PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, in partnership with the Rhode Island Department of Health, has closed on a $26.2 million Drinking Water State Revolving Fund loan with $12.8 million in principal forgiveness (i.e. a grant) for Providence Water to continue their Accelerated Lead Service Line Replacement Program. This latest round of funding will support Providence Water’s ongoing efforts to remove lead service lines at no cost to property owners.
With this latest loan, the Infrastructure Bank has provided a total of $78.8 million in funding for Providence Water’s Accelerated Lead Service Line Replacement program. The Bank has been recognized nationally for its effective pace to leverage federal funds to advance lead service line replacement projects throughout Rhode Island.
“This loan represents our continued commitment to putting federal Infrastructure Investment & Jobs Act funding to work quickly and efficiently to remove lead pipes and improve public health,”
“Providing safe and reliable drinking water is our most fundamental responsibility at Providence Water, and ensuring our system is lead-free is a critical part of that mission,”
“Since the start of the Accelerated Lead Service Program in January 2024, Providence Water has successfully replaced over 4,300 lead service lines for free within our service area using a combination of federal grant, loan, and state funding,”
“Our neighbors deserve access to safe, clean drinking water and today’s announcement ensures that the critical rehabilitation of the city’s outdated water infrastructure can continue,”
“When Rhode islanders turn on the tap, their drinking water should be clean, safe, and lead-free. Replacing old pipes will improve the health and well-being of Rhode Islanders across the state. Despite the Trump Administration trying to eliminate federal funding for lead pipe replacement, this is a smart investment in improving water quality, protecting residents, and removing toxic lead water pipes that contaminate our drinking water,”
“Clean, lead-free drinking water is a cornerstone of public health, particularly for children,”
“Every Rhode Islander deserves clean, safe drinking water when they turn on the tap,”
“The science is clear: no amount of lead in our drinking water is safe,”
“Public water systems take many steps to keep drinking water safe from lead, including treatment that reduces corrosion and routine testing. However, collaborations like this to replace lead service lines are a critical additional step in our work to make Rhode Island’s drinking water as healthy and safe as possible,”
Thanks to the Infrastructure Bank’s favorable lending terms, which include a 0% interest rate, Providence Water realized more than $22 million in debt service savings on this loan.
For more information about Providence Water’s Accelerated Lead Service Line Replacement program, visit provwater.com/lead.
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. www.riib.org
About Providence Water
Providence Water is Rhode Island’s largest water utility, providing drinking water to approximately 600,000 Rhode Islanders in more than a dozen communities. The utility has more than 75,000 direct retail customers in Providence, North Providence, Cranston, Johnston, and Smithfield.