Move aims to “remove barrier to funds” for registered providers
The National Wealth Fund (NWF) and Natwest have announced £500m of funding for social housing retrofit projects.
The NWF, the UK’s sovereign wealth fund, will guarantee loans from Natwest under the initiative.
Natwest will deliver £500m in loans, with NWF guaranteeing 80% of each loan up to a total value of £400m.
A spokesperson for NWF said: “The guarantee commitment will help to enable private capital to be mobilised into the social housing sector at both scale and an attractive price, removing a significant barrier to the deployment of funds within the sector by increasing access to financing for registered providers of social housing.”
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The loans will be used on eligible measures such as the installation of energy efficient heating and lighting, insulation, renewable energy generation, ventilation and heating controls, as well as work on resilience measures and biodiversity.
The announcement follows NWF previously confirming £350m of guarantees for social housing retrofit for Barclays, £400m for Lloyds and £150m for The Housing Finance Corporation.
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