Please note the share offer closed on 13 March 2017 and is no longer available. 

Funds raised by the new bond will be put to work straight away to build two new onshore windfarms in Scotland with a combined capacity of 11MW. Once built, these will be able to generate enough electricity for 8720 homes. In addition, funds will support a pipeline project generating solar power.

Thrive currently has a portfolio of 15 operational renewable energy sites, with a third of these in Scotland. Its 21 year track record in investing in projects that result in both financial and environmental benefit, that are small to medium scale, sensitively sited and provide sustainable power to the UK grid. Thrive provides shareholders an efficient and rewarding financial connection with sustainable energy and a role in building the new, smarter energy system.

This was the first unlisted bond to be eligible to be held in the new third ISA: the Innovative Finance ISA (IFISA). Over 50% of the investors in the Thrive bond chose to hold their bonds in an IFISA and will receive their interest tax free.

The speed of the raise shows the significant demand for commercially viable and sustainable investments. Investors could invest online for a minimum of just £5 making this investment widely accessible to everyday investors. A total of 938 people invested, with a third of those existing share or bond holders, meaning Thrive has grown its investor community by some 600 people.

The bond, issued by Thrive Renewables plc on an unsecured basis, will pay 5% gross interest per year with capital repaid in March 2024. Payment of interest and repayment of capital is not guaranteed and is dependent on the continued successful operation of the Thrive business model.

Thrive already generates enough clean electricity to meet the need of over 40,000 homes; the additional projects coming online as a result of this bond will boost that to a further 8,270 homes.

Thrive was advised by Triodos Bank. Its Corporate Finance Team Head Dan Hird said: “This is the fastest capital raise we have ever done. I think it captured people’s interest because of the strong brand and good track record of Thrive as a company, the impact it has as an organisation and the financial return – coupled with the ability to receive the interest tax free through the ISA.

The corporate finance team of Triodos Bank is acting as adviser to Thrive Renewables and promoter of the offer. Abundance Investment, the regulated peer to peer investment platform, is acting as registrar and facilitator for the bonds and is the IFISA manager.

Thrive Renewables targeted £7.5m for this raise but will issue up to £10m of bonds through this offer. The bond second offer is still open with a minimum subscription amount of £90,000 and a final closing date of 27 February 2017. For more information please contact Triodos Bank on investments@triodos.co.uk or 0117 980 9593.