The Rhode Island Infrastructure Bank announced $15.8 million in loans for drinking water and clean water infrastructure projects in the City of Newport.
The bank awarded a $3.3 million loan from its Drinking Water State Revolving Fund to help the Newport Water Department replace water mains city-wide and to identify and replace all lead service lines connected to the project.
“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,” says Newport Mayor Xay Khamsyvoravong. “This is a great example of Newport working with our state and federal partners to make critical infrastructure improvements while minimizing the cost to our residents and businesses.”
The bank also awarded a $12.5 million loan from its Clean Water State Revolving Fund to finance upgrades to the Long Wharf Pump Station. The upgrades include replacing pumping and odor control systems, and installing a deployable flood barrier wall.
“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,” says Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. “From hardening the Long Wharf Pump Station to the impacts of flooding while reducing odors, to water main replacements and eliminating lead service lines, Newport is making smart investments in basic infrastructure that will pay dividends for decades to come. And by financing through the Infrastructure Bank’s below market rate programs, Newport will realize more than $2.7 million in debt service savings.”
