PROVIDENCE – Thirty municipalities have benefited from a combined $734 million in low-interest loans and grants for energy efficiency, renewable energy and resiliency projects over the last five years, according to a report from the R.I. Office of the General Treasurer.
The report published Nov. 10 outlines the impact of the Rhode Island Infrastructure Bank, which was established in 2015 as an expanded version of the Clean Water Finance Agency, according to the report. In its prior form, the state-administered financing program focused on water pollution, septic system repairs, sewer tie-ins and transportation projects. The Infrastructure Bank continued these programs while adding new financing for renewable and energy efficient buildings, brownfield remediation and projects that protect public drinking water.
From fiscal year 2016 to fiscal year 2021, the bank has financed more than $734 million in loans for applicable municipalities, nonprofits and small businesses, saving recipients more than $169.9 million in cash and debt service on their loans over those five years, according to the report. The loans and the projects they funded also supported 17,250 jobs over that time frame.
The report also made several recommendations for how to expand the work of the infrastructure bank and help meet state goals toward decarbonization and energy efficiency. They included conducting a statewide assessment of municipal infrastructure to identify where upgrades are needed and expanding grant and other financing programs for projects that address these identified areas of need.
The full report is available online at www.treasury.ri.gov/riib.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
