13 Sep 2019
People power key for sustainable future
Today we kick off celebrations for our 25th anniversary year with our biggest ever open day at Avonmouth wind farm. We are also launching a special report, highlighting the important role impact investment will have in meeting the UK’s 2050 net zero carbon target and creating a smarter, greener and more connected energy future.
We are about to hit the milestone of 1.6 Terawatt hours (TWh) of renewable electricity generated over the last 25 years, reducing UK CO2 emissions by over 660,000 tonnes1 and meeting the equivalent annual energy demand of one million UK residents2. 22 renewable energy projects have been built or funded by Thrive over the last quarter of a century, the majority of which we own and operate. £35 million has been raised in equity and £13 million in bonds with over 6,100 investors. Assets under management now total £117 million.
“Over the past 25 years, our pioneering investors have helped grow renewables from an ‘alternative concept’ – accounting for less than 2% of our electricity mix – to the mainstream. Today, over a third of UK electricity is generated by renewables. That is a significant achievement, but just the beginning of what we can do to clean up our energy system. With the twin challenges of unsupportive national planning guidance and an energy system where onshore renewables stand alone in being unsubsidised, the pioneering and values driven investment approach of Thrive and its investors has never been more relevant.”
Earlier this year, we sold two onshore windfarms. From the sale of the projects, we realised the next 10 years of predicted dividends, enabling us to pay a 40p per share interim dividend to shareholders and retain a sizeable pot (approximately £11m) to invest in new renewable projects.
We’re now focusing on three main areas:
- Private wire renewables – enabling businesses to build on-site wind, solar and storage and benefit from lower power prices.
- Community Energy Funding Bridge – providing flexible finance for community groups to enable them to build and take ownership of their own renewable energy projects.
- Demonstrating that subsidy-free small to medium scale onshore renewable developments are feasible.
There is a pipeline of new investment opportunities in place that will be announced in the coming months.
Birthday celebrations commence with our Avonmouth wind farm open day in association with Bristol Open Doors. We’re expecting over 500 people across two days on 13 and 14 September as part of our mission to connect more people to renewable energy. The free event has proved extremely popular and all places were booked within days of becoming available.
[1] https://www.renewableuk.com/page/UKWEDExplained
[2] Cumulative generation since 1998, average UK homes equivalent consumption of 3.781MWh/p.a./UK home (https://www.renewableuk.com/page/UKWEDExplained), average residents per household 2.3