Eastlight secures £20m retrofit funding backed by National Wealth Fund

Eastlight Community Homes has secured £20 million in new funding to help make residents' homes greener, warmer and more energy efficient.

The 15‑year Retrofit Funding Facility has been agreed with NatWest Bank and is backed by a guarantee from the National Wealth Fund. It will support Eastlight’s long‑term Sustainability Strategy and its aim to reach Net Zero Carbon by 2050.

This investment will be used to upgrade hundreds of homes across Essex, focusing on measures such as better insulation, improved heating systems and the use of green technologies. These improvements will help ensure homes are more comfortable to live in, cheaper to run and better for the environment.

Thanks to the National Wealth Fund guarantee, the facility offers competitive pricing and a practical reporting framework. This makes it easier for Eastlight to access low‑cost funding and continue investing in existing homes, while still meeting important reporting standards.

The agreement was led by Eastlight’s in‑house Treasury Team and reflects strong collaboration between all partners involved. Legal support was provided by international law firm Trowers & Hamlins, while specialist financial advisor Centrus arranged and supported the deal as part of a wider programme of debt restructuring over the past year.

David Mullen, Chief Financial Officer at Eastlight Community Homes, said: “The completion of this facility will allow Eastlight to retrofit at scale, ensuring residents’ homes are warmer, greener and cheaper to run.

“Our close working relationship with partners has delivered strong outcomes on pricing, tenor and reporting, while further reinforcing Eastlight’s V1 financial viability grading.”

Dean Holleyman, Director of Housing Finance England & Wales at NatWest, said: “We’re delighted to support Eastlight Community Homes with this long-term, government-backed funding, helping to enable investment in more sustainable, energy-efficient homes across the East of England.

“Supporting housing associations through periods of transition and investment is a core part of our social housing proposition. By combining deep sector expertise with innovative funding structures, including National Wealth Fund guarantees, we aim to help organisations like Eastlight deliver for their residents today while strengthening their long-term resilience.”

Tom Miller, Director at Centrus, said: “We are delighted to have supported Eastlight in completing this retrofit facility, bringing an extensive lender engagement process to a successful conclusion.

“This transaction demonstrates the power of partnerships, with NatWest and the National Wealth Fund working pragmatically alongside all parties to deliver a highly competitive, well-balanced funding package for Eastlight.

“The reporting framework strikes exactly the right balance, minimising operational burden while ensuring the key principles of the guarantee are appropriately upheld.”

 

Click here to read Eastlight's Environment, Social and Governance (ESG) Report for 2024/25.