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PRIVACY
Economic Development

Adra to build 900 new homes for North Wales by 2025 following 拢40m loan

The housing association secured the five-year loan from Lloyds Bank

The proposed development of affordable housing by Adra in Denbigh

Adra Housing, the largest housing association in north Wales, has raised £40m with Lloyds Bank to build over 900 affordable housing by 2025. The organisation, which is headquartered in Bangor, secured the five-year sustainability-linked loan to build the new build rental homes as well as improve the energy efficiency of its existing portfolio across the region.

The funding is a part of Adra Housing's £60m investment to improve the quality of its homes by 2025 and build the additional 900 new homes in the same period. The firm said it will use the funding to ensure 90% of its new build homes have the highest energy efficiency rating (EPC A) over the next five years.

It will also retrofit more than 450 of its properties to improve their efficiency by a minimum of 8% and qualify for discounts on this latest funding by hitting a range of ESG KPIs.

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The association provides more than 7,000 homes to 15,000 residents across North Wales and employs over 340 people, but has promised to support more than 350 residents into employment through apprenticeships or work placements.

Adra is one of only seven associations in Wales to adopt the industry-led Sustainability Reporting Standards for Social Housing. The firm said the sustainability-linked loan it has secured enables it to continue its pursuit of being Net Zero by 2030.

Director of resources Rhys Parry said: “Delivering on the need for quality, affordable housing for North Wales residents in a sustainable way runs to the heart of what we do. It’s why we’ve set ambitious objectives over the past few years and chosen to work alongside Lloyds Bank, who share our commitment to creating a fairer, greener society.”

Christopher Yau, director of origination and sustainability for housing and head of the North West corporate banking team at Lloyds Bank, said: “Organisations like Adra don’t just provide housing, they create employment opportunities, improve peoples’ wellbeing and complement the broader sustainability objectives of their communities. We’re proud to welcome them as a banking partner and look forward to supporting them achieve their ambitions over the next five years with this funding and the positive impact it will have in the local communities.”