Ssassy Property and Triodos Bank UK have unveiled a £5.5m financing package for Ssassy’s Springfield Meadows project.
Springfield Meadows is a zero-carbon project on schedule for completion in mid-2021.
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.”
Springfield Meadows, located near Abingdon, Oxfordshire, comprises of 25 homes, 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 partnered with Bucks, Berks and Oxfordshire Wildlife Trust (BBOWT) to protect and enhance biodiversity post construction.
Triodos 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.
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 five 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 six 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.
