Doug Fraser (dfraser@capecodonline.com) MASHPEE — News that the town has received $40 million in low- and potentially zero-interest loans from the Clean Water State Revolving Fund is cause for celebration, Mashpee Selectman Andrew Gottlieb said. “It’s fantastic news,” Gottlieb said Tuesday afternoon after the state Department of Environmental Protection released its list of $622 million in loan financing for more than 50 projects addressing clean water improvements, from storm water to wastewater cleanup efforts. Another $2.3 million in grants was awarded to 16 projects for planning purposes. Cape and Islands towns received nearly $118.7 million for eight projects. DEP spokesman Ed Coletta said the federal Environmental Protection Agency passes the money down to the state to disburse as low-interest loans. That trust fund is also partially replenished each year as municipalities repay loans.