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kessingland

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

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.

rendesco_website

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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img_2820 (1)

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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</div>
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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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IMG_4719

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

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We evaluate the DRSP when material events occur. In October 2018 , the Directors undertook a review of the valuation of the company, resulting in a 25p increase in the DRSP due to a combination of factors which had a positive effect. These included an extension of the lease duration at Haverigg II, an increase in wholesale electricity prices, lowering the cost of our debt and an increase in the value of operational renewable energy projects in the UK.
The sale of two wind farms, announced on 15 February , has provided evidence of an increase in the value of our operational assets, resulting in a 5p increase in the DRSP to £2.65 per share.
Also announced on that date was a proposed interim 40p dividend per share to be paid in April 2019. If the proposed dividend is agreed at the General Meeting on 12 March, we expect the DRSP to reduce to around £2.25 when it is paid out, assuming there are no other significant changes in the Company and marketplace. 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, including projected future changes illustrating the impact of the proposed interim dividend on the DRSP.
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<figure class=""><picture><img decoding="async" src="https://www.thriverenewables.co.uk/media/1929/drsp-graph.png?width=620&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" alt="" /></picture></figure>
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mean moor

Directors’ Recommended Share Price increases following positive developments.

Adrian Warman, our Operations Manager, went to the school to provide an overview of options for wind farms using our portfolio as an example, as well as industrial and commercial applications. They then visited the 8.2MW Avonmouth wind farm to see the four turbines in action and gain valuable first hand insight for their coursework.

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Thrive Renewables

Eleven sixth-form pupils and staff from Backwell School in North Somerset braved a freezing cold and breezy day at the end of January to visit our Avonmouth wind farm.

Students find the answer blowing in the wind

Driven by increasing public support, renewables are no longer ‘unconventional’. They are a vital part of our energy mix. A reassuring  85% of people said they support renewable energy technology in 2018.  The annual survey released in April by the Government’s Department for Business, Energy and Industry Strategy (BEIS) also found two thirds of people would support a large scale renewable energy development in their area.
This trend can also be seen across the globe. In Germany, renewables overtook coal as the main energy source.  In Denmark, renewables accounted for a whopping 68% of the country’s electricity needs.  While in December, the number of US cities committed to 100% clean or renewable energy surpassed 100.
Looking forward, the International Energy Agency (IEA) expects that renewables will enjoy the fastest growth in the electricity sector, providing almost 30% of power demand in 2023, up from 24% in 2017.
In this time, solar PV capacity is forecast to expand almost 600 GW – more than all other renewable power technologies combined. China is expected to maintain its position as the world’s solar leader with almost 40% of the globally installed capacity predicted in 2023.
In the UK, renewables are on course to overtake fossil fuels and become the energy industry’s ‘dominant force’ during 2020, according to EnAppSys.  This will hopefully be supported by a more progressive regulatory and policy environment, including a replacement for the government’s scrapped feed-in-tariff (FIT) subsidy scheme.
There is also a significant opportunity for UK renewables to meet the lion’s share of the capacity gap left by failed nuclear. More than 40% of the UK’s planned new nuclear capacity has in effect been cancelled due to economic viability – with Toshiba pulling out of developing a plant in Cumbria last year and Hitachi scrapping plans for two plants in Wylfa and Gloucester in January.
The cost of renewable technology, such as solar and onshore wind, has fallen precipitously in recent years, making it a much more economically sound and reliable investment decision. It’s so much faster to build too. In the UK it has taken less than two years to install renewable capacity capable of delivering more electricity than Hinkley Point C will generate, and it’s not scheduled to come online until 2025.  Perhaps the economic and technology landscape has progressed beyond the nuclear solution, presenting a positive opportunity for renewables to seize an even larger piece of the energy generation pie.
At Thrive, we’re looking forward to continuing to deliver this positive change. We’ll be using our 20 years’ experience to continue to help people meaningfully connect with clean energy projects across the UK and to ultimately power the transition to a clean energy future.

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fenpower field

The UK’s clean energy industry reached new highs in 2018. Renewables broke new records, delivering a third of all electricity generation, while power generated from fossil fuels was lower than ever before. 

Growth in Thrive's renewable electricity output reflects success of sector in 2018

As the energy sector evolves to include a growing volume of renewable electricity, the dynamic between demand and supply is changing. Historically, electricity suppliers have been slaves to demand. However, as the generation mix progresses towards lower carbon intensity, a more balanced relationship with increased flexibility is required.
Businesses offering increased independence from the grid via ‘behind the meter’ solutions to energy managers are on the rise. Energy cost volatility, flexibility opportunity and more transparent charging methodologies are driving businesses’ interest in taking greater control of energy supply. This trend is seeing companies install onsite renewable power generation, energy storage and other clean technologies to help them become either less reliant on the grid or completely self-sufficient.
The aims of behind-the-meter generation for businesses are threefold:
<ol>
<li>Cutting energy costs is undoubtedly the primary goal of all companies looking to go self-sufficient. Energy prices are reported to be on the rise again. So rather than relying on the markets to deliver affordable energy, many savvy businesses are beginning to take their electricity supply into their own hands, hedging their exposure to the wholesale electricity price volatility. Depending on the mix of solutions and energy efficiency measures chosen, companies can make substantial savings against today’s prices and provide confidence in future costs.</li>
<li>Reducing carbon emissions is also an extremely important motivator. Many companies have corporate social responsibility (CSR) imperatives that could be achieved by generating renewable power onsite or using energy in smarter ways. Going green can also contribute to customer retention and becoming more competitive; customers are becoming increasingly interested in the provenance of their suppliers.</li>
<li>Onsite generation can also unlock attractive new revenue streams. Depending on the mix of clean energy solutions a business goes for, onsite generation has the potential to add significant amounts to a company’s bottom line.</li>
</ol>
<h3>Three innovative business models to help drive benefits for energy managers:</h3>
<h4>Energy storage</h4>
A joint venture between Aura Power and Thrive Renewables is offering thousands of UK businesses the chance to use battery energy storage systems to cut electricity bills at no cost to themselves.
The joint venture will install and operate batteries for medium and large energy users free of charge in return for a share of revenues. Once the battery is installed, customers will achieve immediate cost savings by avoiding premium-cost peak energy charges and generating income through flexibility services to the grid.
The project is targeting thousands of businesses spending £500,000 a year or more on electricity. Over 8,000 businesses in the UK have annual electricity contracts of 10GWh or more and are likely to be spending at least £1 million a year, according to energy market analysts Cornwall Insight. The number with £500,000 annual bills is likely to be far larger.
Customers with a mid-range 2MW battery could save more than £1 million over a 15-year standard contract.
<h4>Off-grid renewables</h4>
The Greenvale AP potato processing facility joined forces with Thrive Renewables to install a 1.5MW wind turbine next to their buildings in 2014. Greenvale, located near March in Cambridgeshire, is committed to sustainability and opted for the new turbine to supplement their existing solar PV system. The wind power generated now provides up to 75% of Greenvale’s energy demand.
There is increasing pressure in modern supply chains to provide goods more cheaply and sustainably. Many UK businesses, like Greenvale, are looking to on-site, private wire renewables as a solution. These companies don’t necessarily have the right shaped capital, skill set or time to manage the installations and maintenance themselves, so they seek support from specialist renewable energy investment companies to provide access to the required capital, experience of dealing with renewable builds in developed areas, and understanding of technical renewable energy operations.
<h4>Ground source heat pumps</h4>
Rendesco, is an innovative ground source heat pump installer. Heat accounts for almost 40% of the UK’s energy demand, 70% of which is generated 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 heat from the ground to heat radiators, underfloor or air systems and water. The pump requires electricity to run but uses less power than it produces and therefore generates lower CO2 emissions overall – the typical ratio is 1:3.
Rendesco has a compelling offer whereby it designs, installs and maintains ground source heat pumps for clients, providing 20 years of low-cost energy. After the 20 years, Rendesco gives the heat pump to the client. Over the last three years, the company has successfully delivered 21 systems in new build developments.
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 can be used throughout the year.
Rendesco achieves a return on its investment through the government’s non-domestic Renewable Heat Incentive (RHI) payment, a 20-year inflation-linked subsidy.

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march 2

As the energy sector evolves to include a growing volume of renewable electricity, the dynamic between demand and supply is changing. Matthew Clayton, MD at Thrive Renewables, took a deeper look at this relationship for Tomorrow's Facilities Management magazine.

A self-sufficient supply

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In the past month or so we have seen a plethora of separate, independent scientific reports detailing both the damaging effects we are already seeing and what’s to come. Our own Met Office produced the <a href="https://www.metoffice.gov.uk/research/collaboration/ukcp">‘UK Climate Projections 2018’</a> with dire warnings of flooding, sea level rises and heat waves. The World Meteorological Organisation (WMO) State of the Climate report says 2018 is set to be the fourth warmest on record. The WMO deputy secretary general was reported on CNN saying ‘these are more than just numbers. Every fraction of a degree of warming makes a difference to human health and access to food and fresh water.’
While this series of scientific reports makes for frightening, and for those who have been involved long-term, immensely frustrating reading, at least they are no longer being ignored. The National Climate Assessment, a team of more than 300 expert scientists in the US, released a report in November saying Climate Change ‘has moved firmly into the present’, listing numerous impacts that are already being felt in the US from Vermont to Florida. There was wall to wall media coverage in the US, allowing climate scientists to highlight consensus and certainty.
There is a common thread of hope running through the majority of this terrifying data. And that hope is based on the response of the private sector – individuals and businesses. The <a href="https://www.unenvironment.org/resources/emissions-gap-report-2018">UN Emissions Gap</a> report, launched at the end of November, said “Global emissions are on the rise as national commitments to combat climate change come up short. But surging momentum from the private sector and untapped potential from innovation and green-financing offer pathways to bridge the emissions gap.”
The message from the IPCC and WMO too is if we act quickly, we can keep climate change under control. As the WMO secretary general said: “We do face a really large challenge but it is not impossible to limit warming to 1.5 degrees.” And there is consensus about what we actually need to do. The IPCC report was clear we need to cut emissions by 45% by 2030, getting almost all of our electricity from renewables by the middle of the century.
In response our own government wrote to the Climate Change Committee asking whether further action is required in the UK to meet the goals of the Paris agreement. Importantly it is asking for advice about setting a date for achieving net zero greenhouse gas emissions across the economy and how emissions reductions might be achieved. In a separate move, the Bank of England is to start stress testing UK banks for climate change risk.
As consumers and investors, we have a choice in our response to these reports; wring our hands and complain that not enough is being done by government, or roll up our sleeves and make it happen in our personal and professional lives. Positive solutions, like renewables, enable us to use the anxiety caused by these reports to galvanise, not paralyse.
At Thrive we’re determined, with your support, to play our part in transforming the UK’s energy system to become cleaner and smarter. In 2019 we will continue to be absolutely focused on delivering new sustainable energy capacity for the UK. We’ll be working with communities and businesses to install renewable generation, energy storage and even demand management systems – changing the relationship between electricity demand and supply, lowering the cost of energy and making more green electricity available to everyone on the grid.
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The UN’s Intergovernmental Panel on Climate Change (IPCC) report warns that we have just 12 years to turn the climate change ‘supertanker’ around. Crucially, it places responsibility for action, not just with Governments and international companies, but with us, individuals. 

Climate change - Too little, too late or a tipping point in consciousness?

Drumduff wind farm was officially opened by local MSP Alison Johnstone at a community open day in September 2018 where we welcomed over 400 visitors from the surrounding towns and further afield. Three new 2.85MW wind turbines are forecast to generate enough electricity to power the equivalent of 5,500 average UK homes each year, more than enough to satisfy the needs of the local community.
The brownfield site has already started to rewild itself as native trees and plants grow and wildlife begins to return. We are hoping to work with the community to help them develop a network of footpaths and cycle tracks; something they have identified as a priority locally.
Drumduff is one of nine renewable energy projects in Scotland that we’re invested in, with an overall generating capacity of 25MW.

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DC25

Our iconic Drumduff wind farm near Edinburgh, built on the site of a former open cast coalmine, has won an award for Sustainable Development at this year’s Scottish Renewables Green Energy Awards.

Drumduff wind farm wins sustainable development award

The acquisition was complex and fast moving. Our role was to provide the speed and certainty required by the commercial vendor to get the deal done. We supplied the finance required almost immediately via our <a href="/project-funding/community-energy-groups/" target="_blank" rel="noopener">Community Energy Funding Bridge</a>, plus expertise and advice for the communities involved in partnership with Energy for All. This gave the three groups the time and support they needed to undertake two rounds of successful fundraising, raising £4 million in a matter of weeks.
Last Friday this epic collaborative effort was recognised at the Community Energy England awards in Bristol. The culmination of Green Great Britain week, the event celebrated the vibrant world of Community Energy, where people gather together to fundraise for and build solar parks, wind farms and water wheels in their area, reach out to support people locally with energy efficiency and work together to tackle fuel poverty.
At Thrive Renewables we believe that ordinary people should be given the chance to own renewable generating capacity, providing them with direct social, financial and environmental benefit. So far, we have deployed over £12 million of investment in community projects via our Community Energy Funding Bridge, giving local communities the time they need to raise their own funds via crowdfunding once they have taken ownership.
Mean Moor is now being operated with the community-owned High Winds wind farm, comprising five turbines running at a combined capacity of 11.5MW. Its one of the largest community-owned renewable energy projects in the country. We are immensely proud to have played such a crucial part in this groundbreaking collaborative project, and look forward to continuing to support the Community Energy sector as it grows and flourishes.

Mean Moor Wind Farm,  in partnership with Thrive Renewables, has won the Finance Award at the Community Energy England Awards 2018.

Community energy finance award for Mean Moor wind farm

As part of a series of events during the week our MD, Matthew Clayton, reflected on projects in Bristol that we are part of which demonstrate the growth potential of renewables and highlight what is around the corner for pioneering businesses who choose to get involved.
Read the full story at the <a href="http://bristolgreencapital.org/green-great-britain-week-blog-series-financing-low-carbon-economy-bristol-thrive-renewables/" target="_blank" rel="noopener">Bristol Green Capital Partnership </a>website.

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sigurd 2

We celebrate the UK's first ever Green Great Britain Week.

Financing the low carbon economy

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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THRIVE FRportraits-92

20MW Bristol battery now delivering electricity to the grid.

Award-winning battery project enters operation

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>

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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