Major South West landlord raises £75m to tackle energy efficiency
The largest social landlord in South West England has raised £75m through a green bond to help decarbonise its stock.
LiveWest, which operates around 40,000 homes, secured the funds through its £1bn Euro Medium-Term Note (EMTN) programme, which is a type of debt instrument.
The six-year green bond is the second of its type under LiveWest’s EMTN programme, which commits to allocate proceeds related to its sustainable finance framework, a spokesperson told Inside Housing.
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This means the funds will be used to help retrofit the association’s homes and install energy-saving technology. Of the £75m, £37m will be retained for future use.
In its last annual report, LiveWest revealed it needed to improve 6,800 homes to hit its target of having all homes at Energy Performance Certificate (EPC) Band C or better by 2028.
The landlord spent £6m on getting 985 homes to at least an EPC C in the year to the end of March 2024.
However, LiveWest said it is “well positioned” to reach its 2028 target.
The £75m bond issuance was secured at an all-in rate of 5.036%.
LiveWest’s EMTN programme, which was launched in 2019, has an A2 rating from Moody’s.
The first green issuance under its EMTN programme was a £100m sustainability bond issued in August 2024. Other funds have been raised through the programme, including a £250m bond four years ago.
EMTN programmes are seen by landlords as a quick way to get access to the capital markets and raise money.
Last month, LiveWest revealed it had formed a new £300m joint venture with house builder Lovell to develop 820 homes in North Devon.
In its last full-year, LiveWest reported a slight drop in group annual surplus to £50.8m, while turnover rose to £306m. The group currently has G1/V1 grades with the Regulator of Social Housing.
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