Release date: 28 October 2015
Promoter – Financial IntermediarySOVEREIGN HOUSING ASSOCIATION LTD
Financing the construction and retrofitting/refurbishment of social housing estates in the south of England
The project concerns the financing of investments in the social and affordable housing stock of Sovereign, a large not-for-profit registered provider of social housing in England, managing some 36,000 units in the south and south-west of the country, in the years 2015-2019. EIB funding will concern retrofitting/refurbishment and new construction of social and affordable housing and associated infrastructure facilities.
Proposed EIB finance (Approximate amount)
EUR 208 million (GBP 150 million)
Total cost (Approximate amount)
EUR 462 million (GBP 333 million)
Compliance with the relevant EU directives will be verified during appraisal: the Environmental Impact Assessment (EIA) Directive (2011/92/EU), the Strategic Environmental Assessment (SEA) Directive (2001/42/EC), the Habitats Directive (92/43/EEC) and the Birds Directive (2009/147/EC). The status of any environmental studies and public consultations related to the urban renewal, upgrading and construction investments will be reviewed during project appraisal. Energy efficiency requirements in line with the EU Directive on the Energy Performance of Buildings 2010/31/EU will also be further assessed during project appraisal.
The Bank will require the promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Directives 2004/18/EC and/or 2004/17/EC as well as Directives 89/665/EEC and 92/13/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.
Signed - 30/12/2016
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).