The majority of SHAL’s accommodation is in the Bridgwater area, but it also works across wider Somerset, with housing in Cheddar, Taunton and Minehead.

The association currently manages over 750 properties, including homes for rent and shared ownership. It is particularly focused on the needs of Somerset’s rural population, who often face the difficult challenge of high house prices and rent, combined with lower wages.

SHAL plans to build over 50 new homes in the next five years, helping to address the growing demand for affordable housing. Constructed to meet the highest environmental building standards, the new homes will benefit from air source heat pumps and solar panels, as well as having a high level of insulation. Rated at the highest possible EPC level (A), these energy efficient homes will be more affordable to run, offering financial savings for residents.

The new homes are a crucial addition to the housing stock. The National Housing Federation reports that there are now 3.8 million people in England in need of social housing.

As well as building new homes, SHAL is investing to improve the Energy Performance Ratings (EPCs) of its existing homes.  SHAL is taking a ‘fabric first’ approach to improving insulation, before installing solar panels and air source heat pumps which will bring the energy efficiency of existing housing stock into line with that of new homes.

Neil Allan, finance director of SHAL, commented: “The new £13m facility from Triodos provides flexible low-cost borrowing. SHAL can now invest £10m in new developments over the next five years and over £2m in improving our existing stock to reach EPC C by 2030.  Triodos fully understand the financial impact of the investment and provided a supportive covenant suite to enable this to happen.”

Peter Borgers, senior relationship manager at Triodos Bank UK, added: “We are very pleased to help fund SHAL’s development programme which will provide new homes for people in need, and their investment in improving the energy efficiency of existing housing stock.

“As the bank works to realise its 2035 net-zero commitment, this shows the role housing associations can play in decarbonising the housing sector, offering an excellent demonstration of how environmental action and positive impact for society can go hand in hand.”

-Ends-
 

Notes to editors

For further information and photos please contact:

Ellie James, Triodos Bank

About SHAL

SHAL is committed to creating affordable housing options for all, from young people, families and first-time buyers, to older and more vulnerable people who may have additional needs. As a not-for-profit organisation SHAL re-invests all its profits, reducing its reliance on government investment and allowing it to increase its services.

About Triodos Bank

Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead, it believes that they reinforce each other in the long-term.

Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain and Germany as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of 63 sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.

Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.