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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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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

The offshore wind sector alone is likely to see a 260% increase in jobs by 2032. In addition, the report suggests that in the next five years there will be 600,000 positions which will need replacing due to staff retirement; there are simply not enough young graduates entering the field to replace them. It is therefore important for our sector to do what we can to inspire more people to pursue careers in renewable energy.
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So, on 4 November we were particularly pleased to welcome a group of engineering students from the University of Bristol to Avonmouth, to give them a behind the scenes look at an operational onshore wind farm. We also wanted to provide some insight into what skills go into developing renewable energy projects and careers options available.
Operations Manager, Adrian, talked to the students about each stage of development, from financing the project and gaining planning permission, to construction and operations. Many of the students had not visited a wind farm before and enjoyed learning more about the turbines.

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The UK renewables sector is currently experiencing a severe skills shortage.

Supporting the next generation of renewable energy engineers

Green Great Britain Week could not be more relevant and needed right now. We are in a climate emergency, that emergency cannot be postponed or rescheduled. Every day, week, month we waste on inaction is to the detriment of not just the UK, but the entire planet. We have so much to do and just over 11 years to do it.
<h3>More good news on renewables</h3>
A recent report released by the <a href="https://www.theguardian.com/environment/2019/oct/21/renewable-energy-to-expand-by-50-in-next-five-years-report" target="_blank" rel="noopener">International Energy Agency</a> showed that global renewables are growing faster than expected and could expand by 50% in the next five years, led by a resurgence in cheaper solar power. This growth will bring the world’s renewable generated electricity up to 30%. Whilst this is fantastic news, if we have any hope of achieving climate, air quality and energy access goals, the deployment of renewables must accelerate ever further still.
In the third quarter of 2019, <a href="https://www.theguardian.com/business/2019/oct/14/renewable-electricity-overtakes-fossil-fuels-in-uk-for-first-time" target="_blank" rel="noopener">UK renewables generated more electricity than fossil fuels</a> for the first time since the first ever power plant in 1882, providing 40% of our electricity needs. Helped by a string of new offshore wind farms built this year, wind power is the UK’s strongest source of renewable energy making up 20% of the mix. This signifies a crucial tipping point in our energy transition, and yet another milestone on our net zero journey.
<h3>Environment Bill and Office for Environmental Protection</h3>
In the Queen’s speech on 11 October, the government laid out its new Environmental Bill which will reportedly enshrine environmental principles into law for the first time. Several of the Bill’s proposals have been welcomed, such as those on restoring and protecting nature and tackling plastic pollution. However, few policy details have been released and very little was mentioned in relation to decarbonisation and curbing emissions in line with meeting net zero targets. In addition to the proposed bills, the government announced plans to establish the Office for Environmental Protection (OEP), an independent watchdog, to hold the government to account and ensure compliance with environmental targets and laws.
This new watchdog provides an opportunity to put sustainability at the heart of the UK economy. However, we are concerned about its lack of power to discipline non-compliant organisations. Under EU rules, for example, the government has faced heavy fines for failing to meet EU air standards. It has also been forced to reduce nitrogen oxides pollution. The OEP however, will not have such powers which leads to worries that the new watchdog will be insufficient to punish those who breach new standards or fail to hit the UK’s green targets.  With an election in the offing, the future is even more unclear.
<h3>Action and leadership now</h3>
Behind the announcements of government plans to protect and improve the environment through the Environment Bill and the new OEP, they have been slipping ever further from their legally binding targets on emissions that are directly contributing to global heating.
The Committee on Climate Change (CCC), the government’s advisory group on climate change and emissions targets, outlined changes which need to be made to reach net zero in their 2019 progress report. Changes such as supporting onshore wind and solar and improving home insulation. The new OEP is expected to provide some additional teeth to compliment the work of the CCC. However, it is difficult to have confidence in the OEP’s ability to police our environmental and climate action when so few of the CCC’s recommendations have so far been met.
Right now, we need environmental and climate leadership from government, but also from local authorities, industry, business and individual people. Green Great Britain Week would have been a great opportunity to bring all those different corners of the UK economy and society together to develop and harness that leadership to create real change.
Next year the UK will be hosting COP26 in Glasgow, shining a spotlight on the government’s actions on the climate emergency. If we want to be seen as a world leader on that stage, the work needs to start now, and it needs to start with clear policy and tangible action. We need to create a viable route to market for onshore renewables, the cheapest sources of new energy generation. We need to change the planning regulations to protect the UK’s current portfolio of renewable energy projects from shrinking as they approach the end of their planning consent. We need to support the repowering of older renewable energy projects, making use of more advanced and efficient technology.
The road to net zero is clear. It has been laid out in front of us by scientists and the government’s own <a href="https://www.theccc.org.uk/publication/net-zero-the-uks-contribution-to-stopping-global-warming/" target="_blank" rel="noopener">CCC</a>, <a href="https://www.nic.org.uk/assessment/national-infrastructure-assessment/low-cost-low-carbon/" target="_blank" rel="noopener">National infrastructure Committee</a> and <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/700496/clean-growth-strategy-correction-april-2018.pdf" target="_blank" rel="noopener">BEIS</a> to name a few. Now we must choose to take it. We need the new government, when it is elected, to step up and move quickly in the right direction. It should be Green Great Britain Week every week for business, individuals, communities and beyond.

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This week we should have been celebrating Green Great Britain Week.

What happened to Green Great Britain Week?

Each successful community building will receive up to £4,000 to make energy efficiency and sustainability improvements carefully targeted for their specific design and use.  Improvements like loft insulation, new double-glazed windows, draft-proof doors, thermal curtains and efficient LED lighting.
A wide variety of buildings have been awarded grants this year, hosting projects, charities and organisations which support and address different community needs.
Successful applicants include:
<ul>
<li>North East Suffolk Citizens Advice Bureau &#8211; an independent charity providing impartial, free advice to the local community</li>
<li>Heart and Sound &#8211; a Scottish youth work and creative media charity</li>
<li>Alloa Rugby Football Club &#8211; a rugby training facility and social club for local sports teams</li>
<li>St Paul’s Parish Church &#8211; the village hub acting as a focal point hosting groups of all ages from across the local area</li>
</ul>
The sustainability improvements are forecast to save community organisations an average of £649 per year. This will go a long way to helping them maintain these vital shared spaces which provide so much for the people who use them. In addition, the energy efficiency improvements are also calculated to save 23.03 tonnes of carbon dioxide emissions every year, contributing to the global effort to address the climate emergency and reach our targets of net zero emissions by 2050.
North East Suffolk Citizens Advice Bureau received £1,781 for loft insulation, which will support an ongoing project to improve the energy usage of the building.

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23 tonnes of carbon dioxide emissions per year will be avoided with round 4 of the community benefit programme.

Improved warmth and comfort in vital community buildings

We kicked off our celebrations last month with a birthday reception and a family open day at our Avonmouth wind farm. Nick Stromberg, intern at the Centre for Sustainable Energy, writes for Blue Patch’s Youth Blog about the events and festivities.
Read the full blog on the Blue Patch <a href="https://community.bluepatch.org/renewable-energy-in-britain-from-thrive/" target="_blank" rel="noopener">website.</a>

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TIDE &amp; ISE 2018

The Blue Patch youth blog reports on Thrive’s 25th anniversary celebrations.

Thrive at 25! Youth blog

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The National Grid produces Future Energy Scenarios describing how power will be generated, distributed and consumed in the future. It demonstrates just how much needs to be done to transform our energy system. We are ready to take on this challenge and invest in new wind, solar and hydro projects; with the right policy framework in place, this transformation will happen.
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To-date, the UK has built a fifth of the renewable capacity required to slow climate change. With the UNFCCC (United Nations Framework Convention on Climate Change) suggesting we have only 12 years to turn the climate change around, the role for Thrive, its investors and others in building new sustainable energy infrastructure continues to be absolutely crucial.
Our mission is to power the transition to a sustainable energy future by helping people meaningfully connect with clean energy projects. By doing this we can achieve wider energy access and lower costs for everyone over the coming years. With the twin challenges of national planning guidance and an energy system where onshore renewables stand alone in being unsubsidised, the pioneering and values driven investment approach of Thrive and its investors has never been more relevant.
If government, industries and individuals work together towards this common goal, we will succeed in creating a cleaner, fairer and brighter future. We asked some of Thrive’s friends and key industry figures to imagine what this future might look like. Here’s what they said.
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1 &#8211; Cumulative generation since 1998, average UK homes equivalent consumption of 3.781MWh/p.a./UK home (https://www.renewableuk.com/page/UKWEDExplained), average residents per household 2.3 (https://www.ons.gov.uk/ peoplepopulationandcommunity/populationandmigration/ populationestimates/bulletins/populationandhousehold estimatesfortheunitedkingdom/2011-03-21)

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It’s Good Money Week, organised by the UK Sustainable Investment and Finance Association, which Thrive is part of. As our investors know, money has the power to create real, positive change in the world.

Working together towards a brighter future

Across the UK, hundreds of thousands of impassioned people joined marches and rallies in more than 200 locations. From big cities like London, Manchester and Newcastle, which drew crowds of up to 100,000 people, to small towns and villages such as Fort William, Rhyl and Laugharne which saw 6 local villagers gather to join the global movement.
Thrive team members joined other Bristol businesses at our local Bristol march which saw a speech by Natalie Bennett of the Green Party, protestors staging a symbolic ‘die in’ and a youth poetry reading. Another member of the team, who took strike action herself from work, attended the rally outside Westminster in London.
<h3>London 20 September 2019</h3>
As people gathered from 11am, quickly filling up the streets and gardens surrounding the Houses of Parliament, the sun shone down illuminating the masses of home-made signs and radiant smiles of young and old alike. Small groups of primary school children brought by teachers stayed on the edges of the rally taking part in games and activities, whilst larger groups of teenagers stood on bins and walls holding their placards and chanting climate demands. Multi-faith groups took part in group prayer and music was playing everywhere.
The event was one of overwhelming unity, hope and a collective demand for action. Many people attending had been watching the first marches spread across Australia and the South Pacific on social media and you could not escape the feeling of connection with so many others, a little bit like when we greet the New Year around the world.
Climate justice was the theme of the day with a range of speakers from across the UK and the world discussing what it means to them and how we achieve it together. Strong key themes that came from many of the speakers was the key role racial justice and migrant justice play in achieving climate justice. Climate change disproportionately affects the global south1<a class="js-scroll-done" href="/latest-news/blog/young-people-and-workers-unite-to-demand-action-on-climate-crisis/#_ftn1" name="_ftnref1"></a> and these communities. The worst effects of climate change will lead to mass migration as vast areas of the globe become uninhabitable2. Some of the most powerful of the speakers were two school children from Malawi. They came to tell 100,000 Londoners what climate change is doing to their country, how droughts, food shortages and extreme weather are affecting their communities. They also came to tell us that we are part of the problem. These two incredibly brave and inspirational young people came to ask for our help, because we have the power and the resources to change.
Other speakers included Owen Jones, The Guardian columnist and author, Caroline Lucas, Leader of the Green Party, and Jeremy Corbyn, Leader of the Labour Party. Both party leaders came to discuss what their plans were for addressing the climate crisis. They both reiterated the necessity of urgent action following major global events such as the fire in the Amazon rainforest and the hurricane which left devastation in the Bahamas. They also, like many of the day’s speakers, drew attention back to those suffering most from the effects of climate change. Caroline Lucas described climate change as “the biggest social justice issue of our time”. However, these were also messages of hope, thanking those who had joined the movement for showing true climate leadership, for keeping this issue at the top of the political agenda and promising that together, as one movement across the world, we will succeed.
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1 &#8211;  UN report &#8211; Climate Change and Social Inequality <a href="https://www.un.org/esa/desa/papers/2017/wp152_2017.pdf" target="_blank" rel="noopener">(https://www.un.org/esa/desa/papers/2017/wp152_2017.pdf)</a>
2 &#8211;  International Organization for Migration (IOM) – Migration and Climate Change (<a href="https://www.ipcc.ch/apps/njlite/srex/njlite_download.php?id=5866" target="_blank" rel="noopener" data-anchor="?id=5866">https://www.ipcc.ch/apps/njlite/srex/njlite_download.php?id=5866</a>)

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Three Thrive team members joined more than 7.6 million people from across the world to support the Global Climate Strike between 20th and 27th September.

Young people and workers unite to demand action on climate crisis

The power of nature

Today clean, renewable power is providing over a third of the UK’s electricity needs. At Thrive we have been part of this journey for 25 years, working towards a cleaner, smarter energy system. And we’ve come a long way. 

Video: The power of nature

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We are about to hit the milestone of 1.6 Terawatt hours (TWh) of renewable electricity generated over the last 25 years, reducing UK CO2 emissions by over 660,000 tonnes1 and meeting the equivalent annual energy demand of one million UK residents2. 22 renewable energy projects have been built or funded by Thrive over the last quarter of a century, the majority of which we own and operate. £35 million has been raised in equity and £13 million in bonds with over 6,100 investors. Assets under management now total £117 million.
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Earlier this year, we sold two onshore windfarms. From the sale of the projects, we realised the next 10 years of predicted dividends, enabling us to pay a 40p per share interim dividend to shareholders and retain a sizeable pot (approximately £11m) to invest in new renewable projects.
We’re now focusing on three main areas:
<ul>
<li>Private wire renewables – enabling businesses to build on-site wind, solar and storage and benefit from lower power prices.</li>
<li>Community Energy Funding Bridge – providing flexible finance for community groups to enable them to build and take ownership of their own renewable energy projects.</li>
<li>Demonstrating that subsidy-free small to medium scale onshore renewable developments are feasible.</li>
</ul>
There is a pipeline of new investment opportunities in place that will be announced in the coming months.
Birthday celebrations commence with our Avonmouth wind farm open day in association with Bristol Open Doors. We’re expecting over 500 people across two days on 13 and 14 September as part of our mission to connect more people to renewable energy. The free event has proved extremely popular and all places were booked within days of becoming available.
[1] https://www.renewableuk.com/page/UKWEDExplained
[2] Cumulative generation since 1998, average UK homes equivalent consumption of 3.781MWh/p.a./UK home (https://www.renewableuk.com/page/UKWEDExplained), average residents per household 2.3
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Thrive Renewables celebrates 25th anniversary.

People power key for sustainable future

We’re delighted to report that 99.3% of respondents are satisfied with Thrive Renewables. Reasons given for this high level of satisfaction include our focus on renewable energy and ethical practice. This reflects one of our core values, Sustainable At Heart; we always use the principles of sustainability to guide our investment and business approach, and have done for 25 years.
At Thrive we are committed to playing an active role in the clean energy movement and driving positive change in the UK, working towards achieving our mission to power the transition to a sustainable energy future. It’s great to see this recognised by our investors, with 84% of respondents describing Thrive as making a genuine difference to the environment.  
Public support for renewable energy and climate action has grown markedly recently, inspired by the School Strike 4 Climate and Extinction Rebellion movements. According to the UK Government’s public opinion tracker, in 2019 84% of the British public support renewable energy sources for electricity and heat production and 79% <a href="https://www.gov.uk/government/collections/public-attitudes-tracking-survey">support onshore wind</a>. Investors who took part in our survey are overwhelmingly in support of renewable energy and climate action, with 92.2% applauding the school children who went on strike to highlight environmental issues.  
In June, the UK Government signed a target of net zero carbon emissions by 2050 into law, making history in the process. But this gesture must be followed by tangible actions, and respondents agree. 98.9% think the government need to do a lot more to support the renewable energy industry and 99.7% would like to see the UK produce much more renewable energy than it currently does. 
We need policy with clear and stable direction and investment into renewable energy from the government or we will not meet that target. 99.1% of our survey participants believe that as a society, if we don’t make more investments in renewable energy now, future generations will really suffer.

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98.9% think the government needs to improve support for the renewable energy industry.

Thrive investors have their say

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[1] BEIS: Digest of UK Energy Statistics (DUKES) (https://www.gov.uk/government/collections/digest-of-uk-energy-statistics-dukes)
[2] BEIS Public Attitude Tracker: Energy and Climate Change (https://www.gov.uk/government/collections/public-attitudes-tracking-survey)
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Did you know that renewables were responsible for meeting just 2% of our electricity consumption back in 1994? Check out our birthday timeline of Thrive history since 1994.

Down memory lane

Drumduff wind farm was officially opened by local MSP Alison Johnstone at a community open day in September 2018. The project has the potential to produce enough clean energy for over 5,000 UK homes[1], and in 2018 was awarded the Sustainable Development award at the Scottish Renewables’ Green Energy Awards.
Thrive has also been shortlisted for Community Energy England’s Collaboration award, for the Community Benefit Programme we run with national charity the Centre for Sustainable Energy. The Community Benefit Programme has been running since 2015, offering grants of up to £4,000 for energy efficiency and sustainability improvements for community buildings close to our renewable energy projects. The grants improve warmth and comfort and reduce running costs in eligible buildings, while also reducing CO2 emissions. These buildings play a key role within their communities, providing vital services and communal space for everyone, including the most vulnerable, to come together. To date, the Community Benefit Programme has awarded over £63,000 to 17 community buildings, saving 40 tonnes of CO2 each year.
Finally, Thrive Renewables has been shortlisted for Green Business of the Year at Business Insider Magazine’s prestigious Business Leaders Awards. With ‘Sustainability At Heart’ one of our core values, we are honoured to be recognised as one of the greenest and most sustainable businesses in the South West. The principles of sustainability guide all aspects of Thrive’s business, from the renewable energy projects we build and operate, to the community events we run.
[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">https://www.renewableuk.com/page/UKWEDExplained</a>

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Alongside our valued partners GreenPower International and the Centre for Sustainable Energy, Thrive has been recognised and shortlisted for three industry awards.

Thrive Renewables shortlisted for three prestigious awards

The UK has installed an impressive 44GW of renewable energy capacity in the last few decades, meeting a third of our electricity demand. To meet our net zero carbon emission targets, this rapid growth must continue. Matthew Clayton writes for BusinessGreen on how a few important changes can help lower costs, increase revenue certainty and secure the vital investment needed to transform the UK&#8217;s energy system. Read the full article on the BusinessGreen <a href="https://www.businessgreen.com/bg/opinion/3080625/planning-for-a-successful-subsidy-free-future" target="_blank" rel="noopener">website.</a>

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Our Managing Director, Matthew Clayton, writes for BusinessGreen.

Planning for a successful, subsidy-free future

This funding will help us deliver on our busy pipeline, which includes a portfolio of new clean energy developments through a £20 million investment in Ethical Power. We also plan to fund more ‘direct wire’ solar projects, giving UK businesses access to a direct supply of clean electricity, and support community energy groups in building their own clean energy projects locally – like our recent <a href="/latest-news/news/4-million-investment-into-community-group-attix-cic/">£4 million investment in Scottish community energy group</a>, ATTIX CIC.
Other recent development projects include providing £4 million funding to construct England’s largest onshore wind turbine, which is wholly community-owned, and a 20 MW battery in our home city of Bristol, plus a total of £6 million investment in United Downs – the UK’s first deep geothermal electricity generation plant in Cornwall, which is also set to provide commercial quantities of lithium for EV batteries.
This successful crowdfund comes as new Thrive research – conducted by Opinium, found that retail investors could unlock over £214 billion worth of investments needed to fund UK net zero infrastructure ambitions. Read more about the research <a href="/latest-news/news/the-214bn-impact-investment-opportunity-retail-investors-could-unlock-crucial-net-zero-funding/" target="_blank" rel="noopener">here</a>.

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Thrive Renewables

Thank you to everyone that is supporting Thrive’s mission to build a cleaner, fairer energy system here in the UK.

The future is green: £5.4 million raised to build new clean energy projects

Having provided the first commercial funding for the project in 2020 and a further £3 million investment in 2023, we’re pleased to see the start of this exciting final phase. Geothermal Engineering Limited (GEL) expect construction work to be completed by summer this year, with the first power to be produced towards the end of 2024.  
We were delighted to be on site to see the start of construction at United Downs alongside other investors.
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The United Downs plant will be harnessing heat from hot granite rocks via two deep wells which were drilled and tested in 2019 and 2020. From this site and other proposed sites in Cornwall, GEL are hoping to produce enough power and heat for 70,000 homes by 2028. 
Recent testing at United Downs has shown that geothermal fluid within the wells has one of the highest concentrations of lithium in Europe at 340 parts per million (ppm). This sustainably produced UK lithium has the potential to fulfil a significant portion of the UK’s lithium, helping to support the growing EV industry.   
Last year GEL were awarded three Contracts for Difference, the first ever for geothermal in the UK. These contracts guarantee a set price for the sale of renewable electricity at United Downs and their other two sites at Manhay and Penhallow.

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The United Downs site is expected to start producing renewable electricity by late 2024.

Construction begins on UK's first geothermal power plant

In September 2023, we also agreed to fund 192MW of new solar PV and battery storage through a £20 million investment in a UK development portfolio. The first projects are expected to be constructed this year.

We are particularly proud that this project involved a collaborative effort between commercial and third sector organisations; Thrive, Aura Power, Bristol Energy Cooperative (BEC) and Residents Against Dirty Energy (RADE). Campaigning work by RADE and BEC originally prevented the site from becoming a polluting diesel STOR generator. Having successfully blocked planning permission for the dirty generator, they supported Aura Power’s proposal for a battery, a clean technology, storing excess electricity when it is abundant and ultimately enabling more renewables to be connected to the grid.  
In recognition of the community effort to support the project, we have been able to offer local residents the opportunity to own a stake in it through shared ownership with BEC. We are proud to be the first commercial owner to offer shared ownership in a standalone battery project in the UK.  
The project recently <a href="/latest-news/news/celebrating-our-collaborative-and-award-winning-funding-approach-at-the-community-energy-awards/" target="_blank" rel="noopener">won the Collaboration in Community Energy Award</a> with BEC, Aura and RADE at the 2023 Community Energy Awards. 
Our team has also developed a landscape plan for Feeder Road that will help to protect and enhance the biodiversity at the site. We’ve focused on providing the resident wildlife with more places to nest and shelter. This includes installing a number of bird, bat and invertebrate boxes, as well as planting trees, hedgerows, species rich grassland, shade scrub and native ferns that will strengthen local habitat corridors and provide wildlife with food, nectar and pollen.

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