WESTERLY – The Rhode Island Infrastructure Bank helped finance a $503,000 solar project for a Westerly based manufacturer that expects to save thousands in reduced energy costs.
The quasi-governmental agency last week announced it made its fourth Commercial Property Clean Energy, or C-Pace, loan with US Extruders, a single-screw extruders manufacturer in Westerly.
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The financing will go toward the installation of roof-mounted solar panels, which the company estimates will save it $247,000 in reduced energy costs over a 20-year period.
The project was lauded by Gov. Gina M. Raimondo in a prepared statement.
“Investing in green energy is good for both our economy and environment,” she said. “Through programs like RI C-Pace, Rhode Island Infrastructure Bank is helping our communities to reduce carbon footprint and improve our climate resiliency.”
The C-Pace program allows commercial and industrial property owners to put up assets as collateral for financing for clean-energy projects. RIIB has only recently made the financing available to qualifying businesses, although Jeffrey R. Diehl, RIIB CEO, is excited about early results.
“Rhode Island Infrastructure Bank is excited to be helping local businesses become more competitive through the C-Pace program,” he said.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
