ONE of Scotland’s largest social landlords has secured a £117 million loan to help boost energy efficiency and sustainability in its properties.
River Clyde Homes said it will use the Royal Bank of Scotland funding to raise living standards in the affordable housing market, with a focus on the sustainability and energy efficiency of existing properties.
It means that River Clyde Homes will be able to pursue key investment priorities for tenants, "centred on increasing thermal comfort, reducing energy demand and bills, improving air quality, lowering carbon emissions, and creating homes that will stand the test of time".
The bank’s funding package is made up of £20m of new funding along with a £97.5m refinancing restructure, providing River Clyde Homes with the “confidence and flexibility to pursue business objectives that support local communities and tenants”.
Formed in 2007, the organisation manages over 6,000 homes and provides factoring services to a further 2,200 customers in the Inverclyde area.
River Clyde Homes is also a key source of employment in the area with around 300 current members of staff.
The announcement continues to deliver on Royal Bank’s commitment to provide £3bn to support the advancement of the UK’s social housing sector. The bank is set to complete this objective in 2022.
John Wright, of River Clyde Homes, said: “Securing this funding is a major milestone for River Clyde Homes and the flexibility within this funding package will help us to deliver our future ambitions.
"These include enabling significant investment to modernise existing homes for customers and helping River Clyde Homes on its journey towards net zero. This investment will not only assist the organisation to lower its carbon footprint but will also help to reduce running costs for customers in the face of spiralling energy prices.”
David Horne, of RBS, said: “This funding builds on a long-term relationship with River Clyde Homes, who we have supported since transfer in 2007. It will enable the continued support for the development and provision of much needed good quality affordable housing in Inverclyde.
“The funding structure is designed to support the Association as they adapt to short-term challenges in the market such as rising interest rates and inflation, whilst also providing them with long-term stability and confidence to deliver vital infrastructure projects that raise living standards and build closer communities.
“At Royal Bank, we remain committed to tackling the challenges facing the UK’s housing sector while also improving sustainability within the industry.”
Regular Music acquired by German entertainment conglomerate
SCOTTISH promoter Regular Music has been acquired by German promoter, venue operator and ticketing conglomerate Deutsche Entertainment AG (DEAG).
The deal, through DEAG’s UK subsidiary Kilimanjaro Group, sees DEAG continue to increase its international promoter network.
Expert appointed to lead Scottish space sector industry body
THE Scottish space sector’s rapid ascent has charted another milestone with the appointment of a highly credentialed expert to lead the industry’s representative body.
Dr Hina Khan joins Space Scotland as its first-ever Executive Director bringing more than 25 years’ experience in the space industry and with plans to use her expertise to help accelerate the sector’s growth and collaboration.
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