Adra raises £40m in eco homes plan
ADRA Housing, the largest housing association in north Wales, has raised £40m with Lloyds Bank to build more than 900 affordable homes by 2025.
The organisation, which is headquartered in Bangor, secured the fiveyear sustainability-linked loan to construct the new-build rental homes as well as improve the energy efficiency of its existing portfolio across the region.
The funding is a part of Adra Housing’s £60m investment to improve the quality of its homes by 2025 and build the additional 900 new homes in the same period.
The firm said it will use the funding to ensure 90% of its new-build homes have the highest energy-efficiency rating (EPC A) over the next five years.
It will also retrofit more than 450 of its properties to improve their efficiency by a minimum of 8% and qualify for discounts on this latest funding by hitting a range of ESG KPIs.
The association provides more than 7,000 homes to 15,000 residents across north Wales and employs over 340 people, but has promised to support more than 350 residents into employment through apprenticeships or work placements.
Adra is one of only seven associations in Wales to adopt the industryled Sustainability Reporting Standards for Social Housing.
The firm said the sustainabilitylinked loan it has secured enables it to continue its pursuit of being net zero by 2030.
Director of resources Rhys Parry said: “Delivering on the need for quality, affordable housing for north Wales residents in a sustainable way runs to the heart of what we do. It’s why we’ve set ambitious objectives over the past few years and chosen to work alongside Lloyds Bank, who share our commitment to creating a fairer, greener society.”
Christopher Yau, director of origination and sustainability for housing and head of the North West corporate banking team at Lloyds Bank, said:
“Organisations like Adra don’t just provide housing, they create employment opportunities, improve people’s wellbeing and complement the broader sustainability objectives of their communities.
“We’re proud to welcome them as a banking partner and look forward to supporting them to achieve their ambitions over the next five years and the positive impact it will have in the communities.”
Housing association Pobl Group also announced that it had secured a new £50m funding line from Principality Building Society to support its goal of building 10,000 new affordable homes across Wales by 2030. The funding deal has a 25-year term.
Across these developments, Pobl’s mixed-tenure approach will allow a range of ownership options, including affordable rented, outright sales and shared ownership.