18 March 2021
Principality Commercial launches £20m Green Development Fund
The commercial arm of Wales’ largest building society has launched a £20m fund to support the development of low carbon housing in Wales.
Principality Commercial’s Green Development Fund offers housing developers financial incentives for the delivery of low to zero carbon housing developments in Wales.
With the Welsh Government’s ambition of reducing carbon emissions in Wales to net-zero by 2050 and with the Welsh housing sector accounting for a significant proportion of overall emissions, the Society has made it a number one priority to support housing developers who build greener properties.
Chad Griffiths, Senior Relationship Manager, Principality Commercial, said:
‘’Climate change and sustainability is becoming an ever more important issue in society and it is part of our responsibility as a member-owned organisation to look at how we can support the natural environment and the communities we operate in. We believe that a thriving community is a sustainable one and want to work with housing developers who are as passionate and committed as we are. Principality has made some small but significant steps forward in recent years in lending to developers creating low carbon homes but now we want to see the green plans of home builders really flourish in the next decade. Working with like-minded, progressive developers we hope we can make bigger strides to help achieving this goal.”
Recently, the Society announced its funding of the final phase to complete Liv Eco’s Great House Farm eco-village on the outskirts of Cardiff. The eco-friendly homes are revolutionising sustainable living in Wales by generating and storing electricity and energy through renewable sources, resulting in zero to low energy bills for residents, as well as providing electric car charging points.
Housing developers wishing to apply for funding, will need to meet Principality Commercial’s credit risk criteria, as well as showing a commitment to delivering low carbon homes in schemes.
To find out more, visit www.principality.co.uk/commercial
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