PROVIDENCE, R.I. – Rhode Island Infrastructure Bank today announced $25.8 million in Commercial Property Assessed Clean Energy (C-PACE) program financing from Coventry Structured Investments (CSI) for stormwater filtration and high efficiency energy systems to be incorporated into the 25-acre Rhode Island Grows greenhouse facility in Exeter. When completed, the hydroponic greenhouse will produce an estimated 42,000 pounds of tomatoes per day for distribution to grocery stores across the northeast.
“This project is an excellent example of how C-PACE can support multiple efficiency elements in a large-scale project,” said Jim Braz, Director of Clean Energy Services at Rhode Island Infrastructure Bank. “Using C-PACE financing, Rhode Island Grows will implement a stormwater filtration system that will allow for the highly efficient capture and reuse of water during the growing process, while also utilizing high efficiency energy generators. Thanks to this C-PACE loan through Coventry Structured Investments, Rhode Island Grows will be able to invest in key efficiency systems to power their business and reduce energy costs, and all with no upfront costs.”
“CSI is pleased to partner with Rhode Island Infrastructure Bank to provide C-PACE financing for the Rhode Island Grows project. This initiative aligns perfectly with our mission to deliver innovative funding solutions that drive sustainable development and economic growth,” said Rasool E. Alizadeh, Founder and Managing Principal of Coventry Structured Investments.
Derrick Hur, Co-founder and Managing Principal of Coventry, adds, “The Rhode Island Grows greenhouse project demonstrates how C-PACE financing can support large-scale, energy-efficient developments. By providing long-term, fixed-rate financing, we’re enabling the implementation of cutting-edge stormwater filtration and high-efficiency energy systems that will significantly reduce operational costs and environmental impact.”
“We are committed to building one of the most energy and water use efficient hydroponic greenhouses in the nation, and the C-PACE program has been critical to our ability to invest in these systems,” said Rhode Island Grows founder Tim Schartner. “We want to thank the team at Rhode Island Infrastructure Bank for introducing us to the benefits of C-PACE financing and for working with us to make this loan and this project a reality.”
“We are pleased to see the RI Grows project moving forward,” said DEM Director Terry Gray. “Advanced controlled environmental growing facilities like this will add a new dimension to the thriving agriculture industry in the State. The energy efficiency measures, and renewable energy investments will showcase the facility as a direct example of sustainable design. We look forward to working with the company to complete the environmental permitting as they move forward with construction and operation.”
About Rhode Island C-PACE
Rhode Island C-PACE is a program of the Rhode Island Infrastructure Bank that enables owners of commercial and industrial buildings to finance up to 100 percent of eligible energy efficiency, renewable energy, water conservation, and environmental health and safety improvements. Financing is provided by private capital providers at competitive rates with repayment terms that can span up to 25 years. For more information, visit www.riib.org/cpace.
About the Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank
About Coventry Structured Investments (CSI)
Coventry Structured Investments (‘CSI’) creates value for businesses and investors by crafting alternative funding solutions in esoteric situations that catalyze meaningful growth at marginal risk. We provide consulting services and alternative funding to businesses with unique or complex capital needs. To develop solutions that create growth, we immerse ourselves in our partners’ businesses. For more information, visit www.coventrysi.com or contact us at info@coventrysi.com
Rhode Island Grows moving ahead with future 25-acre greenhouse, WPRI-12
'It's a big deal': This massive, mall-sized greenhouse just got the green light to go forward. Providence Journal
$25.8M in clean energy financing OK’d for massive hydroponic greenhouse in Exeter, Providence Business News
