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Vivid to retrofit thousands of social homes via £50m loan backed by National Wealth Fund
Social landlord Vivid will retrofit more than 2,000 homes after agreeing a £50m loan with Barclays that is backed by a 70% guarantee from the National Wealth Fund.
Vivid to retrofit thousands of social homes via £50m loan backed by National Wealth Fund #UKhousingVivid will retrofit more than 2,000 homes after agreeing a £50m loan with Barclays that is backed by a 70% guarantee from the National Wealth Fund #UKhousingIt is the first loan to be issued with support from the funding scheme, which launched last year to help speed up energy upgrades in the UK’s social housing stock.
More than 4,000 tenants of the South East of England-based Vivid are set to see retrofit measures carried out at their home, which could include insulation, heat pumps, solar panels and water efficiency measures.
The association’s loan comes from Barclay’s £500m partnership with the National Wealth Fund, which currently has £1.3bn in social housing retrofit guarantees.
The £50m agreed is the largest amount that can be borrowed under the scheme.
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Mark Perry, chief executive of Vivid, said: “We’re pleased to build on our partnership with Barclays through this groundbreaking £50m retrofit loan backed by the National Wealth Fund.
“This funding will support our goal to provide our customers with warmer, more energy-efficient homes and help reduce carbon emissions.
“It’s a positive development for both the environment and our community, and we look forward to seeing the benefits this investment will bring.”
Matt Hammerstein, chief executive of the UK corporate bank at Barclays, said: “We are incredibly proud to have worked with Vivid and the National Wealth Fund to reach this important industry milestone.
“We’ve been supporting social housing sector clients for over 30 years and know how important it is to accelerate the decarbonisation of social housing across the UK.
“With over £10bn already extended to the sector, we’re committed to providing additional funding, including delivering £500m of retrofit financing under this scheme.
“We also remain driven to deliver on our own sustainability commitments to align our financing with net zero and support the transition.”
Miatta Fahnbulleh, minister for energy consumers, said: “This is fantastic news from Vivid and Barclays, securing the very-first loan backed by our National Wealth Fund to help deliver warmer homes and lower bills for thousands of people living in social housing.
“Our own Warm Homes Plan continues to pick up pace, with £1.8bn allocated to local authorities and social housing providers to deliver transformative upgrades like new insulation, solar and heat pumps.”
Stuart Nivison, head of portfolio management at the National Wealth Fund, said: “We are excited to see Vivid sign this inaugural loan agreement with Barclays, taking advantage of the £1.3bn of financing the National Wealth Fund has guaranteed for social housing retrofit since October 2024.
“We would encourage as many registered providers as possible to reach out to Barclays and other lenders, make the most of this opportunity and help deliver warmer, greener homes fit for the future.”
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