15 Feb 2019
Sale of two wind farms to fund new sustainable energy projects
Our aim is to continue delivering rewarding shareholder returns alongside a significant positive environmental impact. Shareholders will be able to realise the value of the two wind farms, resulting in a proposed interim dividend of 40p per share (15% of share price*). We will also be able to invest £11 million in further new cost-effective, small to medium commercial scale solar, wind, hydro and other clean energy projects.
We constructed both onshore wind sites between 2009 and 2011. Since then, the sites – in North Wales and Suffolk – have generated over 280 Gigawatt hours (GWh), enough clean electricity to power over 9,000 average UK homes annually**.
Following a competitive tender, we chose Equitix, an infrastructure investor, as the buyer of the two sites. Equitix was selected due to its attractive offer, long term commitment to keep the sites generating clean wind power and guarantee to maintain Thrive’s local community engagement work.
Through our community funds, the wind farms have delivered positive benefits for local people, including energy efficiency improvements to community buildings and children’s playground equipment. We have also installed potentially life-saving defibrillators in remote locations and raised awareness of climate change with local children.
Last year our portfolio delivered a reduction of 96,800 tonnes of greenhouse gas emissions. Deals such as this one help us to increase the UK’s overall renewable energy capacity as we use capital appreciation from these two operational wind farms to invest in new projects.
Shareholders will be invited to a General Meeting (GM) on 12 March to vote on the proposed dividend and other related resolutions.
* Directors’ Recommended Share price
** Calculated using Thrive Renewables’ own generation multiplied by the impact figures published at www.renewableuk.com/page/UKWEDExplained
“We have been a key player in this market for the last 24 years and are now entering a new era of subsidy free renewables. We plan to use our extensive experience and values led approach to continue delivering cost-effective clean energy projects in the UK that reduce carbon emissions, improve our air quality and deliver returns to our shareholders.”