ENGLAND SOCIAL HOUSING - SOVEREIGN

Promoter – Financial Intermediary

SOVEREIGN HOUSING ASSOCIATION LTD

Location

• United Kingdom

Description

Financing the construction and retrofitting/refurbishment of social housing estates in the south of England

Objectives

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.

Sector(s)

• Urban development

Proposed EIB finance (Approximate amount)

EUR 208 million (GBP 150 million)

Total cost (Approximate amount)

EUR 462 million (GBP 333 million)

Environmental aspects

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.

Procurement

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.

Status

Signed - 30/12/2016