25 Jul 2016
Thrive's first bond offer completed in just under four weeks
Thrive Renewables (Buchan) as a subsidiary of Thrive Renewables plc, issued the 5.5% annual return bonds with the bonds available to be bought on the positive investment and savings platform, Ethex. With successful completion in reaching its target raise of £3 million in just under four weeks, this is the second fastest bond offer to close in Ethex’s history.
Within the first week of going live to existing shareholders, the offer had received almost half of its funding target. The bond had a £250 minimum investment with 5.5% annual return over a five year period and appeared to be warmly welcomed by the investor community. The investment was secured against two existing and generating wind farms in Strichen, Scotland, and as part of its community initiatives, Thrive Renewables made the bond available to the local public as part of the pre-general release.
Thrive Renewables has a strong investor community which now includes 418 bond holders, of which 100 with an average investment of £6,900 per holder. Investors were drawn from all areas and ages ranging from 24 to 90 years showing the diversity of Thrive Renewables’ community. Despite the withdraw of Government subsidies for renewable energy, the success of this bond offer is testament to Thrive Renewables’ approach of investing in solid portfolios honed over a 20 year history.
Building on the success of Thrive’s recently published annual results, 2015 has been a record-breaking year for the company, with a 16% growth in investor numbers and revenue was up 22% to £15 million. Generation capacity also rose to 169,485 MWh of renewable energy with increased impact equivalent to 72,876 tonnes of CO2 saved (up 26% on last year).
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