Two social impact organisations in the UK have received vital funding boosts from sustainable bank Triodos.
Independent care home operator Curo Care Group has bought four new care homes with a loan from Triodos Bank UK, while clean energy company Solar for Schools will be growing its network of solar-powered schools across the country with a £3 million loan.
New care homes in areas of high demand
Curo’s new homes – two in Cumbria and two in Stockport – will offer palliative, residential and respite care as well as dementia and mental health support. The four new homes have a Care Quality Commission (CQC) rating of ‘Good’ and bring Curo’s portfolio to nine homes across the North West and Yorkshire.
As with all homes owned by Curo, the four newly acquired homes will be managed as individual, independent homes with strong links to their local communities.
Curo Managing Director Mike Kneafsey was raised in one of the homes now owned by the company and continues to manage the home together with his wife Beverley.
He said: “It’s a responsibility and a privilege to give our residents a home and we take great care to make sure each of our care homes have a welcoming, friendly atmosphere where employees are supported and empowered and where strong bonds are formed with local communities. We look for homes that share this ethos and where we can give management teams the autonomy they need to provide personalised care that’s best for their residents. Each of the new homes are ideal additions to the group.”
Tom Procter, Senior Relationship Manager at Triodos Bank UK, added: “As a bank that finances organisations working for a world where everyone can thrive at any stage of life, we have extensive experience in the care sector. Curo’s ethos as a care provider is closely aligned with our own values as a bank, including its efforts to prioritise environmental responsibility such as its work towards improving the EPC ratings of its homes. As demand for care home spaces continues to rise across the country, we welcome the opportunity to support organisations like Curo in their ambitions to grow.”
Bigger network of solar-powered schools
Meanwhile, Solar for Schools Community Benefit Society will be continuing its mission to decarbonise schools across the UK with its new funding.
The Solar for Schools CBS, which is owned and governed by the schools themselves, enables schools to make savings on energy bills, reductions in CO2 emissions; and helps local authorities to progress towards their net zero targets.
While The Solar for Schools CBS currently owns and operates over 150 rooftop installations, it has over 100 schools on its waiting list. The new senior debt from Triodos Bank will be combined with crowdfunding bond finance to help the non-profit accelerate its work with around 30 more schools, including those in some of the most disadvantaged areas of the UK.
Robert Schrimpff, Co-founder of Solar Options for Schools and voluntary director of the CBS, said: “There are nearly 25,000 schools in the UK alone, requiring about £2 billion to install solar on all sensible roofs. But individually, these schools are far too small to attract low-cost project finance. Creating a funding structure that addresses the needs and limitations of each school, the councils and the Department for Education, while meeting the strict requirements of institutional lenders is therefore key to unlocking solar across the educational estate.
“Getting Triodos onboard is a vital milestone in proving that we have created such a structure. It will enable more funders to support schools with confidence. We can now focus on replicating this structure for church-owned schools, larger councils and other community energy groups to enable thousands of schools to go solar.”
Amandine Tetot, head of energy and project finance at Triodos Bank UK, added: “We’re pleased to support an incredible organisation that is not only focused on generating more clean energy, but is doing it in way that educates the next generation about the environment, energy, electricity and photovoltaics through really engaging and hands-on tools. This aligns with our mission as a bank to support projects and organisations that have the power to make a meaningful difference to the environment and peoples’ lives. We hope to be able to do a lot more lending like this in future.”
Triodos Bank – a Good With Money ‘Good Egg’ company – has been lending to renewable energy projects in the UK for nearly 30 years and has lent £85 million to over 30 community energy projects.
