UK wealth fund to unlock £150m investment in energy efficiency

The UK’s National Wealth Fund is providing £150m of backing to help improve energy efficiency across social housing.

The financial guarantee, which could increase to £250m, will support the Housing Finance Corporation to make long-term, unsecured loans to help the retrofitting of social housing with measures including low carbon heating, insulation and renewable energy.

The fund said that giving bond market investors access in this way helps accelerate the retrofit of social housing stock across the UK, thus significantly reducing both the sector’s energy consumption and emissions.

Chancellor of the Exchequer, Rachel Reeves, said: “This new partnership will unlock £150m in private investment and create further jobs, building on the 6,500 jobs already expected in the retrofit sector across the UK, so more people can get sustainable, high-quality, energy efficient social housing.”