SNG agrees £100 million loan agreement with Lloyds to retrofit thousands of homes
SNG and Lloyds are pleased announce a £100m loan agreement to fund the sustainable retrofit of thousands of social homes across London, the South East, South West and East of England.
SNG has one of the largest retrofit programmes in the country and we’ve identified more than 15,000 homes which are set to benefit from improvements which will result them becoming warmer, more energy efficient and quality places to live.
The loan agreement represents Lloyds’ largest lending commitment to date and is part their wider £500 million social housing funding commitment, partially backed by the National Wealth Fund (NWF). The scheme is designed to unite the public and private sectors to deliver warmer, greener homes for social housing residents, while supporting the UK’s broader net zero ambitions.
Peter Benz, Chief Financial Officer at SNG said: “We are really pleased to have completed this significant transaction with Lloyds and the National Wealth Fund. This funding will help drive our existing retrofit programme and sustainability strategy, as well as complementing our Homes and Place Standard – our sector-leading commitment to how we build good quality homes and better places to live.”
Jess Tomlinson, Global Head of Real Estate & Housing, Lloyds Banking Group said: “Collaboration between the public and private sector will be essential in accelerating the retrofit of social homes across the UK. Our partnership with the National Wealth Fund is an example of how we can use innovative finance models to tackle the retrofit challenge. We’re proud to be working alongside SNG to provide more energy-efficient and cost-effective homes for social housing residents across the country”.
Stuart Nivison, Head of Portfolio Management, National Wealth Fund, said: "Our retrofit guarantee schemes have been designed to help registered providers access the attractive financing that they need to roll out vital retrofit measures across their portfolios. The completion of this major transaction between Lloyds and SNG, just one month on from its loan to Peabody, shows important momentum in the sector and a commitment to delivering warmer, greener homes across the UK. We'd encourage as many registered providers as possible to reach out and take advantage of this financing while it lasts."