diff --git a/lib/loader.js b/lib/loader.js
index 21396c3..01a8715 100644
--- a/lib/loader.js
+++ b/lib/loader.js
@@ -3,6 +3,7 @@
 
 var _ = require('lodash');
 var loaderUtils = require('loader-utils');
+var templateConstructor = require('./template');
 
 module.exports = function (source) {
   if (this.cacheable) {
@@ -22,6 +23,8 @@ module.exports = function (source) {
   }
   // Use underscore for a minimalistic loader
   var options = loaderUtils.parseQuery(this.query);
-  var template = _.template(source, options);
-  return 'var _ = require(' + loaderUtils.stringifyRequest(this, require.resolve('lodash')) + ');module.exports = ' + template;
+  // Workaround for Webpack 1 & 2 compatibility.
+  // See issue#213.
+  var template = _.template(source, _.defaults(options, { variable: 'data' }));
+  return 'var _ = require(' + loaderUtils.stringifyRequest(this, require.resolve('lodash')) + ');module.exports = ' + templateConstructor(template);
 };
diff --git a/lib/template.js b/lib/template.js
new file mode 100644
index 0000000..39fa8e7
--- /dev/null
+++ b/lib/template.js
@@ -0,0 +1,21 @@
+/* This module returns a function constructor. It is necessary to maintain
+   backward compatibility with Webpack 1 while supporting Webpack 2.
+   Webpack 2 does not allow with() statements, which lodash templates use to unwrap
+   the parameters passed to the compiled template inside the scope. We therefore
+   need to unwrap them ourselves here. This is essentially what lodash does internally
+   (see lodash/template).
+
+   See issue#213 for more information.
+*/
+'use strict';
+
+module.exports = function (template) {
+  /* eslint-disable no-new-func */
+  return Function('attr',
+    'var webpack = attr.webpack;' +
+    'var webpackConfig = attr.webpackConfig;' +
+    'var htmlWebpackPlugin = attr.htmlWebpackPlugin;' +
+    'return ' + template.source + '();'
+  );
+  /* eslint-enable no-new-func */
+};