PROVIDENCE – Rhode Island Infrastructure Bank says the installation of a high-efficiency energy system and stormwater filtration system at a 25-acre greenhouse in Exeter has received $25.8 million in Commercial Property Assessed Clean Energy program financing, provided by Los Angeles-based Coventry Structured Investments.
When completed, the hydroponic greenhouse operated by Rhode Island Grows LLC will produce an estimated 42,000 pounds of tomatoes per day for distribution to grocery stores across the Northeast.
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The C-PACE program typically enables commercial property owners to fund energy efficiency, renewable energy and resiliency upgrades, repaying loans made by private lenders through a property tax assessment.
“This project is an excellent example of how C-PACE can support multiple efficiency elements in a large-scale project,” said Jim Braz, director of clean energy services at Rhode Island Infrastructure Bank. “Using C-PACE financing, Rhode Island Grows will implement a stormwater filtration system that will allow for the highly efficient capture and reuse of water during the growing process while also utilizing high-efficiency energy generators.”
The infrastructure bank manages the program, placing a lien on the property until the loan is repaid – in this case, over 30 years. Coventry Structured Investments is an asset management firm that provides funding for businesses that have unique and complex capital needs.
“CSI is pleased to partner with Rhode Island Infrastructure Bank to provide C-PACE financing for the Rhode Island Grows project,” said Rasool E. Alizadeh, founder and managing principal of Coventry Structured Investments. “This initiative aligns perfectly with our mission to deliver innovative funding solutions that drive sustainable development and economic growth.”
The financing marks a key moment for the Rhode Island Grows project, which has been in the works for several years but at times has faced opposition from the town of Exeter. Last year, Rhode Island Grows founder Tim Schartner received approvals from the town for the vast greenhouse, which remained partially constructed for years.
“We are committed to building one of the most energy and water-use-efficient hydroponic greenhouses in the nation, and the C-PACE program has been critical to our ability to invest in these systems,” said Schartner, whose family had farmed the land for generations. “We want to thank the team at Rhode Island Infrastructure Bank for introducing us to the benefits of C-PACE financing and for working with us to make this loan and this project a reality.”
“We are pleased to see the Rhode Island Grows project moving forward,” said Terry Gray, director of the R.I. Department of Environmental Management. “Advanced controlled environmental growing facilities like this will add a new dimension to the thriving agriculture industry in the state. The energy efficiency measures and renewable energy investments will showcase the facility as a direct example of sustainable design. We look forward to working with the company to complete the environmental permitting as they move forward with construction and operation.”
