Bank Transfers £200 Million for Stonewater's Expansion (Assisted by Lloyds Bank)
Stonewater, a UK housing association with around 36,000 homes, has secured a significant £200 million refinanced facility, a move that underscores the financial strength of the organisation. This news was announced alongside the transition of the facility to a sustainability-linked loan, reflecting Stonewater's commitment to addressing climate change and providing quality, affordable housing.
Ray Tierney, relationship director and regional head of housing at Lloyds Bank, expressed his support for Stonewater's efforts, acknowledging the association's focus on affordable, lower-carbon homes for customers. Tierney also highlighted the key challenges of climate change and meeting housing demand in the coming decade, while recognising Stonewater's leadership in meeting its responsibilities in these areas.
The refinanced facility is being supported by Lloyds Bank and will be subject to Stonewater meeting three Key Performance Indicators (KPIs). The first KPI requires Stonewater to retrofit its existing stock to ensure all properties meet or exceed EPC C standards before 2030. The second KPI mandates an increase in the energy efficiency standard of new homes, with a high percentage exceeding SAP 86 and above, surpassing minimum planning regulations.
Stonewater's dedication to sustainability is also evident in its current Gold rating via the independent SHIFT sustainability framework. The organisation aims to enhance this score in the coming years. Anne Costain, Stonewater's current Chief Financial Officer, stated that the agreement will support Stonewater's focus on more affordable, lower-carbon homes for customers.
Interestingly, the news comes at a time when a new property investment company and a local authority are providing funding for a substantial homes investment programme. The exact details of this partnership are not yet available, but it underscores the growing collaboration between private and public sectors in addressing the housing demand and climate change challenges.
The image associated with the article features Eduardo Soares, but it is unclear in what capacity he is involved in this development. Lloyds Bank looks forward to continuing to support Stonewater as they strive to be sustainable and help communities across the UK. The majority of Stonewater's homes are located in the South of the UK.
As the housing sector navigates the challenges of the next decade, Stonewater's refinanced facility and commitment to sustainability serve as a beacon of hope, demonstrating that it is possible to deliver affordable homes while prioritising the environment.
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