budget Invests In Infrastructure

On June 27th, Governor Dan McKee signed the FY 2023 state budget into law. This year's budget includes a number of important wins for infrastructure and programs managed by the Infrastructure Bank:

  • $21.9 million to invest in critical water infrastructure, creating healthy and resilient communities across Rhode Island. This investment will unlock $174 million in federal funds and leverage an additional $300 million in private capital.

  • A $50 million Green Bond that will appear on the November ballot. The bond includes $16 million for our Municipal Resilience Program and $5 million to establish a new Small Business Energy Loan Program. Investments that will make our communities more resilient and enable businesses to implement clean energy projects.

  • $4 million for the Ocean State Climate Adaptation Fund (OSCAR) to assist municipalities with grant funding for projects to restore and improve the climate resilience of vulnerable coastal habitats and river and stream floodplains.

  • $2.5 million for the Municipal Infrastructure Grant Program, providing competitive grants to our municipal partners to complete key infrastructure projects.

We thank Governor McKee, the Rhode Island House of Representatives, and the Rhode Island Senate for prioritizing these important infrastructure investments in the state budget.
Watch Our New Video Case Study: Working With the Pascoag Utility District to Invest In Energy Efficiency

RI Infrastructure Bank is a solutions provider for our municipal and quasi-public partners. Watch our new video on how we worked through our Efficient Buildings Fund to help the Pascoag Utility District finance an electric substation expansion and battery storage facility estimated to save $3.5 million over the life of the project. You can also see other featured projects on our newly redesigned website.
Program Spotlight: C-PACE

Throughout June we've been highlighting our C-PACE program, which provides long-term, fixed-rated financing for energy efficiency and renewable energy upgrades in commercial and industrial properties. To date, C-PACE has loaned $87.5 million to 33 projects across Rhode Island, creating an estimated $26 million in energy cost savings, and saving 65,558 metric tons of CO2 (the equivalent of 7.4 million gallons of gas, annual electric use from 12,750 homes, 14,000 gas vehicles driven for one year).

Projects like incorporating energy efficiency measures into the new Aloft Hotel in downtown Providence. $4.5 million in C-PACE financing for features including LED lighting throughout and high-efficiency HVAC systems that will reduce the hotel’s energy use by over 32%.
Save The Date: July 19 Commercial Energy Project Finance Workshop

Contractors interested in learning about Infrastructure Bank programs for financing commercial building projects should attend our July 19th commercial energy project finance workshop. Attendees will also have an opportunity to help shape the next generation of commercial financing programs from RIIB.

Date: July 19th, 2022
Time: Program starts at 9AM, coffee/pastries at 8AM
Location: 235 Promenade Street, Providence, Room 300


Infrastructure Bank Finances Bristol Wastewater Treatment Facility Upgrades With $7.8 Million Loan

One June 27th, we closed on a $7.8 million Clean Water State Revolving Fund loan for the Town of Bristol to finance a number of upgrades to the town’s wastewater treatment facility including rehabilitating settling tanks, new dewatering equipment, and new piping. By utilizing our below market interest rates, Bristol will save over $1.1 million in financing costs.

“Ensuring that our state’s wastewater treatment plants are operating effectively is fundamental to our communities and to maintaining the health of our environment. That’s why we are pleased to partner with the Town of Bristol to finance important upgrades to the Bristol wastewater treatment facility, while achieving significant savings for the town through our below market interest rates." -- Jeffrey Diehl, CEO, Rhode Island Infrastructure Bank

Since its inception, the Clean Water State Revolving Fund has provided over $1.6 billion in affordable, long-term financing for the completion of wastewater, stormwater and other water pollution abatement projects across the state.
Infrastructure Bank In The News


The Pascoag Utility District, which serves around 5,000 customers in two areas of Burrillville, imports its electricity from Rhode Island Energy and the regional power grid via two five-mile feeder lines that connect to a substation.

The problem? Pascoag’s customers need about 13 megawatts of capacity on the hottest summer days, when air conditioners are running. That "peak load" bumps right up against the thermal capacity of the two feeder lines.

Something needed to be done to ensure reliability. And the old-school way of approaching the problem could have been quite expensive.

So in 2019, Pascoag studied the issue, looking at rebuilding both feeder lines, and also evaluated rebuilding only one. The costs penciled in at around $6-12 million, along with other necessary upgrades.

“That would be a lot for our customers to absorb,” said Pascoag Utility District General Manager Mike Kirkwood in an interview.

The third option involved working with an outside company called Agilitas Energy. Agilitas would build, pay for, and manage a 3-megawatt battery system to shave peak demand. Pascoag would pay only around $1.5 million to rebuild its substation, something it had to do anyway.

The batteries charge during times of lower demand, then discharge when demand is at its highest. The peak-shaving would result in financial savings through wholesale power market participation, and that savings would be shared between Pascoag and Agilitas.

“So, they finance the battery storage facility and share transmission and capacity savings with the utility district,” said Kirkwood. "And it saves us from having to make a large up-front investment."