Reading's Stonewater has secured c. €231.5m in funding from Lloyds Bank to support its ongoing development scheme. The company has refinanced its current facility, expanding it by c. €86.8m from c. €144.7. Stonewater has also transitioned the facility to a sustainability-linked loan which will see it measured against three KPIs to receive covenants on its funding.
The first KPI relates to Stonewater retrofitting its existing stock to ensure it is going above the current minimum regulations and that all of its properties are at least EPC-C earlier than 2030. In addition, the association will look to increase the energy efficiency standard of its new homes beyond minimum planning regulations, with a high percentage of homes reaching SAP 86 and above.
Ray Tierney, Relationship Director & Regional Head of Housing at Lloyds Bank, said: “Tackling climate change and meeting demand for quality housing are issues that will define the next decade. Stonewater is already taking the lead in meeting its responsibilities and we look forward to supporting them as they continue to be ambitious in being sustainable and helping communities across the UK.”
Anne Costain, Chief Financial Officer at Stonewater, said: “This is an important agreement for Stonewater as it continues the progress we are making towards more affordable, lower-carbon homes for our customers. It is also a clear demonstration of the financial strength of our organisation, which allows us to focus on existing customers while delivering much-needed affordable homes for others in society.”