Agreement with E.ON to Reduce Carbon Footprint

RNS Number : 2289D

Civitas Social Housing PLC

28 June 2021

 

28 June 2021

CIVITAS SOCIAL HOUSING PLC

National Framework Agreement with E.ON to Reduce Carbon Footprint and Energy Costs

Civitas Social Housing PLC ("Civitas", "CSH" or the "Company"), the leading care-based social housing real estate investment trust, is delighted to announce that it has entered into a national framework agreement with energy provider E.ON to undertake environmental enhancements that will help to reduce the carbon footprint of the Company's portfolio.

This innovative Agreement is focussed on 55 properties with lower EPC ratings and forms part of the Company's objective to reach carbon neutrality. It builds on successful pilot projects that have already been undertaken by CSH and E.ON. Further details will be released with the Company's annual results on Wednesday 30 June.

The programme will benefit the Company's housing association and other not-for-profit partners and their residents by reducing maintenance costs and energy bills, without any costs being incurred by them and whilst enabling them to contribute to a reduced carbon footprint.

The project will draw on the ECO3 funding scheme, part of the Government's wide-reaching programme to make homes in the UK more energy efficient, reducing the cost of energy bills and reducing carbon emissions. Maintenance costs will also benefit from the Domestic Renewable Heat Incentive (RHI), the Government's scheme to support renewable heating costs in homes.

CSH intends to structure an environmental programme across its portfolio over a number of years with the objective that costs incurred by the Company do not compromise our stated intention of targeting progressive dividend growth for shareholders.

Residential accommodation is responsible for c.20%² of the overall carbon footprint in the UK and within this social housing is reported to be responsible for 10%³ of carbon emissions within residential accommodation and 2% of the overall UK carbon footprint. As a result of its scale the delivery of carbon reduction within the social housing sector forms an important part of the UK Government's push to reduce carbon emissions by 2035.

E.ON is one of the UK's leading energy and solutions companies supplying customers' homes and businesses with 100% renewable electricity¹. E.ON believes in a smart personalised and sustainable energy future for its customers, offering innovative solutions such as solar panels and energy efficient boilers to help homeowners and residents to become more sustainable, lower their carbon footprint and take control of their energy bills. E.ON is pleased to be working with CSH on the delivery of its environmental plans.

Michael Wrobel, Chairman of Civitas Social Housing PLC, commented :

"We are delighted to be working with E.ON on this important programme that reflects the scale and ambition of CSH to deliver significant environmental enhancements. These will reduce our carbon footprint and enable residents to benefit from lower maintenance and energy costs, whilst preserving our target of progressive dividend growth for shareholders."

Chris Lovatt, Chief Operating Officer at E.ON Energy Infrastructure Services, said:

"We're really pleased to be working with Civitas and to be continuing the activity we started as part of the pilot programme.

"Improving the energy efficiency of homes across the UK is a key priority for us as our homes are the second highest cause of the country's carbon emissions. By working with companies such as Civitas, we're able to utilise existing funding programmes, to ensure residents can become more sustainable and benefit from lower energy bills and we can work together to support the UK's net zero ambition."

ENDS

Footnotes:

1.  Electricity backed by 100% renewable sources. E.ON's renewable generation assets, agreements with UK wind generators and the purchase of renewable electricity certificates. The electricity supplied to your home comes from the National Grid and DNOs. eonenergy.com/renewable

2.  Department for Business, Energy and Industrial Strategy;  2020 UK Greenhouse Gas Emissions, Provisional Figures, March 2021

3.  National Housing Federation; Energy efficiency of existing home inquiry, June 2020

For further information, please contact:

Civitas Investment Management Limited

Andrew Dawber    Tel: [phone]

Paul Bridge  Tel: [phone]

Buchanan

Helen Tarbet / Henry Wilson  Tel: [phone]

Hannah Ratcliff / George Beale  [e-mail]

Notes:

Civitas Social Housing PLC ("Civitas") was created in 2016 by Civitas Investment Management Limited as the first dedicated London listed REIT, to raise long-term, sustainable, institutional capital to invest in care-based social homes across the UK. So far, Civitas has completed more than 120 individual transactions to build the largest portfolio of its kind that has been independently valued on an IFRS basis at  £915.6million   (31 March 2021). Civitas now provides homes for 4,387 working age adults with long-term care needs, in 644 bespoke properties that are supported by 119 specialist care providers, 16 approved providers and working with over 178 individual local authorities.

 

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