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Latest news

The new initiative, Community Energy Catalyst, will support local communities to build their own clean energy infrastructure or secure stakes in larger regional renewable energy schemes. Fair Play Clean Energy, Thrive’s existing joint venture with Top Cashback Sustainability Ltd, will provide £20 million of the investment, with Better Society Capital providing matched funding.
Community Energy Catalyst will make investments ranging between £0.5 million to £30 million in individual projects which are at least 1MW in size and employ proven technologies such as onshore and offshore wind, solar PV and hydro-electric. The joint venture will target late-stage development projects that have already secured planning consent, enabling them to advance through to construction, commissioning and operation while aligning with local objectives.
As well as funding, Thrive brings 30 years of experience financing, building and operating clean energy projects in the UK, and will provide support to community energy groups during key milestones such as procurement and grid connection.
When we created our award-winning community funding bridge in 2017, it was the first of its kind. Eight years later we’ve invested over £21 million into seven community energy projects, including £4 million to build England’s largest onshore wind turbine, which is 100% owned by the community in our home city of Bristol.

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ACE_June_2024-6

Funding partnership with Better Society Capital will help more communities to own their own projects or take a stake in a larger project in their local area.

We’re partnering with the UK’s leading social impact investor to mobilise £40 million for community-owned energy projects

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Due to the weather conditions during the first half of the year – Q2 2021 was one of the least windy on record – and also essential maintenance on some of our larger projects, there was a year-on-year reduction in the amount of electricity we generated.
Because of this, we have also reported lower financial results compared to the same period last year, with a half year operating profit of £0.9m on a turnover of £4.99m. Full details of Thrive’s financial performance and impact in 2020 can be downloaded via our <a href="/documents/2020-annual-report/">Annual Report</a>.
We are continuing to make the planned investment to our current portfolio and expect to see growth in the second half of the year. There has been good progress in the development, construction and commissioning of our new battery storage, geothermal and industrial solar rooftop investments during H1. In particular, the United Downs site in Cornwall has produced geothermal steam at 175°C, while high levels of lithium have been found in its geothermal waters – showing huge potential to supply electric vehicle battery manufacture.

Shareholders received a final dividend of 7p per share for 2020, which was paid in July 2021. We also successfully repaid the Thrive Renewables (Buchan) bond in July, where investments were used to fund two wind turbines at the Auchtygills and Clayfords farms in Aberdeenshire. Please note that past performance cannot be relied on as a guide to future returns.
In addition to reducing carbon emissions through our 20 renewable energy investments across the UK, we continue to have a positive impact both socially and environmentally. We recently announced <a href="/latest-news/news/reaching-net-zero-is-just-the-start/">our commitment to achieving net zero by 2030</a> as part of B Corp’s Climate Collective, while we were also featured on <a href="/latest-news/news/thrive-makes-b-corp-s-best-for-the-world-environment-list/">B Corp’s ‘Best for the World – Environment’ list</a>, which saw us score within the top 5% of all global B Corps based on our commitment to reducing our footprint.
In July, we launched round five of our <a href="/our-mission/community-benefit/">Community Benefit Programme</a> in conjunction with the Centre for Sustainable Energy, providing grants for energy efficiency and sustainability improvements for community buildings close to our clean energy projects.

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IMG_0022

Good progress on new battery storage, geothermal and industrial solar investments.

Thrive Renewables announces half year results for 2021

While it’s our business to help reduce the UK’s carbon footprint, it’s vitally important that we lead by example and reduce our own emissions too. That is why we’re pleased to share we’ve signed up to <a href="https://www.bcorpclimatecollective.org/net-zero-2030-1">‘Net Zero 2030’ as part of B Corp’s Climate Collective</a>.
We already have a number of significant measures in place to reduce our own environmental impact, which at 2.6 tonnes of carbon emissions for direct (scopes one and two) emissions in 2020, is low. The average UK citizen has a carbon footprint of 10.4 tCO2e per year<a href="#_ftn1" name="_ftnref1">[1]</a>. Thrive’s office, one of the greenest in Bristol, is BREEAM certified and has solar panels located on the roof. We use renewable electricity tariffs to supply all of our operational clean energy projects, while our staff can also benefit from both a bike to work scheme and the Climate Perks initiative, which incentivises low carbon holiday travel.
Our Community Benefit Programme saves a further 60 tonnes of carbon dioxide emissions each year. The voluntary scheme, which has been running since 2015, provides grants to communities living close to our renewable energy projects so that they can make energy efficiency and sustainability improvements to shared buildings such as village halls or community centres. Administered by the Centre for Sustainable Energy, the 60 tonne annual savings from this outweighs Thrive’s direct emissions, which we estimate puts us in a carbon negative position for scopes 1 &amp; 2.
We are now working to calculate our indirect emissions (scope 3) coming from the construction and operation of our renewable energy projects. Once this is calculated, we will be reviewing our overall figures again to ensure we are taking the reduction and offset measures required to be net zero. You can read our Net Zero statement in full <a href="/impact/business-ethics/net-zero-2030/">here</a>.

To reach net zero, countries must balance the greenhouse gases released into the atmosphere with those taken out, with the UK pledging to achieve this by 2050 as part of the Paris Agreement. In April, Boris Johnson also enacted in law the world’s most ambitious climate target to date – reducing emissions by 78% by 2035.
Founded in 1994, we were one of the UK’s first purpose driven businesses, with a mission to power the transition to a sustainable energy future by helping people meaningfully connect with clean energy projects. We were also one of the first companies to fund ‘direct wire’ energy solutions for businesses – where they install solar or wind projects on site and benefit from the clean electricity generated, reducing their own carbon footprint.
Highlighting our commitment to the cause, Thrive certified as a B Corp in December 2020 with a score of 110.8, joining a community of businesses meeting the highest standards of social and environmental performance. In July this year, we were also included on B Corp’s ‘Best for the World – Environment’, which saw us score in the top 5% of global B Corps in this category.
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<a href="#_ftnref1" name="_ftn1">[1]</a> <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/979588/Defra_UK_carbon_footprint_accessible_rev2_final.pdf">UK&#8217;s Carbon Footprint 1997 &#8211; 2018 (publishing.service.gov.uk)</a>, 2018, 703 million tCO2e p.a. divided by UK population of 67.9 million (2020) <a href="https://worldpopulationreview.com/countries/united-kingdom-population">United Kingdom Population 2021 (Demographics, Maps, Graphs) (worldpopulationreview.com)</a>

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TIDE &amp; ISE 2018

We have joined B Corp’s Climate Collective and pledged to go net zero before the end of the decade – but our direct carbon emissions are already exceptionally low.

Reaching net zero is just the start!

Playing a vital role in our vision for a cleaner, smarter energy system in the UK, the two turbines have delivered 24,412,500kWh of renewable electricity since commencing generation in the spring of 2015 – enough electricity to power 92,548 UK homes for a year and saving a total of 10,790 tonnes of carbon dioxide.

The bond, which provided investors with an annual return of 5.5% over a five-year period, reached its initial target raise of £3 million in just under four weeks in 2016 – the second fastest bond offer to close in Ethex’s history at the time. The success of the bond is testament to Thrive Renewables’ approach of investing in solid portfolios, honed over 25 years’ experience. Please note past performance cannot be relied on as a guide to future performance
In May, we published our <a href="/documents/2020-annual-report/">Annual Report </a>which highlighted the continued success of our wind and hydro projects, which have collectively generated nearly 150,000,000 kWh of renewable electricity – enough to power 40% of the UK’s electric vehicle journeys. As a result, this clean energy generation has removed the emission of 66,689 tonnes of carbon dioxide.
Last year the company deployed profits from the sale of two wind farms in 2019 into a range of new clean energy projects reflecting the future needs of the UK energy system, including new solar, battery storage and geothermal technologies.

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Auchtygils

Buchan – Thrive Renewable’s first ever crowdfunded bond – supported the development and operation of two wind projects in Aberdeenshire.

Thrive’s first bond successfully repaid

The IPCC’s report paints a severe picture of our impact on the planet’s future but, despite claims of a “code red for humanity”, we must remember that hope is not lost. In fact, with human influence found to be the main driver (90%) of glacier decline since the 1990s, it proves that – with rapid systemic change – we can also heavily contribute to the climate solution.
The science highlights that if we take immediate action to reduce carbon emissions we can “yield rapid and sustained effects”, but this must be a collaborative effort and needs to be supported by widespread policy change and structure. Published just three months before COP26 – which will see countries come together to agree a comprehensive, ambitious and balanced plan for co-ordinated climate action in line with the Paris Agreement – the report has given governments, policymakers and other key decision makers a warning call to accelerate their efforts.
<h3>What is required to avoid climate catastrophe?</h3>
<h4>Immediate action</h4>
The IPCC has made it clear that time is precious and the longer we wait to eliminate fossil fuels – the worse it will get. In July, data from the Digest of UK Energy Statistics (DUKES) revealed that, for the first time ever, renewable energy sources generated more electricity than fossil fuels in 2020, increasing from 37% in 2019 to 43%. Wind power alone generated a record 24.1% of the UK’s electricity last year, with 13% coming from offshore projects and 11.1% from onshore projects – a significant step forward in the UK’s fight to reduce carbon emissions.
Despite this, growth in new renewable capacity slowed with just 1GW added in 2020, the lowest since 2007. We know this is currently not enough to meet the UK’s net zero targets, with RenewableUK predicting that we’ll need – for example – 90GW of offshore wind and 36GW of onshore wind by 2050. The same can be seen in solar too. While the UK is on track to double its solar capacity by 2030, we will need to treble it to 75GW-90GW if we are going to balance carbon emissions by 2050.
This is achievable, but further action is required to ensure we are able to mitigate the worst of the climate crisis. Most importantly, we need stable, forward-looking policies and action to support the integration of different renewable technologies onto the grid in the most cost-effective way possible.
<h4>Brave policy</h4>
Following its publication, Prime Minister Boris Johnson called the IPCC’s report “sober reading”, whilst Labour leader Sir Keir Starmer added that “the biggest threat we now face is not climate denial but climate delay”. We need our leaders to step forwards and be courageous – we have ambitious targets to meet but these will only be achieved if we have the policies in place to support it.
With this in mind, it will be interesting to learn the outcome of the government’s Contracts for Difference (CfD) scheme, which will provide revenue stability to renewable energy projects in the coming years. Given the previous removal of revenue support for new onshore wind we were really pleased that this was covered and look forward to seeing how the allocations are awarded.
There is no denying that we are still a long way away from reaching net zero but, while the IPCC’s report hammered home the stark realities of climate change, we remain optimistic. Positive changes can be made to reduce dangerous global warming – as long as we act together now. A change in mindset is needed across the board, from governments and policymakers right through to businesses and each one of us. It’s this collaboration – underpinned by smart, stable policy reform – which will be vital to the phasing out of fossil fuels.

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Thrive Renewables

In a landmark report, the United Nation’s Intergovernmental Panel on Climate Change (IPCC) has confirmed that human activity is having an “unequivocal” impact on global warming, with a temperature increase of 1.5C now likely to be passed or temporarily reached by 2040.

IPCC report - The cause and the solution

Geothermal Engineering Ltd (GEL), the company behind UK’s first deep geothermal electricity power plant, has also announced that – alongside other partners – it has been trialling sustainable, zero carbon methods of removing the lithium from the fluid, so far managing to achieve a 95% extraction rate.

Lithium is a naturally occurring metal found around the world but is predominantly mined in South America and Australia, before being shipped to China for processing into battery-grade lithium. The final stage of the process then sees batteries sent to Europe to be installed into electric vehicles.
With the UK government announcing its plans to end the sale of new petrol and diesel cars in the UK by 2030, there is huge opportunity for renewable energies such as geothermal to support in lithium extraction and battery production.
The Faraday Institution, a government-backed body set up in 2017 to promote the battery industry, estimates UK demand for lithium could reach 59,000 tonnes a year of lithium carbonate equivalent by 2035, based on projected growth in domestic battery demand.

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UD 10

Third party testing at the United Downs site in Cornwall has revealed high levels of lithium, a vital component of electric vehicle batteries, in its geothermal waters.

United Downs: A milestone on the journey to local, zero carbon lithium production

The Loch a&#8217; Bhraoin project supported businesses in the area throughout its development and construction by using local contractors wherever possible. In addition, the turbine installed at Inverbroom was manufactured in Cumbria by Gilkes, who have been making hydro power turbines in the UK for over 100 years.

This 2MW project based in the Scottish Highlands is eligible for the Feed-In-Tariff (FIT). Despite operational challenges caused by the COVID-19 crisis which affected construction and supply chains, the project was completed four months ahead of the original FIT deadline. Loch a Bhraoin was developed by Inverbroom Hydro Ltd and Glendevon Energy Co Ltd, and received funding from Clydesdale Bank and Thrive.
The UK has around 2GW of potential hydropower capacity and a highly developed market of skills, personnel, and businesses ready to develop the sector. Hydro will play a key role in the UK’s future energy mix as it can provide baseload electricity generation as well as balancing services to the grid. Indeed this project has seen Loch Bhroain classified as a reservoir, offering significant storage potential. The last round of the FIT saw 40MW of hydropower capacity built, enough to power at least 35,800 average UK homes.

[1] Calculated using the most recent statistics from the Department of Business, Energy and Industrial Strategy (BEIS) showing that annual UK average domestic household consumption is 3,618kWh, <a href="https://www.renewableuk.com/page/UKWEDExplained" target="_blank" rel="noopener">https://www.renewableuk.com/page/UKWEDExplained</a>
[2] RenewableUK uses BEIS’s “all fossil fuels” emissions statistic of 450 tonnes of carbon dioxide per GWh of electricity supplied in the <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/905060/DUKES_2020_MASTER.pdf" target="_blank" rel="noopener">Digest of UK Energy Statistics</a> (July 2020) p125 Table 5D (“Estimated carbon dioxide emissions from electricity supplied 2015 to 2017”), <a href="https://www.renewableuk.com/page/UKWEDExplained" target="_blank" rel="noopener">https://www.renewableuk.com/page/UKWEDExplained</a>.  Average per capita greenhouse gas emissions.

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Loch a Bhraoin hydro power project, which we provided with mezzanine finance to cover construction, is now connected to grid and generating clean electricity.

Loch a Bhraoin hydro generates first electricity from Scottish rain

We worked in close collaboration with Windcluster, owners of the immediately adjacent Haverigg III wind farm who also applied for a similar planning extension. Submitting the two applications simultaneously allowed proper consideration of any long term or cumulative impacts of wind energy generation in the area.  The planning consents for both projects were passed unanimously.
Arcus Consultancy Services Ltd, a leading environmental, planning and engineering consultancy, supported both wind farms to engage with Natural England and Copeland Borough Council.  Potential environmental impacts were identified at an early stage and we proposed suitable mitigation in the form of habitat enhancements for breeding gull colonies at the South Walney Nature Reserve.
We approached the host communities in the villages of Haverigg, Kirksanton and Millom to discuss the continued operation of the site back in October 2019. A full consultation was undertaken, including a drop-in session to discuss any local issues. Results from the consultation were fed into the final application to the council.

Unlike almost any other type of infrastructure, solar and wind farms are frequently granted time limited planning permission – usually 25 years. So we need to apply to continue to operate them at the end of their consented planning life. As our older wind farms reach this stage, we will routinely apply to secure their longer term operational future. We hope that in the future, planning permission for this vital green infrastructure which provides employment, generates income and powers our country in a sustainable way will be granted in perpetuity. According to Arcus, these planning consents in Cumbria pave the way for further variation of conditions applications to enable existing wind turbines to be retained for a longer period than originally consented.
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[1] Calculated using the most recent statistics from the Department of Business, Energy and Industrial Strategy (BEIS) showing that annual UK average domestic household consumption is 3,618kWh, <a href="https://www.renewableuk.com/page/UKWEDExplained" target="_blank" rel="noopener">https://www.renewableuk.com/page/UKWEDExplained</a>

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Copeland Borough Council has approved an application from Thrive Renewables to extend the working life of our four turbine wind farm at Haverigg in Cumbria. The existing turbines now have planning permission to continue operating until 2032.

Life extension approved at Haverigg II

In the first six months of this year, we’ve continued to make a positive impact. Here is a snapshot of what’s been achieved so far in 2020:
<ul>
<li>Generated 84,236MWh of renewable electricity, enough to power a city the size of Worcester 1.</li>
<li>Emissions reductions of 37,906 2  tonnes of carbon dioxide.</li>
<li>Invested in United Downs geothermal power plant, which is currently in development, and Riding Sunbeams, a pioneering solar rail company.</li>
<li>Awarded Highly Commended in the category of ESG Investor of the Year, at the prestigious BusinessGreen Leaders Awards. It was a huge honour to be recognised by BusinessGreen alongside many other strong finalists.</li>
</ul>

We’ve been awarded the Good Egg Kitemark since 2017 by Good With Money. The kitemark is awarded to business which are able to prove that they make a positive impact by benefiting society and the environment.
[1] Calculated using the most recent statistics from the Department of Business, Energy and Industrial Strategy (BEIS) showing that annual UK average domestic household consumption is 3,618kWh, https://www.renewableuk.com/page/UKWEDExplained 
[2] RenewableUK uses BEIS’s “all fossil fuels” emissions statistic of 450 tonnes of carbon dioxide per GWh of electricity supplied in the Digest of UK Energy Statistics (July 2020) p125 Table 5D (“Estimated carbon dioxide emissions from electricity supplied 2015 to 2017”), https://www.renewableuk.com/page/UKWEDExplained.  Average per capita greenhouse gas emissions.

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IMG_4717

We are once again celebrating Good Money Week (24-30 October). This national campaign is run by the UK Sustainable Investment and Finance Association, which we are part of, and aims to grow and raise awareness of sustainable, responsible and ethical finance.

Sustainable at heart

It is positive to hear a commitment to the clean energy transition coming from government and recognising offshore wind power as a vital part of this with immense potential. The government plans to increase its offshore capacity target from 30 to 40GW and aim for every home to be powered by offshore wind in the next decade.
However positive these targets are, they are high level and lack detail. The UK cannot reach net zero solely with offshore wind, <a href="https://www.theccc.org.uk/2020/03/03/ccc-welcomes-government-re-commitment-to-onshore-wind-and-solar/" target="_blank" rel="noopener">the proposed 40GW, represents only 21% of the low carbon electricity generation capacity required by 2050 according to the Committee on Climate Change</a>. Whole-system changes to the UK’s electricity system are essential; how it’s distributed, how we balance supply and demand, how and when we use electricity. And we need policy detail from government on the frameworks for home owners, businesses and industry to deliver the transition over the next decade.
<h3>How do we adapt our electricity system to work for net zero?</h3>
<h3>More renewables</h3>
According to the UK Energy Research Centre, as we decarbonise not just the power system but heating and transport as well, <a href="https://www.theguardian.com/environment/2020/oct/08/uk-will-take-700-years-to-reach-low-carbon-heating-under-current-plans?CMP=share_btn_tw" target="_blank" rel="noopener" data-anchor="?CMP=share_btn_tw">electricity demand is set to double</a>. The government’s target of 40GW of new offshore capacity is geared towards our current levels of electricity use. However, with drivers switching to electric vehicles, electrifying the railways and as we cease to heat our homes with fossil fuels, powering all the UK’s <a href="https://www.theguardian.com/environment/2020/oct/08/uk-will-take-700-years-to-reach-low-carbon-heating-under-current-plans?CMP=share_btn_tw" target="_blank" rel="noopener" data-anchor="?CMP=share_btn_tw">homes alone could require 67GW of offshore capacity</a>, according to one estimate. On top of this, homes only account for a third of our electricity demand, the rest goes to offices, commerce and industry.
We need more renewables on the grid. And as with the legacy fossil fuelled system, importantly we need variety &#8211; of technologies, sizes, and ownership.
It’s well documented that onshore wind and solar are now the cheapest forms of new electricity generation, and in many cases, <a href="https://www.theguardian.com/environment/2020/mar/12/wind-and-solar-plants-will-soon-be-cheaper-than-coal-in-all-big-markets-around-world-analysis-finds" target="_blank" rel="noopener">cheaper than running existing coal-fired powerplants</a>. Industry associations have recommended that the <a href="https://www.thriverenewables.co.uk/media/2196/delivering-a-green-recovery-with-uk-renewable-power-final.pdf" target="_blank" rel="noopener">UK install 5.5GW of onshore renewables</a>, including wind, solar and hydro, each year between now and 2035 if we are to meet net zero, 150% more than we are currently building.
A diverse electricity system creates resilience. By using a variety of different renewable technologies, we circumvent the limitations of each. Hydro, and geothermal, such as <a href="/latest-news/blog/how-does-it-work-geothermal-electricity-generation/" target="_blank" rel="noopener">United Downs in Cornwall</a> which is currently under development, can provide baseload electricity. While wind and solar energy is variable, it can be combined with storage technology to shift excess electricity to be used when demand is high.
As well as using diverse technologies, <a href="https://www.theguardian.com/sustainable-business/2014/nov/20/resilient-energy-systems-uk-adapt" target="_blank" rel="noopener">decentralised electricity systems are more resilient to the effects of climate change.</a> For example, this could mean installing rooftop solar panels, which can provide off-grid power to homes, or creating larger district heating networks that generate heat for those living in an area from a local, renewable source.
<h3>Storage and flexibility</h3>
Storage is an essential part of a diverse and decentralised electricity system dominated by renewables. To manage the variability of renewables like wind and solar and the complex relationship between demand and supply we need to provide both short and long-term flexibility to the electricity grid.
<h3>Short-term flexibility</h3>
Balancing the electricity grid is incredibly complex and vital to keeping the lights on and the country moving. Electricity is transported the length of the country, levels of generation must be managed so they are perfectly balanced with levels being used, and properties like voltage and frequency are minutely regulated across the whole network to ensure power generated at scale in industrial power stations can be used by domestic appliances plugged into wall sockets.
To date, many of these balancing services have been provided by thermal power stations, coal, gas, biomass. But as we move away from polluting fossil fuels and towards decarbonisation, we must find new, clean ways to carry out these services. One of the technologies that’s expected to provide an increasing amount of balancing services is grid-scale batteries. One stabilisation function offered by batteries (and other electricity storage options) is to provide reserve at times when demand peaks or troughs. Batteries can also absorb and generate reactive power, which can then be deployed to push voltage up or down when it starts to creep too far from the target needed to safely move electricity around the grid.
The role of batteries in balancing power grids and saving surplus energy represents a concrete means of improving energy efficiency and integrating more renewable energy sources into electricity systems. <a href="https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2019/Sep/IRENA_Utility-scale-batteries_2019.pdf" target="_blank" rel="noopener">Batteries will also enhance energy security and create a well-functioning internal market with lower prices for consumers</a>. Grid-scale batteries can also be co-located on the sites of existing renewable energy projects such as wind and solar farms. This allows it to use the existing grid infrastructure and reduces costs.
<h3>Long-term flexibility</h3>
A major challenge with the current battery storage solutions, such as Lithium Ion, is it works best in the short-term, providing minute to minute balancing services for the grid. The quantity of megawatt hours required to compensate for variability is very large. Peak electricity demand is routinely double that of the overnight load on the UK’s electricity system.
Periods of low variable generation are highly likely with an electricity system dominated by renewable technologies such as wind and solar. To provide flexibility over longer periods we must look for other energy storage solutions.
One such solution is pumped storage hydropower, which uses two reservoirs at different elevations connected by a pipe which contains a turbine. During periods of high renewable generation, excess electricity can be used to pump the water from the lower reservoir to the higher reservoir. And when renewable generation is low, the water will flow down from the upper reservoir through the pipe and the turbine, generating electricity. With its ability to both store and generate large amounts of energy over long periods of time, it can play a key role in compensating for variable generation from a renewable dominated grid.
The need for long-term storage solutions has stimulated much innovation and new technologies are continuously emerging. Compressed Air Energy Storage (CAES) compresses and stores ambient air or another gas under pressure in an underground cavern or container when renewable electricity is abundant. When electricity is required, the pressurised air is heated and expanded in an expansion turbine driving a generator for power production.
Gravitricity, a UK start-up, uses gravity, raising and lowering a heavy weight down a deep hole such as a disused mine shaft, to store and release energy. In periods of high renewable supply, they use abundant clean electricity to raise the weights up. And during periods of high demand the weights are lowered, turning a turbine and generating electricity.
Other emerging storage technologies include chemical storage such as green hydrogen. Excess renewable generation can be used to power electrolysis, splitting water molecules into hydrogen and oxygen molecules and storing the hydrogen for later use.  Whilst a lot of challenges persist for the wide use of hydrogen in the energy system, its potential compatibility with existing fossil fuel infrastructure means we are likely to see a lot of development in this space.
<h3>People</h3>
People are part of the electricity system. We are the consumers of electricity, dictating supply and demand. We need to ensure the national electricity system works for people and the planet. One essential part of this is energy efficiency, supporting people to use less wherever possible.
The electricity system of the future needs to be smart and integrated seamlessly into our daily lives. Currently supply is a slave to demand and this relationship needs to be more balanced. The better we can match daily demand to renewable supply, the less infrastructure we’ll need and the cleaner the system will be.  We need to empower consumers to use electricity when its abundant, managing demand and in turn helping to balance the grid. To an extent this can be carried out with simple behaviour changes, running your washing machine, heating water or charging your electric vehicle on particularly windy days and switching devices off during peak times. Initiatives to encourage this behaviour have begun to emerge. Octopus Energy launched its first <a class="js-scroll-done" href="https://octopus.energy/static/consumer/documents/agile-report.pdf#:~:text=In%20February%202018%2C%20Octopus%20Energy,meters%20and%20half%20hourly%20settlement." target="_blank" rel="noopener" data-anchor="#:~:text=In%20February%202018%2C%20Octopus%20Energy,meters%20and%20half%20hourly%20settlement.">time of use tariff</a> in 2018, allowing customers to pay less for electricity when used out of peak times. In April this year, electricity prices dropped so low that customers were <a href="https://www.power-technology.com/news/octopus-pays-uk-customers-to-consume-green-energy/" target="_blank" rel="noopener">paid to use electricity</a>. But it is unfeasible to put the weight of responsibility for the shift to low carbon electricity solely on the shoulders of individuals. With the advancement of smart grid technology, smart meters and internet enabled devices, our washing machines, freezers, hot water tanks and EVs should know when the most sustainable time to use electricity is, as well as using less.
People need to not only be empowered to use electricity but to also play a role in generating it. Community energy puts people at the heart of the electricity system. It brings them together to take democratic climate action by understanding, generating, owning, using, and saving energy. Community energy provides clear accountability and participatory governance within the energy system, which is empowering, transparent and equitable. It accelerates a just transition to a zero-carbon energy system, making communities more prosperous and resilient. Successful community energy can also help to underpin the more rapid rollout of a decentralised energy supply system by giving local people a stake in the outcome.
As more renewables have come onstream over the last decade, the UK has been moving towards a decentralised system, where energy is generated and used locally. Decentralising energy can reduce transmission losses, making the system more efficient. Security of supply is increased nationally too, especially against the impacts of climate change. There can be economic benefits also. <a href="https://www.therma-mech.co.uk/what-is-decentralised-energy-and-why-is-it-important/" target="_blank" rel="noopener">Long term, decentralised energy can offer more competitive prices than traditional energy.</a>  Pinning our energy transition hopes solely on huge, remote offshore wind farms seems to be under utilising this progress.
<h3>The energy white paper</h3>
There is no doubt that the UK has taken some big steps in decarbonising the energy system. The amount of electricity generated by renewables has increased from just 6.5% in 2010 to over a third today. But we still have an immense amount work to do, and to do it we need policy and structure. We need a progressive Energy White Paper which clearly sets out a trajectory which industry and individuals can deliver.
The journey to net zero is complex with many possible pathways. We don’t have all of the answers yet, but as we move in the right direction, more solutions will develop. We must evolve our generation, consumption and all the interlinking systems that keep the lights on; this includes our own behaviour. But for us to move forward together, with a harmonised focus and direction, the Energy White Paper must provide detail. It must look at the electricity system as a whole and set us on the right path. We need a road map that recognises the complexity of the challenge we face.

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At the 2020 Conservative Party Conference, Prime Minister Boris Johnson outlined the UK’s ambitions to become ‘the Saudi Arabia of wind power’ through the development of huge offshore wind farms. He said the UK would become "the world leader in clean wind energy".

Building a net zero electricity system

The new working capital will enable Riding Sunbeams to provide a commercial route to market for community energy groups looking for new projects to develop and connect them to regional rail network operators like Network Rail who will pay them a fair price for their power. This will enable rail network operators to source competitively priced green electricity at the same time as supporting local communities, as well as the UK’s efforts to achieve a net zero economy.
Riding Sunbeams hopes to demonstrate a new, fairer, greener way to do business and embody how a just transition is possible by bringing together charities, communities, corporates and government to decarbonise and power the rail network. With its world-leading model it intends to boost the community energy sector and overcome existing barriers like grid constraints and energy price volatility, to ensure local people benefit from projects in their neighbourhood. Community groups and developers with eligible projects are being encouraged to get in touch with the organisation.
Following this funding agreement, the company formally incorporated a commitment to a just transition in its legal rules of governance, making it the first UK company to do this. Unlike other companies who have committed to socially and environmentally responsible behaviour, Riding Sunbeams wrote a just transition commitment into its legal working agreement. This means that any decision taken by the social enterprise will be made in line with the principles of a just transition.
The team proved the technical concept of powering railways directly by solar power with its First Light demonstrator project in Aldershot last year. Riding Sunbeams is currently leading another First of a Kind project funded by Innovate UK and the Department for Transport, which aims to power electrified rail networks which run on alternating current (AC) power from overhead lines.

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Solar Power Railway Launch

Solar trains company, Riding Sunbeams, has received its first commercial funding from Thrive Renewables and Friends Provident Foundation. This will enable the team to develop community owned renewable energy projects to directly power the rail network at a commercial scale for the first time

Solar trains pioneer receives its first commercial funding

But how do you turn heat found in the rocks under our feet into electricity we can use in our home?

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<h3>First, we need to get to where its hot</h3>
United Downs consists of two wells drilled into the rock to different depths at a specific angle. The ‘injection’ well, reaches a depth of a 2,393m and the ‘production’ well reaches a depth of 5,275m, the deepest ever drilled in the UK. They are both drilled at a specific angle to intercept the Porthtowen Fault Zone (PTF) at these depths.
The PTF is a fault zone which stretches from Porthtowen in the north of Cornwall and Falmouth in the south. It is an area of rock filled with fissures, or cracks, which allow water to filter through it. The PTF stretches deep into the earth. Where the production well intercepts it, the temperature is 188 Centigrade.
The schematic below describes how the project will work once fully operational.
<img decoding="async" src="https://www.thriverenewables.co.uk/media/2228/wells.jpg?width=620&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" />
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<div class="cms media js-cms-done">United Downs geothermal project schematic</div>
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<h3>Now we&#8217;ve reached the heat, how do we get it to the surface?</h3>
We use ordinary water to transfer the heat to the surface. Hot water is pumped from the bottom of the production well to the powerplant at the surface where it is turned into electricity.  After this process, the cooler water is then passed to the injection well where it then filters through the fissures found in the PTF, absorbing the heat from the surrounding rock as it heads towards the production well.  Then the cycle begins again.
<h3>So how do we turn hot water into clean electricity?</h3>
Surprisingly, this part is well established. Much like your traditional thermal powerplant, United Downs uses steam to turn a turbine which generates electricity. The key difference is where the steam comes from.
Hot water from the production well is passed through a heat exchanger. This uses a special liquid with a very low boiling point to extract the heat from the well water, turn it into vapour, which in turn turns the turbine, generating renewable electricity. The cooled water is then returned to the system to restart its journey.
Geothermal energy production produces zero emissions as it does not use, produce, or extract hydrocarbons. It has a low visual impact and small land use.
The diagram below shows how electricity is generated from the system planned for the United Downs project.
<img decoding="async" src="https://www.thriverenewables.co.uk/media/2227/copy-of-geothermal-electricity-generation.png?width=620&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" />
Infographic demonstrating how electricity is generated from geothermal energy
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<h3>What&#8217;s happening now?</h3>
Testing work at United Downs was delayed during lockdown due to supply chain issues and to protect the health of staff and suppliers. The team have adapted their practices to ensure a Covid safe environment. Recent testing has unearthed the deepest rock sample ever taken in the UK and revealed temperatures of 188 centigrade, hot enough for geothermal electricity generation. They are now busy testing flow rates of the water through the fissures. We hope to be exporting clean electricity to the grid at United Downs by the end of 2021.
<h3>What is the history of the project?</h3>
The long history of mining and various research projects into Cornwall’s geology carried out in the 1980s have generated substantial evidence and knowledge about Cornwall’s geology. ‘Hot Dry Rocks’, a long-running geothermal energy research project, in operation between 1976 and 1991, confirmed the high temperatures which are found deep underground in Cornwall’s granite, identifying its potential to provide renewable electricity and heat.
The Geothermal Engineering team has worked on the United Downs project for the past 10 years. During this time, they have successfully completed the research on the geology of the location, analysed the location of the PTF, secured planning consent, land lease and grid connection, and procured and delivered the drilling works. The successful drilling of the injection and production wells into the fault zone was completed in the Summer 2019.
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[1] Total global installed geothermal capacity, 2015, International Geothermal Association (<a class="js-scroll-done" href="https://www.geothermal-energy.org/explore/our-databases/geothermal-power-database/#electricity-generation-by-plant" target="_blank" rel="noopener" data-anchor="#electricity-generation-by-plant">https://www.geothermal-energy.org/explore/our-databases/geothermal-power-database/#electricity-generation-by-plant</a>)
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United Downs geothermal

The United Downs geothermal project will use heat from the rock, around 5km beneath the ground, to generate renewable electricity.

How does it work: geothermal electricity generation

In the first quarter of 2020, <a href="https://www.theguardian.com/business/2020/jun/25/renewable-energy-breaks-uk-record-in-first-quarter-of-2020" target="_blank" rel="noopener">renewables generated 47% of the UK electricity needs</a>, smashing last year’s record of 39%. This substantial increase in the total renewable energy output was chiefly driven by a growth in electricity generated by solar panels and windfarms which climbed by more than a third over the last year, according to the government’s energy analysts. New wind farms and an especially wet and windy weather at the beginning of the year helped to generate record wind power generation, a whopping 30%.
In mid-April, at 12:30 in the afternoon, the UK recorded it highest ever solar energy generation. Thanks to an especially sunny month and a reduction in air pollution caused by lockdown, solar generation reached <a href="https://www.edie.net/news/10/UK-smashes-solar-generation-record/" target="_blank" rel="noopener">a peak of 9.68GW</a>, meeting approximately 30% of the UKs electricity needs.
We experienced the sunniest May on record and increased solar generation along with reduced electricity demand, contributed to the UK’s longest ever coal-free period since the beginning of the industrial revolution. The period ran for 67 days 22 hours and 55 minutes, from 9th April to 16th June. This was a fantastic achievement for the sector, demonstrating our reliance on polluting fossil fuels is coming to an end. A decade ago <a href="https://www.independent.co.uk/environment/britain-coal-free-industrial-revolution-renewable-energy-climate-change-a9556011.html" target="_blank" rel="noopener">40%</a> of our energy came from coal power plants and going coal free for any length of time would’ve been unthinkable. In 2019 just <a href="https://www.independent.co.uk/environment/britain-coal-free-industrial-revolution-renewable-energy-climate-change-a9556011.html" target="_blank" rel="noopener">2.1%</a> of the country’s total power mix came from coal and the UK has plans to close all coal power plants by 2025.
On Saturday 24th May the <a href="https://www.businessgreen.com/news/4015600/progress-quiet-spectacular-britain-power-grid-emissions-hit-record-lows" target="_blank" rel="noopener">lowest-carbon day</a> in the history of the UK’s electricity grid was recorded at an average of 61g of carbon dioxide per kWh. The following day the grid hit another environmental milestone when it dipped to its lowest carbon intensity ever, dropping to 18g CO2/kWh for more than an hour. At the time, 65 per cent of our electricity was being sourced from renewables.
Throughout lockdown, decreased demand and increased renewable capacity have given us a glimpse of what an energy system run completely off renewables might look like. We must continue to make these strides forward, to deliver a green recovery and accomplish our net zero goals.

2019 was a record breaking year for renewables, generating more electricity than fossil fuels during the third quarter, for the first time ever. And 2020’s looking even better!

Renewables records point to positive future

The new score reflects our growing environmental and social impact as we continue bringing together people, companies and communities to accelerate change. 
Core areas of the business that we’ve increased our impact in include environmental reporting and supply chain due diligence. We also significantly increased energy efficiency in our office, for example overhauling the lighting to an intelligent system of LEDs that are using over 60% less energy.
Thrive has been taking action to tackle climate change for almost 30 years. During that time we’ve built or funded 39 clean energy projects, generating over 2.2TWh of clean electricity. That’s <a href="https://www.bcorporation.net/en-us/find-a-b-corp/company/thrive-renewables-plc/" target="_blank" rel="noopener">enough to meet the demand of 1.3 million UK residents, saving over 1 million tonnes of CO2e emissions</a><a href="https://www.bcorporation.net/en-us/find-a-b-corp/company/thrive-renewables-plc/" target="_blank" rel="noopener">.</a> 
In 2023 our portfolio of renewable energy projects generated 136,316MWh of clean electricity, enough to power all the homes in a town the size of Preston and delivered emissions reductions equivalent to 58,620 tCO2e. Recognising that there’s always more that we can do to reduce our carbon intensity we have committed to <a href="/our-impact/business-ethics/net-zero/" target="_blank" rel="noopener">reaching net zero by 2030</a> as part of the SME Climate Hub.

[1] Based on our analysis of a publicly available dataset from B Lab, up to date as of April 2024: <a href="https://data.world/blab/b-corp-impact-data" target="_blank" rel="noopener">https://data.world/blab/b-corp-impact-data</a><a href="https://data.world/blab/b-corp-impact-data" target="_blank" rel="noopener"> </a>

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Bristol & Bath B Corps B

Twenty point increase in impact score.

Thrive in top 3% of UK B Corps following recertification

The Centre for Sustainable Energy (CSE)’s Green Match Fund appeal aims to provide more communities with the bespoke tools and resources that they need to create sustainable, resilient places to live – from improving the energy efficiency of houses and community buildings to preserving natural spaces and setting up social enterprises for community energy.  
As long-standing supporters of CSE’s work helping communities to take local climate action, we are proud to support their Green Match Fund this April. Between 18th-25th, Thrive will be doubling donations made to CSE until the match pot runs out. This means your donation could make twice the difference.
<h4><a href="https://donate.biggive.org/campaign/a056900002S0j8wAAB?utm_source=thrive&amp;utm_medium=comms&amp;utm_campaign=gmf" target="_blank" rel="noopener">Click here to donate</a></h4>

Providing Green Match Funding to CSE is part of our wider commitment to the charity. They also  deliver our Community Benefit Programme which improves energy efficiency for community buildings near our sites, making them warmer, cosier and cheaper to run. By working together on the Green Match Fund we can help even more communities reduce carbon emissions and use energy more sustainably.

Make double the difference to community climate action 

Green Match Fund 2024

We’re helping them make double the difference to community climate action.

Centre for Sustainable Energy's Big Give Green Match Fund

The bond helped to fund new projects that deliver cheaper, cleaner electricity to homes and businesses across the UK, including a milestone community wind project in Cumbria in 2017. Mean Moor wind farm was the first recipient of our award-winning community energy funding bridge, enabling the first commercial scale wind farm in the country to transfer from a developer to 100% community ownership. Funds raised by the bond were also used to build a 6MW wind farm in West Lothian on the site of a disused coal mine, as well as a 2MW hydro-electric project in the Scottish Highlands.

Thrive was ‘highly commended’ at Investment Week’s Sustainable Investment Awards in 2017 for this innovative green energy bond, giving bondholders the opportunity to include their investment in an IFISA.

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