A housing association that recently took over a Clydebank housing group has secured £75 million in sustainable funding.

In April, Caledonia Housing Association finished the near year-long process to take over homes and services of Faifley Housing Association (FHA).

The transfer was completed after overwhelming support from tenants to have their properties managed by Caledonia.

And now Caledonia has committed to building further sustainable housing in West Dunbartonshire following the eight-figure Private Placement financing.

Read more: Faifley's Caledonia Housing Association home transfer complete

Leigh Grubb, director of finance and governance at Caledonia Housing Association said: “Providing affordable and energy-efficient housing in West Dunbartonshire and throughout Scotland is central to our strategy, and the completion of this funding package is a significant milestone for Caledonia Housing Association.

"It provides an opportunity for investors to support our ongoing housing development programme as we continue to play a part in meeting the overwhelming need for high-quality social housing.

 “We have enjoyed our close working relationship with the team at NatWest, who took the necessary time and care to fully understand and refine our specific funding objectives, before successfully matching these requirements with strong interest from a number of high-quality investors.

“This funding exercise also underlines the commitments the Association has already made to its broader sustainability agenda and we are pleased to have the support of our new investors as we set out to deliver on our key goals.”

The amount that will be spent on housing in West Dunbartonshire is yet to be determined.

But the housebuilder intends to use the proceeds from the transaction to construct more than 500 energy-efficient new homes, similar to those at its Bellsmyre regeneration development in Dumbarton.

The first new tenants moved into their homes in the regeneration area at Muir Road in March and a further 62 homes will be available for tenants by the summer.