Infrastructure Bank ?would aid energy programs

PROVIDENCE – A proposed state Infrastructure Bank could allow businesses and municipalities to tap into programs to help finance energy savings.

Gov. Gina M. Raimondo has recommended a $2 million appropriation for the initiative in fiscal 2016, which when combined with federal and regional funds would provide $7 million in starter money. The program will combine energy-related programs across state government and create new resources for businesses and state residents, according to the governor’s office.

The Clean Water Finance Agency, which has bonding authority, will be rebranded as the “Rhode Island Infrastructure Bank.” It will retain existing programs but will expand to include so-called clean-energy programs and an efficient building fund.

The Infrastructure Bank would use the state’s seed money to issue a bond to allow renewable energy retrofits and programs for public buildings. The goal is to fund more than $23 million in energy-efficiency projects, create jobs and reduce dependence on energy.

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