Website: [riib.org](https://riib.org) ### Introduction The Rhode Island Infrastructure Bank (RIIB) is a quasi-public state financing authority established in 2015 by the Rhode Island General Assembly through enabling [[Legislation|legislation]] (R.I. Gen. Laws § 37-12.1). Headquartered in Providence, Rhode Island, it operates as a private, nonprofit entity—not publicly traded—with a mission to provide low-cost financing for infrastructure projects, including clean energy, water, wastewater, transportation, and resilience initiatives, leveraging public and private capital to complement traditional lenders. As of available data, employee count is not publicly detailed, though it functions with a small core team supported by state oversight. RIIB advances Rhode Island's clean energy goals by offering loans, grants, bonds, and credit enhancements for projects like energy efficiency, renewables, EV infrastructure, and stormwater management, often funded via state surcharges, [[Federal|federal]] grants (e.g., EPA), and private leverage. It has financed over $1 billion in projects since inception, focusing on municipal, residential, and commercial borrowers to reduce emissions and build resilience. ### Key Products and Technology RIIB does not develop physical technologies like reactors or hardware but provides financial products tailored to energy and infrastructure. - **Municipal Resilience Program (MRP) Action Grants**: Grant funding for planning and design of green infrastructure; e.g., stormwater management, tree planting. No technical specs like MW output; focuses on nature-based solutions for flood resilience. Funded by federal/state sources; differentiator is low/no-cost access for RI municipalities. Operational stage; targets cities/towns (e.g., Pawtucket's Daggett Avenue project). - **Residential Lead Line Replacement Loans/Grants**: Low-interest loans or grants for water infrastructure upgrades; $320,000 awarded to North Providence in 2025. Targets households; leverages EPA funds; operational with quick deployment. - **Clean Water Financing Program**: Loans/bonds for wastewater, stormwater; includes energy-efficient upgrades. Credit enhancements reduce borrower costs; operational for utilities/municipalities. - **Energy Financing Products**: Loans/credit support for efficiency, solar, EV charging; e.g., supports state EV stations with fees like $0.28/kWh for Level 2 chargers. Targets residents, businesses, fleets; leverages private capital. Key differentiators include extended terms, low rates (often below market), and risk-sharing to enable projects ineligible for private finance. Development stage: Fully operational since 2016 launch. ### Regulatory and Licensing Status As a financing institution, RIIB is regulated by the Rhode Island Division of Banking and state legislature, not NRC (no nuclear involvement). Key milestones: 2015 enabling act; 2020+ expansion into green banks per NREL classification; ongoing EPA compliance for water funds. No specific licensing like NRC applications; operates under state charter with annual audits. Timeline: Immediate deployment for qualified projects; no commercial "first deployment" as it's not a tech developer. ### Team and Leadership Leadership details are limited on public sites; key figures include Executive Director Nikhil DaVictoria, overseeing financing programs (no verified X handle found). Board comprises state appointees from treasury, environment, and private sectors; chairs rotate (current not specified in 2025 data). No CTO role, as focus is finance. Information on full bios is sparse beyond official filings. ### Funding and Financial Position RIIB is capitalized via RI utility surcharges (e.g., ~$10/household annually, similar to peers), federal grants (EPA SRF), bond issuances, and private leverage—totaling ~$450M invested nationally across peers, with RIIB leveraging $1.7B private capital as of 2020 data (2025 updates limited). Not publicly traded (private/quasi-public); pre-revenue in traditional sense but generates fees from loans/bonds. Recent: $50K grant to Middletown (Dec 2025), $320K to North Providence (Dec 2025), 2024 Pawtucket award. Key backers: State of RI, EPA; no recent private rounds detailed. ### Recent News and Developments | Date | Event | Details | |------|-------|---------| | Dec 4, 2025 | Grant Award | $50K to Middletown for 2nd/3rd Beaches shoreline management. | | Dec 2025 | Grant Award | $320K to North Providence for residential lead line upgrades. | | Apr 29, 2025 | Project Meeting | Pawtucket MRP grant updates Daggett Ave green infrastructure (2024 award). | | 2025 | EV Policy Update | RI OER implements charging fees ($0.28/kWh Level 2) tied to RIIB-supported infra. | | 2024 | Resilience Grant | Pawtucket awarded for stormwater/flooding via green solutions. | Note: 2025 news limited to municipal grants; broader updates may exist in filings (data as of Dec 2025). ### Partnerships and Collaborations - **Municipalities (e.g., Middletown, North Providence, Pawtucket)**: Grant/loan partnerships for resilience, water; strategic value: Local deployment of state/federal funds. - **EPA/State Agencies**: Funds SRF for clean water/energy; enables low-cost leverage. - **Consultants (e.g., Fuss & O’Neill)**: Project design for green infra in Pawtucket. - **Office of Energy Resources (OER)**: Supports EV charging network expansion. Value: Crowds in private capital for clean tech. ### New Hampshire Relevance Limited direct NH ties, but strong regional fit as Northeast green bank model. Proximity: Adjacent to NH via ISO-NE grid; could finance cross-border resilience (e.g., stormwater near [[Seabrook Station]]). Readiness: Operational products align with NH timelines for HB 710 (clean energy financing) and SMR provisions, offering loans for grid upgrades/data centers. Applications: EV infra, efficiency for industrial heat/grid; no expressed NH interest found, but Northeast expansion potential via similar state banks. No existing NH projects noted. ### Competitive Position Vs. **NY Green Bank**: Similar credit enhancements/solar loans; RIIB smaller scale but RI-focused with water emphasis; advantage in municipal grants, risk in state-only scope. Vs. **[[Connecticut Green Bank]]**: Both surcharge-funded; CT more residential solar, RIIB stronger resilience/water; RIIB's leverage ratio competitive. Vs. **Michigan Saves**: RIIB broader (energy+water), less installer-focused; unique RI policy integration but geographically limited. ### Closing Note RIIB is an operational green bank with steady municipal financing trajectory and positive outlook for RI resilience projects amid federal funding. *Report generated December 24, 2025*