VIVID has secured a £50 million loan from Barclays to retrofit over 2,000 homes, enhancing energy efficiency for more than 4,000 residents. This loan marks the first to be backed by the National Wealth Fund’s (NWF) £1.3 billion social housing retrofit guarantees. The loan is also the largest that can be issued under this guarantee scheme, with Barclays providing it and the NWF offering a 70% guarantee.
Retrofitting aims to improve home energy efficiency, aligning with the UK's commitments under the Paris Agreement and helping reduce costs for tenants while addressing fuel poverty. Eligible measures under the NWF scheme include energy efficiency improvements like insulation and low-energy lighting, heating upgrades such as heat pumps, renewable energy installations like solar panels, resilience enhancements including flood resistance, and water efficiency measures.
Miatta Fahnbulleh, Minister for Energy Consumers, remarked on this development: “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."
Mark Perry, Chief Executive of VIVID, stated: “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."
Barclays UK Corporate Bank CEO Matt Hammerstein expressed pride in collaborating with VIVID and the NWF: “We are incredibly proud to have worked with VIVID and the National Wealth Fund to reach this important industry milestone.”
Stuart Nivison from NWF encouraged other providers to seize similar opportunities: “We would encourage as many registered providers as possible to reach out to Barclays and other lenders...to help deliver warmer, greener homes fit for the future.”
Jonathan Roberts of VIVID highlighted the importance of collaboration in achieving retrofit goals: "The retrofit challenge is significant but important for supporting and even changing our customers' lives."
The partnership between Barclays and NWF aims to accelerate social housing retrofits across the UK. It is part of a broader series of guarantees provided since October 2024.
For further information contact charles.dart@barclays.com or sam.sinclair@vividhomes.co.uk.