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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 new power purchase agreement (PPA) for the electricity generated by Thrive’s 2.75MW wind turbine at Ness Point, England’s most easterly point, will provide enough energy for 2,225 UK homes. The agreement for the 0.8MW Auchtygills turbine in Aberdeenshire will power an additional 700 homes.
In 1998, Bristol City Council and Thrive separately became renewable energy trailblazers. The council became one of the first local authorities to buy renewable electricity and Thrive invested in its first wind farm – Haverigg.
Twenty years on, Thrive now has a portfolio of 17 renewable energy projects. And, Bristol has set itself the ambitious target of becoming carbon-neutral by 2030, with the council <a href="https://news.bristol.gov.uk/news/council-exceeds-carbon-reduction-target-for-a-second-year" target="_blank" rel="noopener">recently announcing</a> it had cut its own carbon emissions by 71%, two years ahead of schedule. The council has also launched its City Leap project to help significantly reduce carbon emissions and build a resilient city where no one is left behind.
Providing accessible renewable energy is a key objective for Thrive and Bristol Energy. The organisations – which are both headquartered in the city centre, by College Green and Temple Meads respectively – are enabling people to get involved by investing in Thrive’s renewable energy schemes or by signing up Bristol Energy’s 100% green tariff.
The deal was completed on e-POWER, an online auction, which enables independent renewable energy generators to sell clean electricity to utilities.
Ness Point
Ness Point, in Lowestoft is the most easterly point in England and the turbine sits right on the sea wall, making the most of winds whipping in off the North Sea.
Since Thrive invested in the project, the <a href="https://www.orbisenergy.co.uk/" target="_blank" rel="noopener">Orbis Energy Centre</a> has been established next door, which is a flagship focus for the east of England&#8217;s renewables network and home to a range of established and innovative organisations supporting the sector.
Auchtygills wind farm
The Auchtygills turbine is a single, 0.8MW machine built near Strichen in Aberdeenshire. The Auchtygills project makes an annual community benefit payment to the local council. This payment is used by the council to carry out sustainability, energy efficiency and environmental improvements to existing housing stock in the area and to contribute to educational and art projects in the area through the local Mintlaw Academy.

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Ness point1

Thrive Renewables and Bristol Energy have today unveiled an agreement for 3.55MW of renewable electricity, enough to power almost 3,000 homes, from two onshore wind farms in Suffolk and Aberdeenshire.

Thrive and Bristol Energy agree wind power deal for 3,000 homes

A key area highlighted by the CCC for change is within power sector, specifically onshore renewables, such as onshore wind and solar PV. Up until 2015, the UK was a world leader in onshore renewable development, so when the government removed support and changed planning regulations in 2015, it was a significant setback to the industry. According to the report, there is currently no route to market for onshore wind and solar, the lowest-cost forms of renewable generation. This severely limits the potential speed of decarbonisation in the UK and adds to costs.
The report identifies where policy has been successful in catalysing change. Offshore wind is now able to provide power at comparable prices to fossil fuels. This has been achieved by creating a marketplace with long-term contracts and the necessary funding via a ‘Contracts for Difference’ (CfD) scheme.
Renewable energy continues to fall in price and is now the cheapest source of new electricity generation in most parts of the world1. Since 2017 the global average levelised cost of solar PV and onshore wind has fallen by 13%2. By 2020 these two sources are expected to be less expensive than the cheapest fossil fuel alternative in a wide range of geographies2. The CCC progress report underlines that there is absolutely massive potential for onshore renewables in the UK, and with the right policies in place we could start building immediately.
The government doesn’t need to change much to ensure that we can start building renewables at capacity again. A few small planning system amendments could boost investor confidence and support wide-spread and successful subsidy-free onshore renewable generation. Renewable energy projects are almost unique in receiving planning permission for just 20 &#8211; 25 years, which reflected the length of time they received financial support. But now that support has been removed, the government needs to recognise the crucial role of onshore renewables in decarbonising the UK’s energy infrastructure. The time span of planning permissions needs to be changed to in perpetuity to bring renewables into line with other infrastructure projects. This will increase investor confidence and ultimately lead to lower electricity bills for the consumer. Additionally, removing the risk of the existing UK portfolio of renewables from shrinking is key.  Planning guidance should encourage the continued use of existing renewable energy sites, rather than the benchmarking continued operations against a green field.

1 IRENA (2019) Renewable Power Generation Costs in 2018; Bloomberg New Energy Finance (2019) New Energy Outlook 2019. These costs use a generation cost basis, which does not include the systems costs of variable renewables.
2 International Renewable Energy Agency (2019) Renewable Power Generation Costs in 2018

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“The need for action has rarely been clearer. Our message to government is simple: Now, do it.” Committee on Climate Change.

Reaching net zero - We need policy with clear and stable direction

The UK committed to ‘net zero’ carbon emissions by 2050 recently, a very positive move. Matthew Clayton argues that onshore renewables have the potential to play a very significant part in this vital transformation. Read the full article on The Ecologist <a href="https://theecologist.org/2019/jun/18/matching-ambition-action">website</a>.

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Our Managing Director, Matthew Clayton, writes for The Ecologist website.

Matching ambition with action

The UK has just committed to reducing carbon emissions to almost zero by 2050. It is communities like this one at Caton Moor who will help us to get there.

Celebrating wind power 

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Wind energy has the power to help deliver net zero carbon emissions by 2050 and deliver economic growth. This film celebrates the difference wind power has made in a rural community.

Video: Celebrating wind power at Caton Moor

The prize was awarded for our innovative Community Energy Funding Bridge financial model. We are proud to be recognised for our unique contribution to community energy ownership, uniting communities through a common movement to invest in and own clean energy. This award reflects our work towards achieving our vision of a clean, smart energy system that is powered by the investment of many.
The Community Energy Funding Bridge was set up in 2016 in response to a growing desire for community owned renewables. By providing temporary funding to purchase local renewable energy projects, we empower communities by giving them the time and breathing space to raise their own funds. Once the funding has been paid back, the community owns the project for the long run.
Mean Moor is a huge success story for the Community Energy Funding Bridge and the first wind farm in the country to be transferred from corporate to community ownership. Thrive provided £7.4million in funding to facilitate the acquisition of Mean Moor by three local energy cooperatives. This gave them the time and support they needed to successfully raise £4million in a matter of weeks, uniting over 700 investors, partially replacing the Community Energy Funding Bridge. The wind farm is now 100% community owned.
Onshore renewable energy projects will play a key role in achieving the Climate Change Committee’s target for net-zero emissions by 2050. Diversifying the ownership of renewable projects, such as Mean Moor, enables people to take action on climate change by owning their local clean energy at source.

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mean moor

Thrive Renewables wins prestigious Renewable Energy Association award for the second time.

Thrive wins 'financial leadership' award 2019

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We made new investments in renewable heat for retirement homes and battery storage solutions to improve flexibility on the grid and provide businesses with less carbon intensive power at lower prices.
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Our positive environmental impact also increased by over a third when measured in CO2 emission reductions – mitigating the entire annual carbon footprint of 7,760 people3 in total. Last year we produced enough clean electricity to power all the households in a city the size of Norwich.
The sale of two wind farms early in 2019 led to a 40p per share interim dividend for shareholders in April, as well as £11 million released to invest in new clean energy projects. The Directors are recommending a 7p per share final dividend this year, subject to shareholder approval, reflecting an increase in profitability with new windfarms and other investments coming on stream and a decrease in debt as other projects mature.
Renewable power also brings advantages to host communities. Last year Thrive contributed £1.3 million4 to local economies . Our Community Benefit Programme awarded grants of over £30,000 to improve warmth and comfort in shared buildings such as youth centres and village halls close to our sites.
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<div>References</div>
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<div>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></div>
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<div>2 RenewableUK uses BEIS’s “all fossil fuels” emissions statistic of 460 tonnes of carbon dioxide per GWh of electricity supplied in the Digest of UK Energy Statistics (July 2018) p125 Table 5D (“Estimated carbon dioxide emissions from electricity supplied 2015 to 2017”), <a href="https://www.renewableuk.com/page/UKWEDExplained">https://www.renewableuk.com/page/UKWEDExplained</a>. Average per capita greenhouse gas emissions.</div>
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<div>3 The average UK citizen produces 12.5 tonnes of carbon dioxide a year, <a href="https://www.carbonbrief.org/city-of-london-tops-uk-carbon-footprint-list">https://www.carbonbrief.org/city-of-london-tops-uk-carbon-footprint-list</a></div>
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<div>4 Includes business rates, land rental and community benefits</div>

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DC26

Another year of strong performance and record returns to shareholders.

Thrive Renewables annual results 2018

Drumduff wind farm was officially opened by local MSP Alison Johnstone at a community open day in September 2018 attended by 400 people. The opening celebrated years of hard work transforming a derelict former coal mine into a wind farm fit for the future, generating renewable electricity.
Thrive has also been shortlisted for the Financial Leadership Award for our Community Energy Funding Bridge, a funding model which provides temporary finance for communities wishing to purchase or build their own renewable energy projects. It allows local people to take ownership of renewable energy projects near them and reap the financial, social and environmental rewards.

The successful transition from coal to clean energy

Drumduff wind farm construction

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DC25

Drumduff, our iconic, award-winning wind farm built as a joint venture with GreenPower International, has been shortlisted for the prestigious Renewable Energy Association – Outstanding Project Award.

Thrive shortlisted for two prestigious awards with partner GreenPower International

Kirksanton Village Hall near our Haverigg II wind farm in Cumbria was underused due to poor lighting and heating. We awarded them just over £3,000 in 2018 to install LED lighting, energy efficient space and water heaters and insulation for water pipes. Now the Parish Council meets there, along with groups like the ‘stitchers’.
The Thrive Community Benefit Programme has awarded a total of 21 grants to 17 community groups, providing 40 tonnes per year of carbon savings in total.
The Centre for Sustainable Energy, an independent national charity that shares knowledge and experience to help people change the way they think and act on energy, runs the programme. The scheme will reopen in May.

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Our fourth annual Community Benefit Programme, awarding grants to improve energy efficiency and comfort in village halls and other community buildings, will open on 10th May.

Warmth and light for chilly community buildings

Space heating and hot water accounts for 80% of final residential energy consumption in the UK.  70% of our heating requirements are met by burning natural gas, resulting in 20% of the UK’s CO2 emissions. Ground source heat pumps significantly reduce this negative environmental impact by using underground pipes to extract natural heat from the ground to heat radiators, underfloor or air systems and water.
Buildings like retirement homes, which need to be warm and cosy all day, can be particularly difficult to heat efficiently. Running a heat pump costs around 30% less than an equivalent gas boiler, 40% less than oil and 60% less than LPG, so as well as reducing carbon emissions, they can also lower energy bills. Heat pumps also have a longer life than combustion boilers and require less maintenance. The ground stays at a fairly constant temperature under the surface, so the heat pump system can be used throughout the year.
Our investment forms part of a £4.1 million seven-year bond, financing the rollout of 100 ground source heat pumps to retirement homes across England and Wales. Rendesco achieves a return on its investment through the government’s non-domestic Renewable Heat Incentive (RHI) scheme, a 20-year inflation-linked subsidy. This model will allow Rendesco to repay the bond in full within seven years. The funds have come from a £1 million investment allocation that Thrive has ringfenced for new sustainable energy technologies, such as heat, energy storage and other innovative solutions.

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Rendesco well on the way to meeting its target of 100 installations across the UK.

Over 45 ground source heat pumps installed in retirement homes

Following the successful sale of two wind farms in February 2019, a General Meeting was held for shareholders to consider two resolutions:
1.1 that the directors be authorised to offer shareholders the right to elect to receive shares instead of cash in respect of dividends declared by the Company;
1.2 to approve an interim dividend of £0.40 per ordinary share to be paid to the holders of ordinary shares on the register of members at the close of business on 15 February 2019.
Each of the resolutions were put to the meeting and passed on a show of hands. The interim dividends have now been paid to shareholders.
Thrive’s regular Annual General Meeting will be held in Bristol on 15 June. All shareholders are warmly invited. We will welcome a guest speaker and a light lunch will be provided.

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Shareholders agree to proposed interim dividend of 40p per share

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We evaluate the DRSP when material events occur. On 15 February, two wind farms were sold, providing evidence of an increase in the value of our operational assets, leading to an increase in the DRSP to £2.65 per share. An interim dividend of 40p per share, representing 15% of the share price, was proposed, subject to approval by shareholders. An additional £11 million realised by the sale will be retained by the company to invest in more sustainable energy capacity for the UK.
Following a unanimous decision by shareholders at the General Meeting on 12 March to approve the payment of a 40p per share interim dividend, the revised DRSP will be £2.28. This takes account of the interim dividend payment, but also reflects positive developments including securing improved electricity prices at a number of renewable energy sites and the company’s performance in 2018.
The interim dividend payments will be made to shareholders in two equal instalments of 20p on 3 and 17 April. The Thrive Renewables Annual General Meeting (AGM) will be held as usual in June. Invitations and information on proposed annual dividends will be sent to shareholders in May.
Changes to the DRSP are always published on our website. Below you will find a graph which shows the movements in the DRSP since February 2018.
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<figure class=""><picture><source srcset="/media/1933/drsp-image.png?width=468&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" media="(min-width: 1080px)" /><source srcset="/media/1933/drsp-image.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/1933/drsp-image.png?width=620&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" alt="" /></picture></figure>
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Directors Recommended Share Price updated following approval of interim dividend.

Directors' recommended share price review

We constructed both onshore wind sites between 2009 and 2011. Since then, the sites – in North Wales and Suffolk – have generated over 280 Gigawatt hours (GWh), enough clean electricity to power over 9,000 average UK homes annually**.
Following a competitive tender, we chose Equitix, an infrastructure investor, as the buyer of the two sites. Equitix was selected due to its attractive offer, long term commitment to keep the sites generating clean wind power and guarantee to maintain Thrive’s local community engagement work.
Through our community funds, the wind farms have delivered positive benefits for local people, including energy efficiency improvements to community buildings and children’s playground equipment. We have also installed potentially life-saving defibrillators in remote locations and raised awareness of climate change with local children.
Last year our portfolio delivered a reduction of 96,800 tonnes of greenhouse gas emissions. Deals such as this one help us to increase the UK’s overall renewable energy capacity as we use capital appreciation from these two operational wind farms to invest in new projects.
Shareholders will be invited to a General Meeting (GM) on 12 March to vote on the proposed dividend and other related resolutions.
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* <a href="/for-investors/buy-and-sell-shares/directors-recommended-share-price">Directors&#8217; Recommended Share price</a>
** Calculated using Thrive Renewables’ own generation multiplied by the impact figures published at www.renewableuk.com/page/UKWEDExplained

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Two of our onshore wind farms with a total generation capacity of 13MW have been successfully sold, taking advantage of current high market valuations for operational projects. The multi-million deal will enable us to build new renewable energy capacity in the UK. The wind farms will continue to produce clean, green electricity under new ownership.

Sale of two wind farms to fund new sustainable energy projects

But there’s no denying it – the energy transition is happening (although not as quickly as we would like), and renewables are here to stay. Below we share some of the reasons we’re keeping positive as we look forward to another year of prioritising people and planet, funding and building new projects that deliver cheaper, cleaner power, lower household bills and support the UK’s transition to a fairer, net zero energy system.  
<h3>Renewables produced enough electricity in 2023 to power every UK home </h3>
According to The Energy &amp; Climate Intelligence Unit (ECIU)[1], the UK’s fleet of wind, solar and hydro projects generated enough clean electricity to power the country’s 28 million homes in 2023. The think tank has estimated that these assets produced over 90TWh of electricity, while power generation from gas-fired power plants fell by 20 to 30 per cent each quarter compared to four years ago. New data from Carbon Brief has also found that renewables provided the single largest source of power to the grid last year at a record 42%.  
<h3>World leaders agreed to triple renewables by 2030  </h3>
In one of the most widely supported pledges at the recent COP28 conference in Dubai, over 110 policymakers agreed to tripling the world’s renewable capacity by 2030. During the conference, the European Commission president, Ursula von der Leyen, stated that “With these goals, we […] send a clear message to industries and investors. We are providing them with clarity and predictability about the future – the direction of travel. They will know how much additional capacity we need by 2030 and this will help them plan their business and investments”[2]. 
The move supports the International Renewable Energy Agency’s ‘World Energy Transitions Outlook’ which looks at how we close the energy transition gap to stay on a 1.5°C pathway. It calls for a tripling of installed renewables capacity from around 3,400 GW today to over 11,000 GW by 2030, adding on average an ambitious 1,000 GW annually until the end of this century. 
<h3>Batteries are booming </h3>
According to Modo Energy, Britain’s battery pipeline saw a significant increase in operational capacity (over 60%) in 2023, growing from 2.1GW at the close of 2022 to 3.4GW. Total energy capacity has reportedly grown even quicker, up to 4.5 GWh from 2.3 GWh in 2022 – meaning that the average duration of battery energy capacity in Britain is now 1.27 hours, up from 1.1 hours in 2022. 
Battery storage is a critical technology for net zero, storing electricity when renewable sources are abundant and releasing at peak times when consumer demand is at its highest. We’re pleased to share that our 20 MW battery project in Bristol is now operational, with the capacity to store and deliver 1.5 hours or 30 MWh of electricity. 
<h3>The UK&#8217;s first geothermal power plant will be constructed this year </h3>
Construction of a new geothermal power plant system at United Downs in Cornwall has begun, with the site expected to start producing baseload renewable electricity by late 2024. Geothermal Engineering Limited (GEL) awarded the supply contract to Exergy International last year, with the deal marking a major milestone in the project which Thrive provided the first commercial funding for in 2020, followed by a further £3 million investment in 2023. Once operational, GEL believes United Downs will save more than 6,500 tonnes of CO2 emissions per year compared to fossil fuel power generation, while also producing zero carbon heat that could be used to heat a nearby housing development.  
<h3>We aim to double the amount of clean energy capacity we fund over the next five years</h3>
Reflecting our commitment to tackling climate change, we revealed our ambitions to double our generation capacity to 180 MW over the next five years. 2024 will see us deliver on our growing pipeline, which includes funding 192 MW of solar and battery storage through our £20 million deal with Ethical Power, as well investing in other onshore wind, solar, geothermal and battery storage projects across the UK.  
As we look forward to another exciting year ahead, we’d like to say a massive thank you to everyone who supported us in 2023. It’s because of you that Thrive can continue making an impact by building new renewable capacity, ensuring the benefits are felt by the people who need it most. 
[1] <a href="https://www.businessgreen.com/news/4159728/eciu-renewables-produced-electricity-2023-power-uk-home">ECIU: Renewables produced enough electricity in 2023 to power every UK home | BusinessGreen News</a>
[2] <a href="https://renews.biz/89878/global-leaders-agree-to-triple-renewables-capacity-by-2030/">COP28: Global leaders agree to triple renewables capacity by 2030 &#8211; reNews &#8211; Renewable Energy News</a>

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While COP28 didn’t deliver on the phasing out of fossil fuels, here’s why we’re still going into the New Year feeling hopeful.

Record renewable generation and other reasons to go into 2024 feeling optimistic

This would form a significant part of the £330 billion needed in the next six years to deliver the energy infrastructure required for net zero [1]. But, concerns over greenwashing and a lack of available information on impact investments – financial investments which generate measurable, positive environmental impacts – are holding back this crucial investment. When surveyed on their actual plans, 18% of people say they will start or increase impact investments within the next year. 
<h3>‘Changevestors&#8217; want more investment options that combat climate change  </h3>
Our research identified a new group of younger investors, aged 18-34 named ‘changevestors’, as being the most focused on delivering environmental impact. This group has a larger proportion of their portfolio (33%) in impact investments, compared to other age groups (24%). Furthermore, a third (33%) of this group say they have plans to increase this in the next year.  This reflects their wider choices with more than two thirds (73%) saying they have made some or significant lifestyle changes. 
However, some changevestors are held back by a lack of information and suspicions of greenwashing. The FCA is currently looking to better regulate how sustainable investments are framed to investors: 44% say they do not trust firms which position themselves as environmentally friendly. 
<h3>Meeting the desire for change </h3>
Those who participated in our research reported a desire for change, with Changevestors leading calls for more sustainable investment options. Close to two thirds (63%) of 18-34 year-olds want to see more investment options that would help prevent climate change; over half (55%) were frustrated by a lack of mainstream options for more sustainable investing.  
<h3>Galvanising the eco-over 55&#8217;s  </h3>
In contrast, our research reported that over 55’s are the least likely to invest in impact focused investments, despite being the group most likely to have investments and prioritising longer-term returns and mitigating against financial risk. This also contrasts with their behaviour: they are highly likely to have made changes to their lifestyle to reduce their impact on the environment with 73% saying they have made at least some.

[1] Energy infrastructure investment needed, taken from <a href="https://assets.publishing.service.gov.uk/media/6194dfa4d3bf7f0555071b1b/net-zero-strategy-beis.pdf" target="_blank" rel="noopener">net-zero-strategy-beis.pdf (publishing.service.gov.uk)</a>  
[2] <a href="https://makemymoneymatter.co.uk/21x/" target="_blank" rel="noopener">Green my pension &#8211; Make My Money Matter</a>

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sigurd 2

Thrive research shows more than two thirds of investors would put money into opportunities that deliver environmental impact.

The £214 billion impact investment opportunity: Retail investors could unlock crucial net zero funding

Thrive is pleased to support Babbasa in their important work by providing a £1,000 grant that will help them to continue offering their Support Programme. One of their core services, the Support Programme works with young people who are at risk or have dropped out of education or employment, who may be facing multiple barriers or challenges, or who are disadvantaged by their background (e.g. Black and minority ethnic, disability, in care or care leavers).The programme supports young people to overcome the challenges they are facing in education or employment by providing intensive 1:1 support, targeted group activities, and aspirational or career-focused activities. It also helps young people to identify their aspirations and personal challenges, understand their rights and choices and develop the skills and confidence to pursue their ambitions.
In addition to the funding, we’re looking forward to providing opportunities for Babbasa’s young people to learn more about careers within the renewables sector. This includes plans for a site visit to one of our renewable energy projects.

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11 Mar 2025

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

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