triodos bank

SHAL secures additional funding from Triodos Bank for affordable green homes in Somerset

Triodos Bank UK has provided a £13m loan to housing association SHAL to build affordable homes and make its existing properties more environmentally friendly.

The 25-year loan will be used build over 50 new affordable homes in various locations in Somerset over the next five years.

The new properties — which will have an A EPC rating — will be fitted with air source heat pumps and solar panels, and will have a high level of insulation in order to make them more affordable to run and thus, allow residents to save money.

The £13m facility will also be used to raise the EPC rating of SHAL’s existing homes by improving insulation and installing solar panels and air source heat pumps.

The housing association currently manages over 750 properties, including homes for rent and shared ownership, particularly focused on the needs of Somerset’s rural population.

This follows a second £7m facility that Triodos Bank UK has previously provided to SHAL.

Neil Allan, finance director at SHAL, said: “The new £13m facility from Triodos provides flexible low-cost borrowing. 

“We can now invest £10m in new developments over the next five years and over £2m in improving our existing stock to reach EPC C by 2030.  

“Triodos fully understand the financial impact of the investment and provided a supportive covenant suite to enable this to happen.”

Peter Borgers, senior relationship manager at Triodos Bank UK, added: “We are very pleased to help fund SHAL’s development programme, which will provide new homes for people in need, and their investment in improving the energy efficiency of existing housing stock.

“As the bank works to realise its net-zero commitment, this shows the role housing associations can play in decarbonising the housing sector, offering an excellent demonstration of how environmental action and positive impact for society can go hand in hand.”

Leave a comment