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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

Featured

<div class="cms rte js-cms-done">
Our analysis, which you can read in full <a title="Delivering A Green Recovery With UK Renewable Power Final" href="https://www.thriverenewables.co.uk/media/2196/delivering-a-green-recovery-with-uk-renewable-power-final.pdf" target="_blank" rel="noopener" data-udi="umb://media/e3939cc830204a2c9db4b435ffe07737">here</a>, shows that:
<ul>
<li>There is a £66.5 billion potential investment opportunity for the UK between now and 2035 – £4.75 billion per year (£2.75 billion onshore wind).2</li>
<li>Unlocking this potential could deliver:
<ul>
<li>45,000 new jobs3 and;</li>
<li>£28.9bn pumped into the UK economy by 2035.2</li>
<li>And save UK consumers up to £1.5bn a year.6</li>
</ul>
</li>
<li>The UK’s legal obligation to achieve net zero carbon emissions is providing a significant investment opportunity – 5GW of onshore renewables must be rolled out every year between now and 2035 to be on track. This is more than triple the amount approved over the last year.1,2</li>
<li>Action by the Government is essential to unlock the enormous potential of onshore renewable energy to deliver immediate investment, jobs and UK green growth.</li>
</ul>
&nbsp;
<img decoding="async" src="/media/2195/web-1.png" alt="" data-udi="umb://media/02d6937426e74b23aac44770ae881033" />
</div>
<div class="cms rte js-cms-done">
&nbsp;
Our analysis explores how policy changes and planning guidance have been blocking the growth of the onshore renewables market for over four years. We call on the Government to deliver supportive policies that could unlock immediate private sector investment in new infrastructure, stimulate economic growth and help accelerate towards our legally-binding 2050 net zero target.
</div>

<div class="cms rte js-cms-done">
<h3>Unblocking the blockers</h3>
Our analysis recommends two simple and cost neutral actions that the UK Government should implement urgently to drive new investment and accelerate recovery:
<h3>Deliver policy stability</h3>
UK policy is like crazy paving at the moment. Electricity generated by different sources is priced differently due to the varying support levels and changes in energy policies over the last 20 years. This makes it extremely challenging to make informed, long-term, investment decisions, hence the current lack of investment. New onshore renewables are currently the only electricity source which is wholly reliant on selling on the open market. The Government must demonstrate clear support by delivering long-term, simple energy policies that allow investment decisions to be based on market fundamentals.
Certainty over mechanisms, such as the price stabilising Contract for Difference auctions, would support the business case for renewable energy and ultimately lead to the UK being able to better utilise the benefits of its abundant natural resources – wind, sunshine and rain.
&nbsp;
<img decoding="async" src="/media/2201/web-3.png" alt="" data-udi="umb://media/b98616d520fb473f9e77ec4e7f10ed8c" />
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<h3></h3>
&nbsp;
<h3>Remove planning blockers</h3>
Unlike any other form of development, new onshore wind applications in England have to demonstrate to planners that the project is sited within an area designated for wind development by the local authority, within the local plan. However, the lifecycle of local plans can be 30 years, and many have therefore not been updated since that requirement came into place in 2015.This effectively means planning permission is automatically blocked for new onshore wind projects in much of England. Two thirds of local authorities have declared a climate emergency, but many have not had the time to reflect this in their local plan. They therefore may not be able to grant planning consent to well-sited, appropriately-sized wind farms which will contribute to the UK’s net-zero targets. By removing this one piece of red tape from the National Planning Policy Framework, the UK Government could unleash investment and deliver lower bills and cleaner energy supply for UK consumers and businesses.There is also no uniform approach to life extension and repowering, which has the potential to generate more clean power, more cheaply using modern infrastructure. Without a uniform approach to planning, the risk for potential developers is too high and many are not able to justify the business case to make repowering happen. Every £1 of investment which can be de-risked will lower the cost of energy for UK homes and businesses.
<h3 class="cms rte js-cms-done">Renewables &#8211; the obvious choice</h3>
<ul>
<li>Renewables are much faster to deploy than nuclear: In the same two years spent moving soil and laying the foundations of Hinkley Point C, sufficient new renewable capacity was commissioned and had delivered power equivalent to the nuclear site’s total planned generation (22GWh annually).4</li>
<li>Onshore wind is cheaper than gas: New onshore wind can deliver power at £49 per MWh today – 12.5% cheaper than gas generation. This trend is only set to continue with the cost of renewable generation expected to continue its decline.5</li>
</ul>

<h3><img decoding="async" src="/media/2200/web-2.png" alt="" data-udi="umb://media/2545d7e4aaa44f32be762499f2124a57" /></h3>
<h3></h3>
<h3></h3>
<h3>Repowering existing renewable power</h3>
Another opportunity to stimulate the expansion of renewables is to enable existing sites to be upgraded – “repowered” – with new and more advanced technology. The UK has almost 30GW of onshore renewable power generation. These wind, solar and hydro technologies are designed to operate for between 25-35 years. At the end of their life, rather than close down the site, the best approach is to replace the old wind or solar technology with latest turbines or panels. In the case of onshore wind, this can often result in fewer wind turbines with greater productivity.
Repowering is much cheaper than building on a new site – the infrastructure is already there such as access roads and grid connections – and quicker to develop. Caton Moor is a Thrive Renewables onshore wind site in Lancashire. The site was repowered in 2006. Eight new turbines were installed, capable of generating seven times the power of the previous 10. Caton Moor wind farm is now supplying more clean energy more efficiently to UK consumers.
Combining repowering with a programme of building new onshore renewables is another way to unlock the much needed long term growth potential of the sector.
&nbsp;
&nbsp;
[1] The Committee on Climate Change has consistently called for onshore wind and solar to be included in the Government’s renewable energy strategy. Total UK electricity supply will need to double by 2050, and electricity from low-carbon sources will need to quadruple, in order to deliver the UK’s commitment to become a Net Zero emissions economy by that year. <a href="https://www.theccc.org.uk/2020/03/03/ccc-welcomes-government-re-commitment-to-onshore-wind-and-solar/" target="_blank" rel="noopener">https://www.theccc.org.uk/2020/03/03/ccc-welcomes-government-re-commitment-to-onshore-wind-and-solar/</a>
[2] Trade bodies (RUK, STA and BHA), are suggesting 77GW of the required growth to hit net zero can be delivered by onshore renewables by 2035. This will require building 5.5GW of onshore renewable capacity annually between now and 2035. This creates an annual investment opportunity of £4.75bn. Of this £2.75bn is required to deliver onshore wind, £1.4bn Solar and £0.6bn Hydro (CAPEX estimates based on current market procurement). It is estimated that over 40% of the development and capital expenditure is UK content. The proportion of UK content renewable projects grows in the operational phase, estimated to be 66% for onshore wind. <a href="https://bvgassociates.com/economic-benefits-onshore-wind-farms/" target="_blank" rel="noopener">https://bvgassociates.com/economic-benefits-onshore-wind-farms/. </a>The UK content of the development and construction of ground mounted solar PV is estimated to be 46%, growing to 68% in the operational phase (<a href="https://www.solar-trade.org.uk/sta-calls-for-government-to-commit-to-2030-solar-target-to-drive-green-recovery/" target="_blank" rel="noopener">https://www.solar-trade.org.uk/sta-calls-for-government-to-commit-to-2030-solar-target-to-drive-green-recovery/ </a>).  The BHA estimate that 70% of CAPEX and OPEX of small hydro is UK content (<a href="http://www.british-hydro.org/hydro-facts/" target="_blank" rel="noopener">http://www.british-hydro.org/hydro-facts/</a>)
[3] Job creation calculations based on estimates from industry associations. Wind 18,800, Solar 22,800, Hydro 3,250
[4] Hinkley Point C
<ul>
<li>Capacity – 3260MW</li>
<li>Homes equivalent – 6,000,000</li>
<li>Estimated annual generation – 22,374,000 GWh</li>
<li>Began construction – 2016</li>
</ul>
<a href="https://www.edfenergy.com/energy/nuclear-new-build-projects/hinkley-point-c/about%20" target="_blank" rel="noopener">https://www.edfenergy.com/energy/nuclear-new-build-projects/hinkley-point-c/about</a>
Non thermal renewable generation (natural flow hydro, wind, wave and solar PV)
<div class="cms-table">
<table border="0" width="1231">
<tbody>
<tr>
<td width="28%">Year</td>
<td width="25%">GWh</td>
<td width="46%">Change GWh</td>
</tr>
<tr>
<td width="28%">2016</td>
<td width="25%">53015</td>
<td width="46%"></td>
</tr>
<tr>
<td width="28%">2017</td>
<td width="25%">66949</td>
<td width="46%">13934</td>
</tr>
<tr>
<td width="28%">2018</td>
<td width="25%">74960</td>
<td width="46%">8011</td>
</tr>
<tr>
<td width="28%"></td>
<td width="25%">TOTAL:</td>
<td width="46%">21,945.00 GWh</td>
</tr>
</tbody>
</table>
</div>
<a href="https://www.gov.uk/government/statistical-data-sets/historical-electricity-data%20" target="_blank" rel="noopener">https://www.gov.uk/government/statistical-data-sets/historical-electricity-data</a>
[5] <a href="https://www.vivideconomics.com/wp-content/uploads/2019/08/Quantifying_the_Benefits_of-report-.pdf" target="_blank" rel="noopener">https://www.vivideconomics.com/wp-content/uploads/2019/08/Quantifying_the_Benefits_of-report-.pdf</a>, <a href="https://www.solarpowerportal.co.uk/news/uk_solar_costs_plummeting_beyond_forecasts_as_cheap_as_40_mwh_by_2030" target="_blank" rel="noopener">https://www.solarpowerportal.co.uk/news/uk_solar_costs_plummeting_beyond_forecasts_as_cheap_as_40_mwh_by_2030</a>
[6] Saving calculated using Arup (2018) Cost of Capital Benefits or Revenue Stabilisation via a Contract for Difference: <a href="https://www.arup.com/perspectives/publications/research/section/onshore-wind-financing" target="_blank" rel="noopener">https://www.arup.com/perspectives/publications/research/section/onshore-wind-financing</a>,  Multiplied by the anticipated growth of onshore renewable projects from RUK, STA and BHA (see footnote 2), and the number of UK households <a href="https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/families/adhocs/005374totalnumb" target="_blank" rel="noopener">https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/families/adhocs/005374totalnumb</a>.

soil

Onshore renewables could boost UK economy by £28.9bn by 2035.

Delivering a green recovery with UK renewable power

As part of Community Energy Fortnight, our Senior Investment Manager, Monika Papalaczyk takes us on the journey of Mean Moor wind farm &#8211; from ambition to reality. Read the full story on Community Energy England’s <a href="https://www.communityenergyengland.org/news/going-full-circle-the-story-of-mean-moor-wind-farm" target="_blank" rel="noopener">website</a>.
<img decoding="async" src="/media/2821/community-bridge-model-illustration-271117.jpg" />

meanmoor-investors1400

Meanmoor investors1400

Community co-operatives successfully raise £5.7M to repay Thrive’s Community Energy Funding Bridge

Going full circle: the story of Mean Moor

<div class="cms rte js-cms-done">
<h3>Foodbanks</h3>
When the UK went into lockdown, many people’s lives changed drastically overnight. <a href="https://www.trusselltrust.org/2020/06/03/food-banks-busiest-month/" target="_blank" rel="noopener">The Trussell Trust</a> reports the need for emergency food parcels increased by 89% compared with last year, including a 107% increase in parcels given to children. It is unsurprising then that many of the suggestions from local communities was for the donations to go to foodbanks.  Run by dedicated staff and volunteers, they are often the last resort for many vulnerable people affected by the pandemic.
</div>

Aberdeenshire North Foodbank, located close to our Auchtygills and Clayfords wind farms, received a donation from Thrive to help support their operations.

Morcombe Bay Foodbank has also been experiencing high demand and the funds went to keeping their operations running such as electricity, rent and vehicle maintenance, something which has become even more vital as many self-isolating will be relying on food parcel deliveries.
<h3>Tackling isolation</h3>
As we all know, tragically care home residents have been especially hard hit by the pandemic. Their increased vulnerability has led to many homes shutting their doors to visitors in order to protect residents, leading to feelings of isolation and loneliness. Technology can help alleviate these feelings by helping residents connect virtually with their loved ones no matter the distance.
Smiddybrae Activities Association is an organisation which works with Smiddybrae House, a residential care home near our Sigurd wind farm on Orkney. They fundraise to provide activities and trips for the residents and received a grant from Thrive.

<h3>Supporting home learning</h3>
Home learning has been a huge change in many peoples lives since lockdown. Many parents have had to learn to juggle both working from home as well as becoming a teacher to their children. Home learning can be very challenging for parents and children alike, but Blackridge Primary School Parents Council are working to try to help. The school is located near to Drumduff wind farm in West Lothian, Scotland, a joint venture with the Scottish based renewable energy company, GreenPower. The parents’ council received a joint donation from Thrive and GreenPower to create home activity packs for every child at the school, providing ready-made ideas for stretched parents and much needed activities for bored kids.

Emma from Bristol NW foodbank organising donations

Volunteer from Helensburgh & Lomond foodbank collecting donations

Volunteers from Helensburgh & Lomond foodbank

Resident from Smiddybrae house with their new iPad

Operations at Aberdeenshire North foodbank

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Unit 7 1

Thrive owns and operates multiple renewable energy projects across the country and the communities who host our projects are important to us. As a responsible business, we wanted to help them during the Covid-19 pandemic.

A helping hand: communities supporting each other through crisis

Hear from the experts who spend their days evaluating renewable energy projects and modelling a range of finance and development options to create robust, successful schemes. The session will cover the fundamentals of your business plan including feasibility, how your energy will be sold and what to consider from a finance perspective. The panel will also explore how to access the funds you need to make your community energy project happen.
<h5>AGENDA</h5>
Welcome &#8211;  Matthew Clayton, Managing Director, Thrive Renewables
Early stage funding  &#8211; John Taylor, Energy Projects Manager, Greater South East Energy Hub
Mean Moor wind farm, case study &#8211; Energy4All
Community Energy funding options  &#8211; Monika Paplaczyk, Senior Investment Manager, Thrive Renewables
Question &amp; Answer session
Attendance is free and open to members and supporters of community energy groups. The session is informal and interactive, there will be plenty of time for questions.
<p data-key="22" 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">This event is part of <a href="https://communityenergyengland.org/pages/community-energy-fortnight" target="_blank" rel="noopener">Community Energy Fortnight</a>, which Thrive Renewables is proud to sponsor.
<p data-key="22" data-slate-fragment="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"><a href="https://www.eventbrite.co.uk/e/funding-your-community-energy-project-tickets-108081083430" target="_blank" rel="noopener">Register here.</a>

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DC25

One of the biggest challenges facing community energy groups is funding.

Webinar: funding your community energy project

Thrive Renewables Impact 2019

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Environmental Impact 2019

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Caton Moor (2)

2019 was another positive year of impact for Thrive. 

Video: Impact 2019

Our portfolio of wind and hydro projects generated 166,734MWh of electricity in 2019, enough to power all the homes in a city the size of Worcester1. Together, the projects delivered over 75,000 tonnes of CO2 emissions reductions2.

Shareholders received a 40p per share interim dividend in April 2019 following the sale of the wind farms and a 7p final dividend in July 2019. A 7p per share annual dividend is recommended to be paid in July 2020, reflecting positive performance of the operational portfolio.
Thrive Renewables is marking its 25th anniversary this year, having invested in a total of 25 wind, hydro, solar and renewable heat projects, the majority of which it still owns and operates.

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<div class="cms rte js-cms-done">Over the last 25 years, Thrive has paid a total of 96.2p per share in dividends. Shares have appreciated in value from £1.30 to £2.233 over the same period.  The average annual return for shareholders joining Thrive over the last 25 years from dividends and capital appreciation is 7%4. Thrive’s market capitalisation is now over £50 million6.</div>
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<figure class=""><picture><source srcset="/media/2141/financial-800.png?width=468&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" media="(min-width: 1080px)" /><source srcset="/media/2141/financial-800.png?width=410&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" media="(min-width: 620px)" /><img decoding="async" src="https://www.thriverenewables.co.uk/media/2141/financial-800.png?width=620&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" alt="" /></picture></figure>
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Looking forward, Thrive Renewables has the following immediate priorities:
<ul>
<li>Progress the three new renewable investments to successful commissioning</li>
<li>Deliver additional opportunities for individuals to invest directly in the transition to a cleaner, smarter energy system for the UK via investments in new solar, wind and hydro projects</li>
<li>Support net zero ambitions of businesses, local authorities and other organisations by enabling them to develop clean energy projects</li>
<li>Ensure the existing portfolio generates as much power and impact as possible and exploring life extension of existing assets where relevant</li>
<li>Identify opportunities to co-locate additional renewable capacity and battery storage at existing sites</li>
</ul>
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Thrive’s voluntary Community Benefit Programme awarded grants totalling over £30,000 in 2019 to improve energy efficiency in shared buildings, such as youth centres and village halls, close to its sites. Recipients report improved warmth, comfort and accessibility, and expect to see lower running costs. In 2020, the company has already allocated £24,000 to provide emergency grants to local grassroots community projects supporting individuals and families struggling due to the Covid-19 crisis.
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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 3,781kWh, <a href="http://www.renewableuk.com/page/UKWEDExplained" target="_blank" rel="noopener">www.renewableuk.com/page/UKWEDExplained</a>. Population of Worcester 103,769.
[2] Calculated using most recent data on the carbon intensity of the UK electricity grid multiplied by our own electricity generation. <a href="http://www.renewableuk.com/page/UKWEDExplainded" target="_blank" rel="noopener">www.renewableuk.com/page/UKWEDExplainded</a>
[3] Based on the latest traded price on the secondary market as at 27th May 2020.
[4] 7% annualised return is calculated from dividends paid and using the latest traded share value on the secondary market.  The return is averaged for shareholders who have purchased shares at different times by using share values for each new share issue.
[5] Includes £15.4m gain on sale of two wind farms
[6] Number of shares in issue multiplied by the latest traded price on the secondary market as at 27th May 2020.
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IMG_0022

£12.3 million committed to funding the construction of new wind, hydro and geothermal generation projects.

Annual results 2019: record profits and reinvestments

Lockdown measures introduced in March to control the Covid-19 pandemic reduced the UK’s electricity demand in April by 15%, compared with April 20191. The International Energy Agency (IEA) found that global energy demand was likely to fall by 6% this year, the equivalent of losing the entire energy demand of India – the world’s third largest energy consumer.2
With demand as low as it is, renewables are making up a larger proportion of the energy mix, reducing the carbon intensity of the grid, with gas and coal generation only needed to provide stability services. The steady rise of renewable energy reduces the demand for fossil fuels, so clean electricity will play its largest ever role in the global energy system this year. Renewable energy is expected to grow by 5%, to make up almost 30% of the world’s demand for electricity, according the IEA2.
The UK is currently experiencing its longest coal free period since the beginning of the industrial revolution with 47 coal-free days3. Cool, sunny weather and reduced air pollution has helped drive a new all-time solar power record in the UK, with solar farms generating a peak of 9.69GW of electricity for the grid in April. The current unprecedented circumstances provide real glimpse into the future as we move towards our ambition to be able to operate the system entirely with zero carbon sources of energy.
In April 2019 the National Grid announced they would be ready to run the grid from 100% zero carbon sources by 2025. The lockdown has created a live laboratory environment for the National Grid to test how this can work when running the grid on mostly renewable energy sources. A big part of this is constantly and perfectly balancing the supply and demand of electricity. Experts at the National Grid forecast how much electricity will be needed in each half hour every 24 hours, then tweak power stations and big consumers’ generation and consumption to balance the frequency of electricity on the grid.
When demand is low (as we are seeing during lock down) the usual mix of generation is disrupted, as the growing portfolio of renewables is adequate to meet demand.  The learning taking place currently is how to maintain the perfect balance of demand and supply at times when renewables are delivering the majority of power.  The output from wind and solar is currently harder to ‘tweak’ up and down, and does not provide the levels of stability traditionally achieved using the enormous revolving generators typical to gas and coal power stations.
The National Grid is taking advantage of this unique situation to experiment with alternative ways of fine tuning the electricity system dominated by renewables, using batteries, demand side management and manipulating renewable electricity supply.  This is providing valuable insight into the future of our energy system on the transition to net zero.
For the National grid, the low carbon future has arrived in the form of lock down.  Assumptions are being challenged and both the physical and regulatory system is learning and adapting on a daily basis. This creates challenges, but importantly a chance to live trial a responsible energy system, providing low cost, low carbon and reliable electricity to keep the country going during these difficult times.
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[1] <a href="https://www.edie.net/news/6/UK-hits-coal-free-month-/" target="_blank" rel="noopener">https://www.edie.net/news/6/UK-hits-coal-free-month-/</a>
[2] <a href="https://www.theguardian.com/business/2020/apr/30/covid-19-crisis-demand-fossil-fuels-iea-renewable-electricity" target="_blank" rel="noopener">https://www.theguardian.com/business/2020/apr/30/covid-19-crisis-demand-fossil-fuels-iea-renewable-electricity</a>
[3] <a href="https://www.theguardian.com/business/2020/apr/28/britain-breaks-record-for-coal-free-power-generation" target="_blank" rel="noopener">https://www.theguardian.com/business/2020/apr/28/britain-breaks-record-for-coal-free-power-generation</a>

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Renewables have been on the rise in recent years, hitting an all time high in 2019 with renewable energy generating 36.9% of the UK’s electricity needs.

Renewables dominate the grid

In total, the project raised long term project finance loans of £6.7m from Clydesdale Bank and £1.8m from Thrive Renewables.

Inverbroom will be Thrive Renewable’s second hydro-electric project, following Beochlich Hydro which has been operating successfully since 1998. Inverbroom Hydro will consist of two turbines fed via a buried pipeline which creates pressure to drive the turbine and generate electricity. The scheme will incorporate a small dam with a tilting slipway which allows the hydro to operate within the flood range of Loch a Bhraoin. The water is then returned to the natural water course further down river, allowing the scheme to operate with very little environmental impact.
When Inverbroom Hydro is built, the local community will be able to apply for Thrive Renewables Community Benefit Programme, which offers grants to improve energy efficiency in community buildings like village halls, making them warmer, more comfortable and cheaper to run.
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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 3,781kWh, <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 Digest of UK Energy Statistics (July 2019) 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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inverbroom 2

Thrive Renewables and Clydesdale Bank have provided loans for the construction of a new 2MW hydro-electric project at Inverbroom in the Highlands of Scotland. The project is being developed by Inverbroom Hydro and Glendevon Energy.

New hydro project under construction in Scotland with new funding from Thrive Renewables and Clydesdale Bank

The UK has one of the most reliable energy networks in the world and across the country there are <a href="https://news.energynetworks.org/news/energy-networks-write-open-letter-to-customers" target="_blank" rel="noopener">36,000 dedicated people</a> working tirelessly to keep the power on and your homes warm. Not just engineers in the field but operations staff, health and safety professionals are all performing an essential service through this difficult time, for which we are incredibly grateful.
We spoke to Scott Ridley, Director of Cirrus Wind Services, an operations and management company who look after some of Thrive’s wind turbines. He talked to us about how his team are continuing with their important work.

The engineers who look after our wind turbines are part of this team of designated critical workers, but did you know, most of the time they can monitor them from the comfort of home? Here’s how:
<h3>Wind turbines normally operate without human intervention</h3>
Sensors inside the turbine automatically manage operations like adjusting to different wind speed and directions. Unlike many coal or gas power stations, they don’t need to be staffed.
<h3>Turbines are monitored remotely</h3>
Any unusual signals or alerts from the turbine sensors are picked up at the control room and can be investigated remotely.
<h3>The control room is coming home</h3>
Wind turbines are usually monitored from a centralised control room, but with modern IT systems which can be accessed securely remotely, staff are often able to carry out these operations from their homes.
<h3>Most issues can be fixed without visiting the site</h3>
It is only a small number of faults, servicing or inspections which require technicians to go to the wind farm. When a site visit is necessary, it will always be planned safely and in line with the government’s public health advice, such as observing two-meter social distancing.
<h3>Wind turbine engineers are essential workers</h3>
Due to their incredibly important role maintaining turbines, they are still permitted to travel across the country to carry out their work. In order to safeguard these vital staff, organisations we work with have put in place a range of safety measures, such as working in smaller teams and not mixing, using personal protective equipment such as gloves and face masks and providing disinfectant.
Scott told us what his team are doing to protect themselves and continue their work.

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As the world continues to tackle coronavirus, dedicated teams across the country are working hard to keep the energy system up and running and your lights on.

Turbines keep turning in turbulent times

<h3>Keeping electricity flowing</h3>
Our renewable energy projects across the country form part of critical national infrastructure and are generating electricity as usual. Engineers continue to maintain and operate our wind farms and hydro sites to keep essential electricity flowing. The safety of staff, contractors and the wider community is of paramount importance. We are working closely with our delivery partners to ensure their employees are able to work safely themselves and protect the communities they operate in, following government advice and industry guidelines.
<h3>Doing business remotely</h3>
Office-based staff continue to work remotely, phone lines are open and levels of service are normal. The pipeline of new renewable energy projects remains strong and we plan to offer further opportunities to invest directly into renewables in the future.
<h3>Providing help to our communities</h3>
We have voluntarily put in place financial support for communities close to our sites and launched an initiative to purchase Thrive Bonds from people in financial difficulties. Click <a title="Supporting our communities during the Covid-19 crisis" href="/latest-news/news/supporting-our-communities-during-the-covid-19-crisis/" target="_blank" rel="noopener" data-udi="umb://document/032608c8ad6a47d1a1142f93a2405f97">here</a> for the full story.

In light of the Covid-19 pandemic and the resulting impact on the global energy markets, we felt it necessary to review the <a title="Directors' Valuation" href="/for-investors/shareholders/directors-valuation/" target="_blank" rel="noopener" data-udi="umb://document/0f06da8b681c4de29f91873a7e1eaaf0">Directors&#8217; Valuation</a>, resulting in a 2% decrease to £2.23 per share. Full details of the review can be found <a title="Directors’ Valuation reduced by 2% in response to Covid-19 pandemic" href="/latest-news/news/directors-valuation-reduced-by-2-in-response-to-covid-19-pandemic/" target="_blank" rel="noopener" data-udi="umb://document/e18fa1865f13416da41f478c3bc778ed">here</a>.

Directors' Valuation

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sigurd

Thrive Renewables has adapted working practices and is able to continue to operate effectively during the Covid-19 crisis.

Covid-19 pandemic business update 22 April

<h3>Covid-19 community crisis support</h3>
We have allocated £24,000 from this year’s Community Benefit Programme and savings made on company travel to provide emergency financial support to the communities who host our wind farms and hydro projects. There are so many people working so hard in their local communities to help neighbours who are vulnerable and self isolating and we want to make sure we support them where we can. We are consulting with local representatives to understand how our donations can have the most impact in helping those who are struggling. The charity, Centre for Sustainable Energy will administer grants to ensure the finances are easy to access and spent in a transparent way.
<h3>Bond purchase scheme</h3>
For some people, their financial situation has changed in a way that would have been unimaginable just a few weeks ago. We are conscious that some of our bondholders may unexpectedly be needing to access cash quickly. So we have put together a scheme for a subsidiary company, Brunel Wind Ltd. to purchase our bonds from people who may be struggling financially. Letters are going out to bondholders over the next few days with full details of the offer. It is important for us to point out that we remain committed to servicing our existing bond debt and bondholders who wish to keep their bonds should absolutely do so. This offer is purely for people whose financial circumstances have changed to such an extent that they need to release the money they have invested quickly.
<h3>Supporting staff</h3>
Engineers continue to maintain and operate our wind farms and hydro sites and keep essential electricity flowing. We are working closely with our delivery partners to ensure their employees are able to work safely themselves and protect the communities they operate in.  All of this is done in line with the evolving government advice and industry trade body guidelines on safety to protect public health.
Our office-based staff are all working from home at the moment. This brings its own challenges potentially with isolation and stress. We support each other with regular face to face calls and team meetings, and we are making professional mental health support available to all staff. In addition, Thrive is providing payments to cover additional household bills for employees such as energy and broadband.
As a business we are fortunate to be able to continue operating effectively, but only because of the amazing work of health and care professionals who take care of the sick and vulnerable and other key workers like our engineers who maintain vital infrastructure and supply chains. We would like to humbly thank them for their work and promise we will continue to do our best to bring about a cleaner, brighter future when this crisis passes.

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Our mission is to power the transition to a sustainable energy future and we make that a reality every day by investing in and operating clean energy generation projects which form part of the UK’s critical infrastructure. We continue to actively develop our pipeline of new renewable energy projects and plan to offer further opportunities to invest directly into renewables in the near future.

Supporting our communities during the Covid-19 crisis

The price we sell electricity at is a key factor in the valuation, along with levels of generation and operational costs. Our projects benefit from a range of power sales contracts which include price floors, fixed pricing and inflation linked elements, as well as government backed renewable electricity support mechanisms. To estimate the long-term dividend flow from our projects, we combine the prices we have agreed in power sales contracts, wholesale electricity market prices in the immediate and medium term and longer-term projections which are provided by market leading experts.
Whilst the DV reflects the long-term value of Thrive shares, events in the short term have an impact. The company continues to generate and sell renewable electricity and has a strong pipeline of new projects &#8211; you can find out more about our business response to Covid-19 <a title="Our response to the Covid-19 pandemic" href="/latest-news/news/our-response-to-the-covid-19-pandemic/" target="_blank" rel="noopener" data-udi="umb://document/3d98ee4e23e74262b138e6a12d9c9a07">here</a>.  However, the pandemic is having a significant impact on prices on the UK’s wholesale electricity market.
Since the beginning of 2020, there has been a reduction of more than 15% in wholesale power prices. Whilst Thrive has mitigated exposure to these price movements in the near term, over the next 24 months we are now projecting lower electricity prices than previously. This has resulted in a 5p per share decrease in the Directors’ Valuation, reducing it by 2% from £2.28 to £2.23 per share.
The pricing of the UKs wholesale electricity market is complex. There are a number of key price drivers which are having a negative impact on electricity prices currently:
<ul>
<li>Global Oil prices have fallen by over 70% since January 20201 This has principally been driven by slowing global growth, the reduction in global oil demand as much of the world is in lock down, exacerbated by the oil supply dispute between Russia and Saudi Arabia.</li>
<li>Natural Gas prices have fallen by over 20% this year2. They are linked to oil prices and currently have a direct impact on the cost of electricity in the UK.</li>
<li>A reduction in demand for electricity in the UK since the lock down was implemented in response to the Covid pandemic. Demand has fallen by between 10% and 20% as both industrial and commercial consumption has dropped. This reduction means that more of the lower cost generators (such as renewables) are satisfying demand and driving down wholesale electricity prices.</li>
</ul>
The combination of locking in future prices and the c.50% of revenues from government backed renewable electricity support mechanisms is limiting Thrive’s exposure to the material changes in the wholesale electricity markets which have been caused largely by the Covid pandemic. The Directors will continue to monitor the factors driving the valuation and communicate any material changes.
[1] <a href="https://www.bbc.co.uk/news/topics/cmjpj223708t/oil" target="_blank" rel="noopener"> https://www.bbc.co.uk/news/topics/cmjpj223708t/oil</a>
[2] <a href="https://www.bbc.co.uk/news/topics/cxwdwz5d8gxt/natural-gas" target="_blank" rel="noopener">https://www.bbc.co.uk/news/topics/cxwdwz5d8gxt/natural-gas</a>

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Caton Moor

Thrive Renewables exists to enable individuals to invest in sustainable energy. We are pleased to have a numerous and diverse shareholder group, giving us a responsibility to provide all our shareholders with an indication of the value of the company – the Directors’ Valuation (DV). The Directors revisit the DV when material events occur.

Directors' Valuation reduced by 2% in response to Covid-19 pandemic

In total our wind, solar and hydro projects delivered emissions reductions equivalent to 58,620 tCO2e, a 1% increase in impact on 2022 [3]. 
Despite overall wind speeds in the UK being slightly lower last year than the long-term average, we managed to generate more power than in 2022.  
As part of our long-term growth strategy we aim to double our renewable generation capacity over the next five years. Last year we made <a href="/latest-news/news/new-deal-with-ethical-power-will-help-double-thrive-s-impact/" target="_blank" rel="noopener">our largest single investment to date</a> and continued to support community-owned projects, including committing £4 million to <a href="/latest-news/news/4-million-investment-into-community-group-attix-cic/" target="_blank" rel="noopener">Scotland’s first subsidy free, 100% community-owned onshore wind turbine</a>.  
We also extended the life of our 22 year old Sigurd wind turbine on Orkney after the original blades reached end of life having generated 88GWh of clean electricity in one of the windiest spots in the UK. Refurbished blades have been fitted so that Sigurd can continue generating clean electricity while the old blades are being <a href="/latest-news/news/reducing-waste-at-our-sigurd-wind-farm/" target="_blank" rel="noopener">repurposed into useful items like bike shelters and EV charging stations</a>.

[1] Impact Portfolio describing Thrive’s share of projects owned plus the projects Thrive is funding.
[2] Average residents per household 2.4 (<a href="https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/families/bulletins/familiesandhouseholds/2020" target="_blank" rel="noopener">https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/families/bulletins/familiesandhouseholds/2020</a>), Population of Preston is 99,198 (<a href="https://www.thegeographist.com/uk-cities-population-1000/" target="_blank" rel="noopener">https://www.thegeographist.com/uk-cities-population-1000/</a>).
[3] RenewableUK uses DESNZ’s “all non-renewable fuels” emissions statistic of 424 tonnes of carbon dioxide per GWh of electricity supplied in the Digest of UK Energy Statistics (July 2023) Table 5.14 (“Estimated carbon dioxide emissions from electricity supplied”). Carbon reduction is calculated by multiplying the total amount of renewable electricity generated by Thrive’s impact portfolio per year by the number of tonnes of carbon which fossil fuels would have produced to generate the same amount of electricity.

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Consistent performance across the portfolio in 2023, despite a slight drop in wind.

Records and repowering: We generated enough clean electricity to power 42,000 homes

Now in its seventh year, the 2023 programme awarded a record £37,692 to ten community groups. The estimated carbon savings from this round alone amount to 7.5 tonnes CO2 equivalent every year. We also provided free online training on the topics of energy advice, community approaches to tackling fuel poverty, and community building energy efficiency. 50% of the people who came to these training sessions had not previously engaged with the programme but were eager to do so afterwards, with two-thirds saying they had been inspired to conduct a survey of their building. Plus, everyone who attended expressed motivation to support their communities in tackling fuel poverty, with all groups also keen to initiate their energy projects.  
Hear from some of the grantees in <a href="https://www.cse.org.uk/news/community-buildings-are-thrive-ing-across-the-uk/" target="_blank" rel="noopener">CSE’s article</a>.

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It’s been a record year for our Community Benefit Programme– over £37,000 awarded in energy efficiency grants.

Community buildings thriving across the UK

Figures by the Department for Energy Security and Net Zero, and analysed by think tank New Economics Foundation, revealed that only seven applications were submitted last year – but all of those <a href="https://www.theguardian.com/environment/2024/feb/15/zero-plans-for-public-onshore-windfarms-submitted-last-year-in-england" target="_blank" rel="noopener">related to the replacement of existing turbines or were for private sites, where the energy produced is destined for a particular consumer, such as a business</a>. 
The number was lower than the 10 applications submitted in 2022, when the de facto ban was still in place, despite the adjustments made to the National Planning Policy Framework in September 2023 which the government claimed would “make it easier and quicker for onshore wind projects to come forward, where there is local support”.  
<h3>Is it only England that&#8217;s falling behind? </h3>
In contrast to the lack of new applications in England, <a href="https://www.endsreport.com/article/1861845/no-new-plans-onshore-wind-england-despite-relaxed-rules%22%20/l%20%22:~:text=There%20were%20no%20new%20planning,onshore%20wind%2C%20new%20data%20shows." target="_blank" rel="noopener">Scotland saw 46 applications made for grid- connected onshore wind farms last year</a> and has openly embraced the technology as part of its future energy mix. Through the <a href="https://www.newcivilengineer.com/latest/scotland-signs-deal-with-sector-to-ensure-it-can-reach-20gw-of-onshore-wind-by-2030-25-09-2023/" target="_blank" rel="noopener">Scottish Onshore Wind Sector Deal</a>, which was signed by the government and major industry players in September 2023, it has <a href="https://www.renewableuk.com/news/652133/Scottish-Onshore-Wind-Sector-Deal-can-provide-blueprint-for-all-of-UK.htm" target="_blank" rel="noopener">outlined a number of measures</a> to help ensure Scotland delivers on its promises of 20GW of onshore wind by 2030 &#8211; more than double its current operational capacity of 9.38GW.  
This includes: 
<ul>
<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1">a commitment that it will take no longer than a year for Scottish onshore wind farms to go through the planning system, </li>
<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1">engagement with local communities at the earliest opportunity to agree a package of community benefits, and </li>
<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1">greater recycling of turbine components to make the supply chain even more sustainable.  </li>
</ul>
And if Scotland can do it, why can’t the rest of the UK follow suit? Especially when we know that people are not only in favour of onshore wind, but that the technology is instrumental in delivering cheaper, cleaner power to households still feeling the effects of the recent energy and cost of living crises. In fact, <a href="https://www.businessgreen.com/news/4112821/staggering-englands-onshore-wind-ban-costing-british-billpayers-gbp-1bn-research" target="_blank" rel="noopener">research by Carbon Brief</a> found that the de facto ban in England had cost billpayers a &#8220;staggering&#8221; £5.1 billion in 2022.  
“Onshore wind remains the cheapest source of clean energy in the UK and has already contributed to billions in savings for UK households. But England continues to miss out on tapping this valuable resource, while Scotland and the rest of Europe add large amounts of wind capacity every year.” –  <a href="https://www.theguardian.com/environment/2024/feb/15/zero-plans-for-public-onshore-windfarms-submitted-last-year-in-england" target="_blank" rel="noopener">Chaitanya Kumar, head of environment and green transition, New Economics Foundation thinktank</a> 
While the government’s micro-adjustments in policy have evidently had little effect, we were still waiting for the results of the government’s consultation into community benefit, launched in May 2023 as part of what was – at the time – dubbed “green day”. Now published, it sought “views on improvements that could be made to the existing system of community engagement and community benefits for onshore wind in England”, with 76 responses from a variety of stakeholders, including Thrive.  
<h3>What are the results of the government&#8217;s consultation? </h3>
Following the consultation, the <a href="https://www.gov.uk/government/consultations/developing-local-partnerships-for-onshore-wind-in-england" target="_blank" rel="noopener">government has confirmed that it intends to</a>:  
<ul>
<li data-leveltext="" data-font="Symbol" data-listid="4" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1">Formally embed best practice principles of community engagement into official planning guidance. </li>
<li data-leveltext="" data-font="Symbol" data-listid="4" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="5" data-aria-level="1">Work with the onshore wind industry and other stakeholders to update the Community Benefits Protocol for Onshore Wind in England. </li>
<li data-leveltext="" data-font="Symbol" data-listid="4" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="6" data-aria-level="1">Take ownership of the Community Benefits Protocol and publish it as official guidance on GOV.UK, providing the whole of the onshore wind industry with clear expectations on community benefits and giving greater certainty to communities. </li>
</ul>
<ul>
<li data-leveltext="" data-font="Symbol" data-listid="4" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1">Provide supporting information and case studies on community benefits to help upskill local communities and streamline the community benefits process, including setting out the instances in which developers could provide additional support to communities. </li>
<li data-leveltext="" data-font="Symbol" data-listid="4" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1">Develop a mechanism for the onshore wind industry to formally sign-up and endorse the updated Protocol, which will provide greater trust and transparency for communities. </li>
<li data-leveltext="" data-font="Symbol" data-listid="4" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1">Consider establishing a public community benefits register that can capture details of community benefit packages, to allow communities to compare offers and drive best practice. </li>
</ul>
We absolutely agree that onshore wind projects should benefit local communities and will continue to work with community energy groups looking to make their projects a reality. However, the government needs to understand that communities will not get to reap any benefits at all if projects never make it into existence. The fact that there were no planning applications in 2023 is proof that developers are still struggling to justify the high cost of navigating the planning process, without clarity on the likelihood of success. We believe that significant reform is still needed if we are to harness wind power to its full potential. 
What we have, and will continue calling for, is for onshore wind to be treated in the same way as other infrastructure projects, as well as the removal of footnote 54 (which sets out the conditions that have to be met for development to be considered &#8216;acceptable) from the National Planning Policy Framework.

While onshore wind delivered almost a third of the UK’s electricity supply last year, England is still failing to harness its true power – despite government ‘reform’.

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