PROVIDENCE – Rhode Island Infrastructure Bank has closed on a $21 million Drinking Water State Revolving Fund loan for Providence Water to fund major water-main rehabilitation projects in Trinity Square and South Providence, the infrastructure bank announced.
The financing, which includes $9.4 million in principal forgiveness, will support water-main replacements, pipe lining, and upgrades to hydrants and valves over the next two years, strengthening Providence’s drinking-water system while limiting pressure on customer rates.
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Providence Water Supply Board Chairman Ateesh Chanda emphasized the systemwide importance of the upgrades.
“Maintaining and upgrading our distribution system is central to our mission of delivering clean, reliable drinking water to the 75,000 customers who depend on it every day,” Chanda said.
Ricky Caruolo, general manager of Providence Water, said sustained public financing is key to keeping rates stable while addressing aging infrastructure.
“Behind every turn of the tap is infrastructure that requires constant investment, and this funding allows us to make those upgrades responsibly,” Caruolo said.
Over the past 30 years, the infrastructure bank has provided more than $300 million in financing to support Providence Water’s infrastructure improvements, noted Executive Director William Fazioli.
Meanwhile, Mayor Brett P. Smiley said the investment will modernize critical infrastructure while directly benefiting neighborhoods.
“This financing allows Providence Water to continue essential rehabilitation work that ensures residents have safe, reliable drinking water for years to come,” Smiley said.
Providence Water is Rhode Island’s largest water utility, supplying drinking water to roughly 600,000 residents statewide. The utility serves more than 75,000 retail customers across Providence and surrounding communities and operates one of the state’s most critical public infrastructure systems.
Rhode Island Infrastructure Bank is the state’s central financing engine for public infrastructure, providing low-cost capital for water, energy, transportation and environmental projects. It leverages revolving funds and federal dollars to support long-term infrastructure investment while limiting costs to taxpayers and ratepayers.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
