Legal & General has announced that it has started on site to deliver its first operationally Net Zero development, which is being delivered by Inspired Villages, Legal & General’s developer and operator of later living homes.
The announcement follows Legal & General’s 2020 commitment to make all its residential accommodation operationally net-zero by 2030. In addition to its climate commitments across its six residential housing businesses, Legal & General also invests in clean energy assets, businesses and technologies to help accelerate progress to achieve climate targets including, wind, solar and electric transportation.
The new retirement community, Millfield Green, is located in Caddington, central Bedfordshire, and will bring forward 200 specialist age-appropriate homes over four phases. Construction will be carried out by Willmott Dixon.
Millfield Green will use renewable energy generation through on-site photovoltaics, EV-charging, improved building fabric and insulation, Mechanical Heat Vent Recovery (MHVR) units and ground-source heat pumps through Kensa Group; a business Legal & General took a significant stake in last year.
According to U-Switch research, many over 65s struggle to pay their energy bills in winter, with 40% saying they can only afford their bills if they make spending cutbacks in other areas. For future Millfield Green residents, the net-zero approach will have a positive long-term impact on running costs, which will be unaffected by external suppliers future energy cost rises.
Phil Bayliss, CEO of Later Living at Legal & General Capital, said: “We have to Build Back Better after Covid-19 and the housebuilding sector provides both jobs and vital economic resilience. Millfield Green is set to create around 1,100 jobs through construction and operation. But as we accelerate building, we have to avoid stoking up a climate crisis which will create another serious emergency. We continue to make terrific progress through our partnership with Inspired Villages as we set out to revolutionise the later living offer in the UK and address the chronic shortfall in supply. Bringing forward the UK’s first net-zero retirement community is another string to this bow, creating savings for residents and clear environmental benefits as we progress towards a carbon-free future.”
John Bromley, Head of Clean Energy at Legal & General Capital, said: “Today’s news represents Legal & General’s first steps towards enabling all new homes to be operationally net carbon neutral within a decade, reducing the emission of many tonnes of greenhouse gasses, whilst saving customers money and meeting the needs of investors who increasingly focus on sustainable solutions. Being able to bring together our housing platform and our clean energy investments, through the deployment of Kensa’s high efficiency ground-source heat pumps, demonstrates how L&G is taking a holistic approach to Building Back Better from early stage capital investment, through to construction and operation.”
