$550 million in loans to aid Massachusetts water projects

State Revolving Fund (SRF) loans have been awarded to 44 communities across the state, the Massachusetts Executive Office of Energy and Environmental Affairs said in a news release.

The loans, totaling $580 million, have a 2 percent interest-rate and will go toward 70 projects for construction and planning to boost water quality, improve or replace aging drinking water and wastewater infrastructure and reduce treatment plant energy use and costs, the release said.

“Funding for water infrastructure and treatment plant upgrades are critical to communities across the Commonwealth continuing to provide safe, reliable drinking water to their residents,” Lt. Gov. Karyn Polito said in a news release.

“Through these State Revolving Fund loans our administration is committed to working with our municipal partners to secure the capital needed to build the treatment plants and replace the water mains, while integrating renewable energy components into the projects,” Polito said.

Gov. Charlie Baker said in the news release that the State Revolving Fund provides considerable funding at an affordable rate, allowing safe, clean drinking water and ensuring the proper disposal of wastewater, while stimulating the economy through local investments.

The Massachusetts Clean Water Trust allocates SRF financing and funds projects put in place by cities and towns, regional water supply and wastewater treatment districts, and the Massachusetts Water Resources Authority, the Massachusetts Executive Office of Energy and Environmental Affairs said.