Infrastructure Bank Participates in RI League of Cities & Towns' Conference

Rhode Island Infrastructure Bank contributed to multiple panel discussions at the Rhode Island League of Cities and Towns’ 19th Annual Conference. The conference drew 450 attendees, including mayors, town managers, finance directors, and other municipal officials. Jeffrey Diehl, the Bank’s Executive Director and CEO, moderated a panel, explaining how municipalities can reduce capital project costs through innovative financing methods. Speakers on the panel reviewed relevant case studies and discussed the best ways for municipalities to achieve the lowest project finance costs. “The Infrastructure Bank has a variety of programs to assist municipalities with their local investments,” said Jeffrey Diehl. “Climate change, access to clean water, road and bridge investments, energy costs and school construction are top of mind for municipal leaders; the Bank will continue to provide options and expertise to support this work.” In addition, Michael Baer, Managing Director of Program and Business Development, participated on a panel addressing innovative methods of managing energy resources for Rhode Island’s public schools. Chief Resilience Officer Shaun O’Rourke moderated a timely panel on evaluating climate change risk for municipalities. The Infrastructure Bank also occupied a booth at the Conference to provide more information on the range of diverse financing opportunities offered by the Bank.

So. Kingstown Businesses Take Advantage of C-PACE to Maximize Energy Savings

Rhode Island businesses have some of the highest energy costs in the nation, which can inhibit their long-term growth. The Infrastructure Bank’s Commercial Property Assessed Clean Energy (C-PACE) program provides 100% financing to businesses for energy efficiency and renewable energy building upgrades. These property improvements reduce energy costs and are often cash-flow positive, which enables owners to re-invest in their company. Three South Kingstown businesses have taken advantage of C-PACE financing recently.

Matunuck Beach Properties, a 50-acre beachfront community in Wakefield, is installing a ground-mount solar photovoltaic system through C-PACE. The project will combine C-PACE with the Renewable Energy Growth Program, which enables customers to sell the energy they generate under long-term tariffs at fixed prices. Upon project completion, the property value is expected to increase by $145,425 and save over $240,000. The property improvements will reduce the building’s greenhouse gas emissions equivalent to the annual carbon footprint of 40 Rhode Island homes.

Pier Cleaners, a local dry-cleaning business, installed roof-mounted solar panels with help from a $131,838 C-PACE loan. The company is now expected to save $279,000 in energy costs over the life of the loan. They also installed solar panels at their Westerly location, which is expected to reduce the energy costs for that location by 94%. Pier Cleaners is expected to save over $500,000.

South Kingstown’s Laurel Lane Country Club similarly benefited from a C-PACE loan when it installed ground-mounted solar panels to power the Club’s hospitality and golf operations and support upgrades to its fleet of golf carts from gas-powered to electric. The Club will save 5 million kilowatt-hours over the 25-year life of the loan – the amount of energy used annually to power almost 400 Rhode Island homes.

“The Rhode Island C-PACE program is designed to make investments in energy efficiency and renewable energy economically attractive for commercial property owners,” said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. “I’m thrilled to see that building owners are using C-PACE together with the Renewable Energy Growth program. The combination of C-PACE benefits and REG incentives makes the financial opportunities for building owners to go solar extremely compelling.”

Rhode Island Infrastructure Bank is hosting a C-PACE building owner information session on November 7^th at Laurel Lane Country Club in West Kingston. Join us to hear from local business owners about how C-PACE helped them cut costs and increase energy efficiency. Click here to learn more about the event.

Infrastructure Bank Accelerates Green Stormwater Projects

Rhode Island Infrastructure Bank is partnering with the Woonasquatucket River Watershed Council to reduce pollution from stormwater flowing into the Woonasquatucket River and provide greater public access to the river edge. The first loan will be applied to a green infrastructure project in the Olneyville neighborhood of Providence. This partnership with the Infrastructure Bank will accelerate projects using short-term bridge loans and unlock project funding from the Departments of Transportation and Environmental Management for design and construction.

In collaborating with the Green Infrastructure Strategic Advisory Council, the Infrastructure Bank is playing a vital role in assisting communities with upfront capital to initiate projects and take advantage of the post-completion funding, a clear barrier to implementation in many communities. The Infrastructure Bank is providing this necessary seed money for these projects to move forward and accelerate the environmental and economic development benefits of community-based green infrastructure projects.  

Rhode Island Infrastructure Summit Keynote Speakers Announced

The second annual Rhode Island Infrastructure Summit will take place on September 17, 2018 at the Rhode Island Convention Center. The Summit brings together experts from various disciplines to discuss the pressing infrastructure issues in Rhode Island and where the future may be heading.

Our keynote speakers, Armand E. Sabitoni and Alan Rubin, are authorities in construction and disaster recovery. Mr. Sabitoni is a second-generation laborer, who worked his way from general construction laborer to one of the highest offices of the Laborers' International Union of North America (LIUNA). Mr. Rubin, a principal at Blank Rome Government Relations LLC., provides advisory services to a wide range of clients with a focus on resiliency planning, municipal bond issues and disaster planning/storm financing matters. We are excited for the expertise they will bring to a conversation about the connection between well-functioning infrastructure, economic development and the stark realities of climate change.

Attendees will also have the chance to hear from policymakers and private sector experts on the vital role infrastructure plays in growing the State’s economy. The Summit will explore four themes: green infrastructure and resilience, housing and transportation, economic development and clean energy. Breakout sessions will include deeper dives into the State’s economic development initiatives, including tax-increment financing, energy efficiency financing, accelerating clean energy projects on brownfields, the state of Rhode Island’s housing climate and other green financial products, among other topics.

The Summit will provide guests with breakfast, lunch and a networking reception. While this conference offers free admission, attendees are kindly asked to RSVP no later than 5pm EST on Monday, September 10th, 2018. 

To RSVP, please visit the following the Eventbrite page.

Infrastructure Bank Finances Drinking Water Projects for Four Communities

Taxpayers in four communities will save approximately $1 million in debt service payments after financing projects through the Infrastructure Bank’s Drinking Water State Revolving Fund (DWSRF). The Infrastructure Bank is lending $18.2 million for municipal drinking water improvement projects in the communities of Woonsocket, Cumberland and Burrillville and to those served by the Providence Water Supply Board.

The City of Woonsocket received a $12.5 million loan for the construction of a new drinking water treatment facility. The Town of Cumberland received $4 million to upgrade various components of their water distribution system and the Town of Burrillville will upgrade a water main with $700,000.

Providence Water received a $1 million loan to increase funding available for homeowners in Providence Water’s service area to finance replacements of private lead service lines that connect their property to the main water line. This program offers homeowners 0%-interest loans payable monthly over three years. 

“The Infrastructure Bank is committed to assisting our State’s drinking water suppliers, large and small, meet their capital improvement needs,” said Jeff Diehl, Executive Director and CEO of Rhode Island Infrastructure Bank. “We are excited to be assisting local communities to improve the safety of their drinking water and protect the health of Rhode Islanders.”

To date, the Infrastructure Bank has helped finance over $500 million in drinking water projects throughout the state. 

Save the Date – Rhode Island Infrastructure Summit

Rhode Island Infrastructure Bank will host its second annual Rhode Island Infrastructure Summit on September 17, 2018 at the Rhode Island Convention Center. Attendees will have the opportunity to hear from policymakers and private sector experts about how infrastructure plays a central role in the economic development of the State. Local leaders and other attendees will hear about resources, programs and solutions available to them to invest in infrastructure. The Summit will feature a prominent keynote speaker, opening and closing plenaries, and panel discussions covering a variety of topics related to economic development, green infrastructure, clean energy, and housing.

The Summit includes breakfast, lunch, and a cocktail reception. This conference offers free admission but requires attendees to RSVP no later than 5pm EST on Monday, September 10th, 2018. To RSVP, please visit the following the Eventbrite page.

Infrastructure Bank Saves Municipalities Money for Road Improvement Projects

Rhode Island Infrastructure Bank has issued the first public bond for the Municipal Road and Bridge Program, totaling $15 million. The bond issuance will increase the amount of capital available to invest in local road and bridge projects and provide greater certainty that funds will be available to meet program demand. The program finances projects at 33% below-market interest rate and this round of financing will save the three communities that are receiving financing approximately $2.5 million in interest payments.

The Town of Middletown and the City of Pawtucket will save $700,000 from loans recently closed through the Municipal Road and Bridge Program, totaling $7 million for infrastructure repair projects. Middletown is set to receive a $5 million loan for the resurfacing of approximately eight miles of roadway. Pawtucket will receive $2 million to help fund the City’s Pavement Management Program, which calls for the resurfacing of roughly 30 miles of roadway. The bond will also provide $10 million in funds to the City of Providence for road and sidewalk improvement projects, saving the City nearly $1.8 million in interest payments.

“We are pleased to provide municipalities with a significant savings for vital road and bridge projects through this program,” said Jeffrey Diehl, CEO of the Infrastructure Bank. “The bond financing program increases our ability to meet demand while also assuring availability of capital to invest.  We encourage more Rhode Island cities and towns to explore our program options for their infrastructure needs.”