Infrastructure Bank announces $1.3 million for lights, stormwater fixes

Infrastructure Bank announces $1.3 million for lights, stormwater fixes

PAWTUCKET – Rhode Island Infrastructure Bank has announced $1.3 million in financing for LED streetlight conversions and stormwater improvements in Pawtucket.

By borrowing through the Infrastructure Bank at below market interest rates, the city will save $157,336 on debt service payments over the lifetimes of the loans. Of the $1.3 million, $1 million is for streetlight conversions through the Efficient Building Fund, and $350,000 is a Clean Water State Revolving Fund loan for a stormwater mitigation project adjacent to the coming Pawtucket-Central Falls Train Station.

“By taking advantage of the Bank’s Efficient Buildings Fund to upgrade their streetlights, Pawtucket will generate significant savings for the community and make a positive impact on the environment,” said Jeffrey Diehl, CEO of the Infrastructure Bank. “The future Pawtucket-Central Falls train station will be a hub of economic activity for the Blackstone Valley. The stormwater improvements will significantly reduce pollutants from rain water runoff and add to the beautification of the area.”

Pawtucket is converting approximately 6,000 streetlights to LED lights across the city, saving significantly on annual energy savings. This is the city’s second time borrowing from the EBF program.

“The city is constantly looking for innovative ways to save the taxpayers’ money. Transitioning over to LED lights not only saves us money, but is environmentally friendly. The improvements to the train station district will make Pawtucket cleaner and greener,” said Pawtucket Mayor Donald Grebien. “We thank the Rhode Island Infrastructure Bank as these projects may not have been feasible without their continued partnership.”