PROVIDENCE, R.I. – Rhode Island Infrastructure Bank has closed on $15.8 million in loans for critical clean and drinking water infrastructure projects in the City of Newport.
A $12.5 million loan from the Bank’s Clean Water State Revolving Fund will finance upgrades to the Long Wharf Pump Station including replacing pumping and odor control systems, and the installation of a deployable flood barrier wall. The upgrades will harden the wastewater treatment system to the impacts of flooding while also reducing odors at the plant.
A $3.3 million loan from the Bank’s Drinking Water State Revolving Fund will allow the Newport Water Department to replace water mains city-wide and to identify and replace all lead service lines connected to the project. Lead service lines can result in serious health effects and replacement is essential.
“Rhode Island Infrastructure Bank is pleased to provide more than $15 million in financing to allow the City of Newport to invest in critical clean and drinking water infrastructure that residents and businesses rely on every day,”
“On behalf of the City of Newport I want to thank Rhode Island Infrastructure Bank for providing us with low-cost financing to invest in essential clean and drinking water projects,”
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. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank