The California Infrastructure and Economic Development Bank has funded a $5 million municipal loan to support a utility undergrounding project in the City of Del Mar.
The financing was issued through IBank’s Infrastructure State Revolving Fund loan program and will support the relocation of overhead utility lines underground. The project aims to reduce wildfire risk and improve service reliability by replacing exposed infrastructure in a high fire-threat area.
Utility undergrounding removes overhead lines that are vulnerable to wind, vegetation, and extreme weather. The approach can also improve access for emergency responders and reduce long-term maintenance needs associated with aging systems.
IBank provided the loan directly to the City of Del Mar. The state agency finances similar infrastructure projects for cities, counties, and special districts across California through long-term, fixed-rate loans.