News

09 May 2017

Thrive bridges £1.7 million funding gap to support community solar ownership

Thrive Renewables supports a Mongoose Energy initiative.
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Article written by alex.lomax

Uniting in a common goal to transform the way energy is owned, generated and sold in the UK, Thrive Renewables has invested, for the first time, in solar by way of supporting a Mongoose Energy initiative with a £1.7M mezzanine loan that will enable Shropshire residents to invest directly in local renewable energy.

Banks typically lend 70%-80% of project capital costs with developers or communities still needing to find the remaining 20%-30%. Thrive Renewables has provided the essential £1.7M to enable the community group managed by Mongoose Energy to acquire a solar project in Sheriffhales in Shropshire. Over the coming months, the community will be invited to get involved and invest in the 3.1MWp solar farm and establish a rewarding connection with the site.

With over 6,300 investors in Thrive, the company funds sustainable projects all over the UK to create genuine, long-term, positive impact – financially, environmentally and socially.

“We empower community members to have a direct stake in a local project and the chance to access healthy financial returns, whilst helping to reduce greenhouse gas emissions and dependence on fossil fuels. Thrive stepped in at short notice to meet the funding gap – in the near future we will be raising a share issue on behalf of the local community and are thrilled to put renewable energy back in the hands of local ownership.”

Mark Kenber, Managing Director, Mongoose Energy

“This was the ideal project for Thrive to invest in as we believe in a clean, smart energy system that is powered by the investment of many. We invest in renewable energy through innovative financing and now broaden our scope from onshore wind and hydro to include solar and other sustainable solutions. This is a further example of how Thrive contributes to the democratisation of ownership of the UK’s energy future.”

Matthew Clayton, Managing Director, Thrive Renewables