PROVIDENCE, RI – General Treasurer Seth Magaziner today lauded the strong demand for the Rhode Island Infrastructure Bank's first round of Efficient Building Fund financing. Twenty seven applications from across Rhode Island were submitted for an initial $25 million in EBF financing for energy efficiency projects at schools and other public buildings.
"We designed the Efficient Building Fund to help cities and town save money on their energy costs while doing right by the environment," Treasurer Magaziner said. "The strong demand for the Efficient Building Fund's first round of funding demonstrates that municipal leaders are serious about making their communities more energy efficient. Every dollar a municipality saves on energy costs can be put to work fixing roads, improving education or providing tax relief for hard-working Rhode Islanders."
The Rhode Island Infrastructure Bank's Efficient Building Fund is a revolving loan fund designed to provide financing to public entities for projects that promote energy efficiency. Eligible projects for EBF financing include cost-effective energy efficiency measures and the installation of renewable infrastructure such as solar panels and wind turbines.
Last year, Magaziner worked with Governor Raimondo and General Assembly leaders to make good on a campaign pledge to establish the Rhode Island Infrastructure Bank, when he championed the push to expand the old Clean Water Finance Agency to administer new programs for energy efficiency and renewable energy projects across Rhode Island.
"The Rhode Island Infrastructure Bank is an example of how the Treasurer's Office can promote economic growth with the creation of smart economic and energy policy," Treasurer Magaziner said.