PROVIDENCE – The Rhode Island Infrastructure Bank delivered $202 million in financing through grants and loans, including $34.6 million in total grants, for infrastructure projects in fiscal 2025, supporting clean water, energy and resilience initiatives across the state, according to its new annual report released on Oct. 15.
“During a time of great uncertainty surrounding infrastructure funding, Rhode Island Infrastructure Bank is proud to have provided our municipal and other clients with over $200 million in low-cost financing and grants during fiscal year 2025,” said William Fazioli, executive director of the infrastructure bank.
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Fazioli highlighted the institution’s pivotal role in financing critical infrastructure projects across the state, emphasizing the bank’s support for initiatives ranging from Providence Water’s lead service line replacements to addressing chronic road flooding in Cranston and removing perfluoroalkyl and polyfluoroalkyl substances, or PFAS, contamination from drinking water systems.
“These efforts demonstrate our commitment to providing the financial resources necessary to advance both large-scale and community-focused projects,” Fazioli said.
Vahid Ownjazayeri, chairman of the bank’s board of directors, said the infrastructure bank “continues to be a reliable partner … despite federal funding challenges,” adding that providing more than $200 million in financing and grants “is a credit to the bank’s staff and their dedication to serving our state.”
Projects receiving funds during fiscal 2025 include:
- $100.5 million in Clean Water State Revolving Fund loans.
- $34 million in Drinking Water State Revolving Fund loans.
- $31.4 million in Clean Energy loans.
- $26.1 million in total principal forgiveness.
- $15.5 million in Emerging Contaminants grants.
- $7.6 million in Municipal Resiliency Program Action grants.
- $2.4 million in Community Septic System Loan Program loans.
- $2 million in Resilient Rhody Infrastructure Fund loans.
- $1 million in Road and Bridge Program loans.
In addition to issuing financing for projects, the infrastructure bank was instrumental in the passage of legislation creating the Resilient Rhody Infrastructure Fund, a reliable, renewable and affordable funding option to invest in resilient infrastructure projects.
The Rhode Island Infrastructure Bank is the state’s central hub for financing infrastructure improvements for municipalities, businesses and homeowners. Since its founding in 1989, the state-run lender has provided a total of $3.1 billion in grants and loans to fund public works and environmental upgrades.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
