- The £5.5 million funding package is the first time Triodos Bank UK has loaned to a private residential project
- Springfield Meadows in Oxfordshire is thought to be the UK’s most sustainable residential building project
- Both businesses share similar ethical approach and sustainability goals
Ssassy Property and Triodos Bank UK have announced a unique £5.5 million financing package for Ssassy’s Springfield Meadows project. Springfield Meadows is thought to be the UK’s most sustainable residential property development project, and Triodos Bank’s funding package marks the first time the bank has invested in a private eco-residential project in the UK.
The £5.5 million agreement finances the completion of the zero-carbon project which is on schedule for completion in mid-2021. Springfield Meadows, located near Abingdon, Oxfordshire, comprises of 25 homes with nine as affordable, using zero-carbon construction and net zero energy in use when occupied. The project has been recognised by Bioregional as a One Planet Living global leader, and has developed a unique partnership with Bucks, Berks and Oxfordshire Wildlife Trust (BBOWT) to protect and enhance biodiversity post construction. In addition, the houses go beyond Passivhaus standards, delivering 2050 carbon goals in 2020.
Triodos Bank, Europe’s leading ethical bank, has worked with Ssassy to implement a financial structure that takes into consideration the nuances and flexibility required for investing in custom-build private residential projects. Both businesses have shared goals and ambitions for zero carbon and other environmental standards based on an understanding that properties built today will need at least a passive standard in use, with a focus on achieving net zero in construction, if the UK is to achieve its 2050 goals.
Paddy Thompson, Chief Finance Officer at Ssassy Property said: “This new funding package is great news for Ssassy and our other investors. Both businesses have shared values in being both sustainable and ethical which is fundamental to what we do. The financing allows us to complete this first of a kind project here at Springfield Meadows and contribute positively to reducing the UK’s carbon emissions. Triodos Bank and Ssassy are now actively looking for other residential projects to deliver the next step: climate positive homes.”
Simon Crichton, who leads on lending to sustainable development projects at Triodos Bank UK, added: “In order to reach the government’s target of net-zero carbon emissions by 2050, we need our new homes to be of the highest energy efficiency and sustainability standards, both in use and in construction. We’re pleased to support Ssassy’s Springfield Meadows project as a great example of how this level of sustainability planning and carbon-neutral construction can be made possible.
“The bank has many years’ experience in lending to building projects with high environmental standards, however these have to date been public or commercial properties. It’s exciting to work with Ssassy to make our first UK loan to private residential eco-build properties and we hope to finance similar projects in the future.”
Currently there are only 5 plots left on the market at Springfield Meadows and the first homeowners are due to move in during spring 2020. The average build time for a Ssassy home is 6 months. Ssassy is working with Greencore Construction who have developed their own “off-site” building system (Biond) using hemp-lime and natural fibre insulation to deliver Passivhaus performance and a zero carbon footprint. Both Ssassy Property and Triodos Bank are now actively looking at other projects that can deliver zero carbon and zero – net energy use.
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Notes to editor
About Ssassy Property
- Ssassy Property delivers highly sustainable and beautifully designed projects in its home patch of Oxfordshire and the Thames Valley. Its philosophy is to ensure its schemes are beneficial to local communities and the environment.
- Ssassy’s Springfield Meadows project of 25 eco-homes has been recognised by Bioregional as having One Planet Living status. The project is thought to be the UK’s most sustainable residential project.
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, Germany and France 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 54 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.