Vivid secures £50m to retrofit 2,000 homes under £1.3bn retrofit guarantee scheme

Vivid has secured a £50m guaranteed loan from Barclays backed by the National Wealth Fund’s (NWF) social housing retrofit guarantee programme.

The NWF, the UK’s sovereign wealth fund, is guaranteeing loans totalling £1.3bn to fund upgrades to social housing stock.

The Vivid deal is understood to be the first loan under the scheme and will see NWF provide a 70% guarantee for the loan. Hampshire-based Vivid will use the funding to retrofit more than 2,000 homes.

NWF has confirmed £500m of guarantees for social housing retrofit for Natwest, £350m for Barclays, £400m for Lloyds and £150m for The Housing Finance Corporation.

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Eligible retrofit measures under the NWF guarantee scheme include energy efficiency improvements heating upgrades, renewable energy installations, resilience enhancements such as flood resistance and water efficiency measures.

Mark Perry, Chief Executive, VIVID, said: “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.”