PROVIDENCE – The Rhode Island Infrastructure Bank recently closed nearly $16 million in loans for Newport water projects, according to a news release.
The financing includes a $12.5 million loan through the bank’s Clean Water State Revolving Fund to pay for upgrades to its Long Wharf Pump Station. There is also a $3.3 million loan through the Drinking Water State Revolving Fund to replace water mains and lead service lines across the city.
The below-market rate financing is estimated to save the city $2.7 million in debt service, according to the release.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
