PROVIDENCE – The Rhode Island Infrastructure Bank has closed on a $77.3 million Green Bond to support clean water projects for the Narragansett Bay Commission and the communities of East Greenwich, East Providence, Middletown, Woonsocket and Warwick. The Green Bond also will support drinking water projects in the city of Providence.
“Thanks to the Bipartisan Infrastructure Law, Rhode Island’s Clean and Drinking Water State Revolving Funds are receiving nearly $400 million in funding for projects across the state,” Jeffrey Diehl, CEO of the infrastructure bank, said in a statement. “We are using this bond sale to speed up the flow of financing so our cities, towns and quasi-public entities can get to work on major infrastructure projects.”
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The funds are slated to upgrade wastewater treatment plants, build new pump stations, install new sewer mains and to repair or replace drinking water mains and service lines.
The infrastructure bank is the state’s central hub for financing infrastructure improvements for municipalities, businesses and homeowners. The bond received a rating of AAA from Fitch Ratings and AAA from S&P Global Ratings, according to Diehl.
The projects receiving bond proceeds include:
Narragansett Bay Commission: $47.6 million for Combined Sewer Overflow Phase III, Fields Point Wastewater Treatment Facility upgrades, and other upgrade and replacement projects.
Warwick: $20 million for the rehabilitation of Cedar Swamp Force Main and completion of sewer installation in the city’s Bayside neighborhood.
Providence/Providence Water Supply Board: $5.5 million for water distribution improvements, including cleaning, relining, repair and replacement of water mains, transmission lines, service lines and valves.
East Greenwich: $4.9 million for wastewater treatment plant facility upgrades.
East Providence: $2.5 million for water pollution abatement and resiliency improvements to Booth Avenue and Bold Point Park areas.
Woonsocket: $2.3 million for the replacement of the Manville Road pump station and repairs at Woonsocket Regional Wastewater Treatment Facility.
Middletown: $1 million for the replacement of the Paradise Avenue Pump Station Force Main.
