£5.5m funding package between Ssassy Property and Triodos Bank
Ssassy Property and Triodos Bank UK have announced a unique £5.5m 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 £5.5m 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.
