PROVIDENCE – The Rhode Island Infrastructure Bank will finance $1.4 million in infrastructure upgrades for the Pascoag Utility District in Burrillville through its Efficient Buildings Fund, according to a news release.
The funds borrowed will be used to purchase a new battery storage facility to upgrade the district’s power grid, the release stated. Borrowing with Rhode Island Infrastructure Bank will save Pascoag Utility District ratepayers $50,000 on debt service over the term of the loan.
Since 2016, the Efficient Buildings Fund, which offers below-market interest-rate loans, has provided $33 million in loans to 13 municipalities since 2016.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.
