The National Wealth Fund (NWF) and Lloyds Banking Group have announced a new commitment to unlock up to £500m of financing to support the retrofit and decarbonisation of university estates across the UK.
The financing will support universities to invest in energy efficiency upgrades and low carbon heating across campuses, helping to reduce emissions, lower long-term energy costs and modernise hundreds of buildings for staff, students and researchers.
Lloyds will provide up to £500m of lending to UK universities, enabled by up to £350m of financial guarantees provided by the National Wealth Fund, which will help modernise up to 300 campus buildings.
Oliver Holbourn, CEO of the National Wealth Fund, said: “The UK’s universities are a significant national asset, acting as vital anchors for place-based growth by providing opportunity and driving innovation. By partnering with Lloyds, the National Wealth Fund is helping bring university estates up to spec, enabling long-term affordable financing that will accelerate energy efficiency upgrades and heat decarbonisation, all while boosting local supply chains and supporting skilled retrofit jobs.”
Amanda Murphy, CEO, business and commercial banking at Lloyds Banking Group, added: “Universities play a vital role in driving growth and innovation across the UK, but many face challenges in funding the significant upfront investment required to decarbonise large complex estates. Through our partnership with the National Wealth Fund, we’re unlocking targeted funding to help accelerate the decarbonisation of university estates, supporting investment and strengthening global competitiveness. Our world class universities make a significant contribution to the UK economy, and this investment will help ensure they remain well positioned for the future.”
