R.I. Infrastructure Bank announces $17.2M in financing for energy projects

R.I. TREASURER Seth Magaziner said, “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.” / PBN FILE PHOTO/ MICHAEL SALERNO
R.I. TREASURER Seth Magaziner said, “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.” / PBN FILE PHOTO/ MICHAEL SALERNO

PAWTUCKET – The R.I. Infrastructure Bank on Thursday announced $17.2 million in financing for energy efficiency and renewable energy projects in six Rhode Island communities.
The financing comes one year after state officials established new “green financing programs” available for such projects through the Infrastructure Bank, a quasi-governmental agency that issues bonds for municipal infrastructure improvement projects. 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 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,” Gov. Gina M. Raimondo said in a prepared statement.
The state estimates the initial projects will conserve enough energy to meet the average annual energy consumption needs of 832 households and reduce carbon emissions by 7,878 metric tons on an annual basis.
“As treasurer, I pushed to create new green finance programs at the Rhode Island Infrastructure Bank to make our state more economically competitive, improve energy efficiency and put Rhode Islanders to work,” General Treasurer Seth Magaziner said. “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.”
State and local public officials gathered in Pawtucket City Hall to announce the financing.
Pawtucket is receiving $3.9 million for the installation of LED streetlights, high-efficiency boilers, energy-efficient windows and lights and Wi-Fi programmable thermostats in some municipal buildings. The work is expected to save taxpayers more than $750,000 in avoided energy and maintenance costs, according to state estimates.
“As Pawtucket continues to capitalize on its positive momentum and reinvest in its infrastructure, we are thrilled to have the RIIB as a resource as we move towards future growth,” Pawtucket Mayor Donald R. Grebien said.
The state, in a press release issued about the funding, did not further break down how the remaining funds would be distributed, and a state spokesman could not be immediately reached for comment.
The Infrastructure Bank also is launching a new initiative, Property Assessed Clean Energy, or C-PACE, which allows private commercial and industry property owners to finance energy efficiency and clean-energy projects through an assessment of property taxes. The first projects are expected to receive financing this fall.
The Infrastructure Bank will hold an informational session for municipalities and quasi-public agencies interested in applying for financing on Sept. 7.

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