R.I. Infrastructure Bank announces $21.7M in green bonds to help finance clean water projects

JEFFREY R. Diehl, executive director of the Rhode Island Infrastructure Bank, said, "These green bonds give communities access to capital they need to build and improve sustainable infrastructure for their residents." / COURTESY RHODE ISLAND INFRASTRUCTURE BANK
JEFFREY R. Diehl, executive director of the Rhode Island Infrastructure Bank, said, "These green bonds give communities access to capital they need to build and improve sustainable infrastructure for their residents." / COURTESY RHODE ISLAND INFRASTRUCTURE BANK

(Updated 3:30 p.m.)
PROVIDENCE – The R.I. Infrastructure Bank on Wednesday announced the issuance of $21.7 million in green bonds to help finance clean water projects in eight Rhode Island municipalities.
The tax-exempt bonds will provide funding in addition to $34.6 million from state and federal sources, according to a press release. The total investment will total $55.9 million and the eight borrowers are Barrington, Bristol Burrillville, East Greenwich, Newport, Warren, Warwick and the Narragansett Bay Commission.
“Ensuring that Rhode Island’s municipalities have reliable and safe water infrastructure is essential in maintaining a high quality of life in the state,” Jeffrey Diehl, executive director at the infrastructure bank, said in a statement. “These green bonds give communities access to capital they need to build and improve sustainable infrastructure for their residents.”
The quasi-governmental infrastructure bank, formerly known as the R.I. Clean Water Finance Agency, issues tax-exempt, AAA-rated bond securities to finance infrastructure projects throughout the state. This issuance has a par amount of $18.7 million and a maturity of 2037 with interest rates ranging from 1.8 percent to 2 percent, according to the release.
The Narragansett Bay Commission will borrow the most money – $23 million – to improve the Fields Point Wastewater Plant, replace a portion of the Moshassuck Valley Intercept and continue to develop the CSO Abatement Facilities.
The remaining projects are as follows:

  • Barrington: $3 million to close two abandoned landfills
  • Bristol: $2.5 million to improve wastewater treatment facility, sewage pumping stations and biosolids composting facility
  • Burrillville: $2.6 million to rehabilitate wastewater treatment plant
  • East Greenwich: $6 million to improve wastewater treatment facility
  • Newport: $9.1 million to upgrade wastewater pollution control facility
  • Warren: $1.7 million to design an “advanced wastewater treatment” at its wastewater treatment facility
  • Warwick: $8 million to construct sewers and upgrade wastewater treatment facility

No posts to display