The Rhode Island Infrastructure Bank has awarded a $12.5 million Clean Water State Revolving Fund loan to finance wastewater infrastructure upgrades in the City of Newport.
The loan will support upgrades at the Long Wharf Pump Station, including replacing pumping and odor control systems, and the installation of a deployable flood barrier wall. The upgrades will reduce odors at the plant while hardening the wastewater treatment system’s flood resiliency.
The award occurred at the same time as the announcement of a $3.3 million loan from the Drinking Water State Revolving fund to replace lead service lines and water mains across the city.
“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.”
