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<p><strong>Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. <a href="/risk-summary/" target="_blank" rel="noopener">Take 2 mins to learn more</a>.</strong></p>


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kessingland-2

kessingland

Latest news

<p>As well as being our largest project to date, the deal marks another major step in our ambitious growth plans to double generation capacity within the next five years. It is the second project to be funded by Fair Play Clean Energy Ltd, Thrive’s Joint Venture with TopCashback Sustainability, which brings together a combined £80 million in capital to fund new clean energy projects in the UK.</p>
<p>Construction of the proposed 14-turbine site is expected to start in 2025, with commissioning planned by the end of 2026. Once operational, it will be capable of generating up to 149,400 MWh of clean electricity per year, the equivalent of powering 46,100 average UK homes<a href="#_ftn1" name="_ftnref1">[1]</a>, and delivering 65,300 tonnes of emissions reductions<a href="#_ftn2" name="_ftnref2">[2]</a>.</p>
<p>The Whitelaw Brae wind project was originally owned by developer, BayWa r.e., with Thrive acquiring the project in December 2024 following the successful completion of a competitive tender in October 2024.</p>
<p>Thrive has a record of delivering community and shared ownership, both at our own sites and by providing funding for community-owned energy projects. Now, we’ve acquired Whitelaw Brae, we aim to facilitate shared ownership at this site with Ripple Energy&#8217;s latest coop.</p>


<p><span data-contrast="auto">The wind farm site is located 15 km north of Moffat and 3 km south of Tweedsmuir. It is also near the River Tweed which, as part of the £25 million Destination Tweed initiative, will see the creation of a 113-mile source to sea River Tweed Trail connecting communities and attractions along the length of the river from Moffat to Berwick-upon-Tweed. The project aims to improve the landscape and river habitat and offer a unique experience to locals and visitors alike, expected to be completed across five years. </span><span data-ccp-props="{}"> </span></p>
<p>&nbsp;</p>
<p>[1] Based on an annual generation of 149GWh and calculated using the most recent statistics from the Department for Energy Security and Net Zero (DESNZ) showing that UK average domestic household consumption is 3,239kWh per annum <a id="menur1gr" class="fui-Link ___1q1shib f2hkw1w f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1s184ao f1mk8lai fnbmjn9 f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh fhgqx19 f1olyrje f1p93eir f1nev41a f1h8hb77 f1lqvz6u f10aw75t fsle3fq f17ae5zn" title="https://www.renewableuk.com/energypulse/ukwed/" href="https://www.renewableuk.com/energypulse/ukwed/" target="_blank" rel="noreferrer noopener" aria-label="Link https://www.renewableuk.com/energypulse/ukwed/">https://www.renewableuk.com/energypulse/ukwed/</a></p>
<p>[1] Calculated using DESNZ’s “all non-renewable fuels” emissions statistic of 437 tonnes of carbon dioxide per GWh of electricity supplied in the Digest of UK Energy Statistics (July 2024) <a id="menur1gt" class="fui-Link ___1q1shib f2hkw1w f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1s184ao f1mk8lai fnbmjn9 f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh fhgqx19 f1olyrje f1p93eir f1nev41a f1h8hb77 f1lqvz6u f10aw75t fsle3fq f17ae5zn" title="https://www.renewableuk.com/energypulse/ukwed/" href="https://www.renewableuk.com/energypulse/ukwed/" target="_blank" rel="noreferrer noopener" aria-label="Link https://www.renewableuk.com/energypulse/ukwed/">https://www.renewableuk.com/energypulse/ukwed/</a></p>


thrive-renewables-7

Thrive Renewables

From funding some of the UK’s first onshore wind farms in the early 1990s to a new 14-turbine site, we’re harnessing the country’s abundant wind resource to deliver clean power to homes and businesses.

We’ve acquired the development rights for our biggest project to date – a 57MW onshore wind farm in Scotland

Featured

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<p>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.’</p>
<p>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.</p>
<p>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.”</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
</div>


boardinghouse

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?

<p>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.</p>
<p>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.</p>
<p>Drumduff is one of nine renewable energy projects in Scotland that we’re invested in, with an overall generating capacity of 25MW.</p>


dc25

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

<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>


mean-moor

mean moor

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

<p>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.</p>
<p>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.</p>


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sigurd 2

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

Financing the low carbon economy

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<p>We evaluate the <a href="http://www.thriverenewables.co.uk/for-investors/buy-and-sell-shares/directors-recommended-share-price/" target="_blank" rel="noopener">Directors’ Recommended Share Price</a> when material events occur. In this context a material event is an occurrence (or combination of events) which has an impact on the value of Thrive Renewables. In February 2017 we provided an update on a number of factors which had had both positive and negative impacts on the value of Thrive Renewables. In our most recent review of the Company’s value, we have identified a range of factors which combined have a positive impact.</p>
<h3><strong>Life extension at Haverigg II</strong></h3>
<p>We have agreed extended lease terms with the landlord at Haverigg II in Cumbria. Haverigg II is a pioneering wind farm, built as part of the first wave of wind power in the UK, and in conjunction with a local community energy group. This is our oldest site, which this month enters its third decade of generation. Having extended the lease duration, we can now include an additional 5 years of operation and therefore financial contribution from the site.</p>
<h3><strong>An increase in UK wholesale electricity prices</strong></h3>
<h3><img decoding="async" style="font-size: 16px;" src="https://www.thriverenewables.co.uk/media/1901/drsp18.png?width=620&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" alt="" /></h3>
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<figure class=""><figcaption>Source: www.smartestenergy.com</figcaption></figure>
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<p>&nbsp;</p>
<p>The chart above illustrates the movement of UK wholesale electricity prices. The negative impact on the Company’s value of the reduction in electricity prices experienced since 2014 has been offset by the growth in our portfolio. Since early 2016, electricity prices have been steadily increasing, with rapid uplift throughout the summer months. Whilst there are a vast range of factors which influence energy prices, the following combination of factors have had a material impact over the course of 2018:</p>
<ul>
<li>oil prices (and consequently natural gas prices) increasing,</li>
<li>£ weakening in the currency markets relative to € and $, making imported fossil fuels and electricity (via the interconnectors) more expensive,</li>
<li>Following shortages in the availability of natural gas earlier this year, questions remain about the adequacy of supply for the coming winter months.</li>
</ul>
<p>Despite the long term projections of energy prices stabilising (helped by a growing contribution of renewables) electricity prices in the immediate years ahead are expected to increase. This provides Thrive with the opportunity to benefit from higher prices for the electricity it generates. Approximately 50% of Thrive revenue comprises government backed and inflation linked support. The other 50% is generated via the wholesale energy market. We manage our exposure to market price volatility by putting in place a mixture of short and long term price agreements with our customers for months, seasons and years ahead.</p>
<h3><strong>Embedded benefits</strong></h3>
<p>To date our operational projects have been able to access a range of minor revenue streams which in combination the industry refers to as ‘Embedded Benefits’. These revenue streams are site specific and can contribute up to 5% of a project’s revenues. The payments encompass a number of elements to support smaller, decentralised electricity producers, such as incentives for generating at peak times. As the mix of sources of generation changes, the national policies determining these benefits are being reviewed. Whilst the various consultations are ongoing, in our projection of future cashflows we have now taken a more conservative view of the future contribution of Embedded Benefits to reflect the changes widely expected by the industry. This change has had a marginally negative impact on the value of the company.</p>
<h3><strong>Mezzanine finance</strong></h3>
<p>We have been able to put the £10 million raised in the Thrive Renewables plc Bond issue to work faster than we had forecast. The majority of the money raised has been deployed as bridging loans to plug funding gaps, contributing to the construction of two new wind farms in Scotland and providing communities with access to capital to purchase renewable energy projects. The interest generated by the rapid deployment of the bond money has had a positive impact on Thrive’s financial performance.</p>
<h3><strong>Discount rate</strong></h3>
<p>The DRSP is calculated using projections of the cash our existing portfolio of renewable energy projects and investments will generate over the long term. To derive a value today for future cash flows, we apply a discount rate. You can find more information on the discount rate <a href="/for-investors/buy-and-sell-shares/directors-recommended-share-price/">here</a>. The appropriate discount rate to use is largely driven by the cost of our capital. This is calculated by combining the cost of the bank debt and bonds with our target shareholder returns.</p>
<p>We have successfully raised capital via the Thrive Renewables and Thrive Renewables (Buchan) bond issues, and renegotiated other debt terms (taking advantage of current competitive rates available) enabling us to lower our cost of debt. So the discount rate we apply has been reduced, resulting in a higher valuation for the Company.</p>
<p>In addition, we are observing a significant number of transactions where operational renewable energy projects are being acquired by both pension and infrastructure funds and funds set up with a view to delivering inflation linked yield. We have received valuations of some of our operational projects from leading infrastructure players. This provides us with a helpful benchmark of the value of our operational projects and consequently comfort in the value of the Company upon which the DRSP is calculated.</p>
<h3><strong>Impact on the Directors&#8217; recommended share price</strong></h3>
<p>The combination of the factors set out above result in a DRSP of £2.60, a 11% increase on the previous DRSP of £2.35.</p>
</div>


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Directors’ Recommended Share Price increases by 11% to £2.60 following positive developments.

Directors' recommended share price review

<p>We’ve also been recognised for our new Community Energy Funding Bridge by Community Energy England. The innovative financing solution has been shortlisted in the Community Energy Finance Award category. The Community Energy Funding Bridge provides temporary finance for communities wishing to purchase or build their own renewable energy projects. Our financial support gives community groups the extra time they need to fundraise themselves. So local people can take ownership of renewable energy projects near them and reap the financial, social and environmental rewards.</p>


The successful transition from coal to clean energy

Drumduff wind farm construction 

onsite-at-drumduff

Onsite at Drumduff

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

Two Thrive initiatives shortlisted for prestigious industry awards

<p>In the first six months of this year the wind farms, solar panels and hydro turbines that we invest in have generated 125 million kWh, that’s enough electricity to power 66,534 average homes. If we look at it in terms of emissions, each shareholder has saved 8 tonnes of CO2 in the first 6 months of 2018.</p>
<p>Our investors want to see social impact too. Our voluntary Community Benefit Programme goes above and beyond planning requirements to support the communities who host our sites. They are eligible to apply for grants of up to £4,000 to improve energy efficiency in community buildings like schools and village halls, making them more warm and cosy for visitors.</p>
<p>This means real benefits to real people. Doddington, a rural community in Cambridgeshire is one of 17 projects so far that has been awarded a grant. They installed new LED lighting in their village hall.</p>


<p>People are intrigued and fascinated by how renewable energy works. So we run regular family open days at our sites. More than 300 people turned up recently to the family fun day to celebrate the official opening of Drumduff wind farm, which is built on the site of a former coal mine near Edinburgh. As always, visitors really appreciated the community feel of the day with free science shows, a bike track and of course the chance to peek inside the turbines. As one visitor said: “Thought we would stay for half an hour and have a look around – absolutely great, have been here all day!”</p>
<p>So we believe money invested by our shareholders in sustainable energy delivers several levels of ‘good’. Globally, clean, smart, renewable energy helps us tackle climate change. On a business level the electricity generated delivers profits – our operating profit was £2.9 million for the first half of the year. And local communities who host wind farms and solar parks see investment, education and support to save energy and money.</p>


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TIDE &amp; ISE 2018

We exist to power the transition to a sustainable energy future.

The good we do with money

<p>We have made new investments this year in renewable heat and battery storage projects, both new areas for Thrive. Space heating and hot water accounts for 80% of UK residential energy consumption; we are investing in Rendesco which specialises in implementing ground source heat pump systems in new-build retirement homes. In May, we entered into a joint venture with battery storage developer Aura Power. Our joint investment model offers UK businesses the chance to use battery energy storage systems to cut electricity bills and reduce energy use at the most polluting periods of peak demand, contributing to a cleaner electricity grid.</p>
<p>Going forward we intend to invest further in renewable heat projects, continue to provide financial support to community energy projects via our Community Energy Funding Bridge and  develop investment opportunities to demonstrate that subsidy free renewables can work.</p>
<p><a href="/documents/2018-half-year-report/">View the full report here</a>.</p>


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Thrive renewables open day in Avonmouth. September 2022.

We are pleased to announce another strong performance in the first half of 2018.

2018 half year results

<p>Headquartered just a five-minute walk from one another – by College Green and the Harbourside respectively – the businesses share a commitment to driving renewable energy growth and making green energy more accessible to all.</p>
<p>Bristol Energy purchased the renewable electricity produced by Thrive’s <a title="Clayfords wind farm" href="/our-projects/clayfords-wind-farm/" data-udi="umb://document/51f24a16f388411396ccd258e7266a4b">Clayfords Wind Farm</a> near Strichen in Aberdeenshire, Scotland for 12 months from September 2018. The single-turbine site will deliver approximately 2.26GWh of clean energy to around 564 homes over the course of the contract .</p>
<p>Thrive owns the 0.8MW site as part of their nationwide renewable project portfolio of 21 sites. The project was built in 2015 and qualifies for the government’s renewable energy feed-in-tariff (FiT) subsidy. The project was funded by Thrive with a crowdfunded bond raise in 2016.</p>
<p><a href="https://www.bristol-energy.co.uk/">Bristol Energy</a> supplies more than 76,000 homes across the UK and is actively growing the amount of renewable energy in its portfolio year on year. Renewables accounted for 40% of its energy supply after its first year in 2017, which it has increased to an estimated 60% this year. The company has achieved this substantial growth by working with renewable energy generators, like Thrive, through power purchase agreements (PPAs).</p>
<p>Providing accessible renewable energy is a key objective of both Thrive and Bristol Energy. They are encouraging people to get involved by investing in one of Thrive’s renewable energy schemes or by signing up Bristol Energy’s 100% green tariff.</p>
<p>The Clayfords project was developed in conjunction with the nearby Auchtygills turbine and both became operational in 2015.</p>
<p>The deal was completed on e-POWER, an online auction, which enables independent renewable energy generators to sell clean electricity to utilities.</p>


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The agreement between Thrive Renewables and Bristol Energy will provide over 550 homes with renewable wind energy.

Bristol companies sign clean energy deal

<p>Space heating and hot water accounts for 80% of UK residential energy consumption.  Almost 40% of the UK’s energy requirement is for heat with 70% of our heating requirements met by burning natural gas, resulting in 20% of the UK’s CO2 emissions.</p>
<p>Ground source heat pumps significantly reduce this negative environmental impact and help to alleviate fuel poverty 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 – the typical ratio is 1:3.</p>
<p>The project Thrive is investing in will deliver a reduction of 4,000 tonnes of CO2 emissions per year. That is enough for 3,300 return flights from London to New York , to build 50 new homes  or to make 193 million cups of tea.</p>
<p>Thrive has a portfolio of 21 renewable energy projects across the UK, and this is the company’s first investment in heat pumps.</p>


<p>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.</p>
<p>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.</p>
<p>Each heat pump costs around £150,000, but Rendesco is able to deliver low cost and low emissions energy to the host. It achieves a return on its investment through the government’s non-domestic Renewable Heat Incentive (RHI) payment, a 20-year inflation-linked subsidy. This model will allow Rendesco to repay the bond in full within seven years.</p>
<p>In 2015, Heat Roadmap Europe found that the UK has the fourth highest heating and cooling energy demand among 14 countries analysed, but heat pumps delivered just 1% of this requirement.  This is compared to an EU average of over 10%, with Sweden producing around half of its heat renewably.</p>
<p>Thrive invested in Rendesco through Triodos Bank’s crowdfunding platform. The funds will 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. The company’s aim is to reduce carbon emissions, last year its portfolio delivered a reduction of 79,570 tonnes greenhouse gas emissions, which it hopes to increase to 100,000 by 2020.</p>


rendesco_website

Thrive makes its first investment in heat.

Heat pump investment to help save 4,000 tonnes of carbon emissions a year

<p>They are 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.</p>
<p>Customers with a mid-range 2MW battery could save more than £1 million over a 15-year standard contract.</p>
<p>Thrive has invested in, owns and operates a 104MW portfolio of wind, hydro and solar assets. The joint venture moves it into the rapidly emerging storage market, combining its own funding and behind the meter renewable expertise with Aura Power’s market-leading experience of developing utility scale batteries.</p>
<p>Aura Power has developed a wide range of projects including a 15MW battery at Lockleaze, near Bristol – the UK’s largest when it started operation in August 2017 – and a 10MW battery at Nevendon, Essex.</p>
<p>The joint venture is seeking businesses spending around £50,000 a month or more on electricity with steady consumption and spare import capacity. Potential customers could include manufacturers, water utilities, pharmaceuticals businesses, cold storage facilities, hotels and large office buildings.</p>
<p>Batteries will be installed behind the meter, offering a range of benefits. Businesses can:</p>
<ul>
<li>avoid punitive Triad and red zone charges for using electricity at peak times;</li>
<li>save money by charging up when power is cheap;</li>
<li>earn money by providing services to the grid such as frequency response;</li>
<li>hedge against rising electricity costs;</li>
<li>maintain activities during power cuts;</li>
<li>correct power quality issues;</li>
<li>develop or increase on-site renewable generation;</li>
<li>support electric vehicle charging.</li>
</ul>
<p>Before customers sign a contract, Aura Power will review their electricity usage and bills and carry out a site survey. Customers will then be recommended the appropriate size of battery, from 0.5MW up, and provided with forecast revenue and savings.</p>
<p>Batteries can be installed with minimal impact on site operations, either in existing buildings such as basements or in shipping containers outdoors. Installation takes as little as a few days and is timed to ensure minimum disruption. The process from signing a contract to installing the battery can be concluded within three to six months.</p>


wicken

Wicken

Thrive Renewables and Aura Power are launching a joint venture today that will offer thousands of UK businesses the chance to use battery energy storage systems to cut electricity bills at no cost to themselves.

Batteries offer businesses savings with no up-front cost

<p>During 2017, Thrive Renewables:</p>
<ul>
<li>Raised nearly £10 million from 940 investors via the Thrive Renewables plc bond.</li>
<li>Completed construction of two new onshore wind energy projects totalling 10.6MW.</li>
<li>Created the Thrive Community Energy Funding Bridge, investing £11.4m in three projects, enabling the communities to buy renewable energy projects from large infrastructure owners.</li>
</ul>


<h2>Delivering impact in 2017</h2>
<h3>Widening ownership of renewables</h3>
<p>Thrive Renewables plc bond offer successfully closed in March 2017 having raised £9.96 million. Over 900 individuals invested in the bond in addition to impact investment institutions and foundations. A total of 669 new individuals joined Thrive’s community of investors via the bond.</p>
<h3>Investing in new renewable capacity</h3>
<p>Thrive Renewables contributed to construction and commissioning of 10.6MW of new onshore wind capacity in 2017. The company delivered 6MW through Drumduff wind farm in West Lothian, Scotland, through a joint venture with GreenPower (International) Ltd. It also provided a £1.48m mezzanine loan facility that contributed to the funding of Brotherton Wind Farm, a 4.6MW onshore wind project in Aberdeenshire, Scotland.</p>
<p>“One of our new wind projects, Drumduff, is particularly satisfying; it sits on the site of a ‘retired’ open cast coal mine. It’s difficult to think of a more appropriate and optimistic symbol of how we use investor’s money to directly transform the country’s energy system,” says Matthew.</p>
<h3>Innovative community funding model</h3>
<p>In 2017, Thrive supported three communities with a total £11.4 million investment: a £1.7m funding bridge to a Community Interest Company that owns the Sheriffhales 3.174MWp solar PV farm in Shropshire, a £7.4m funding bridge to Mean Moor Community Wind Farm Limited that owns a 6.9MW wind farm in Cumbria, and £2.3m funding bridge for the purchase of the 2.4MW Brockholes wind farm located in Scottish Borders.</p>
<p>Thrive has been able to use its capital flexibly to allow the migration of assets from commercial to community ownership. The new innovative funding model is designed to provide communities with the expertise, funding and certainty required to acquire operational renewable energy projects. It then provides the communities with the necessary time to raise the funds.</p>
<h2>Future ambitions</h2>
<p>By 2020, Thrive has pledged to:</p>
<ol>
<li>Deliver renewable energy projects in a subsidy free world.</li>
<li>Grow the investor base to 10,000, combining direct investment and funds facilitated by the Community Energy Funding Bridge.</li>
<li>Invest into a portfolio of sustainable energy projects that deliver over 100,000 tCO<sub>2</sub>e of greenhouse gas emission reductions per annum.</li>
</ol>
<h3>Business strategy</h3>
<p>Thrive will pursue a focused business strategy to deliver impact in the subsidy free context, focusing on three core areas:</p>
<h3>Community energy funding bridge</h3>
<p>Many commercial players are looking to sell operational renewable energy projects to market. Thrive will continue to work with communities that have the ambition of owning renewable energy assets and provide funding bridges and expertise to facilitate the ownership transition.</p>
<h3>Private wire generation</h3>
<p>Thrive is working on securing more sites for supporting private wire generation at industrially-sited generation sites, such as its existing projects in Dunfermline, Eye and March.</p>
<h3>Repowering mature assets</h3>
<p>Thrive operates projects such as <a title="Haverigg II wind farm" href="/our-projects/haverigg-ii-wind-farm/" data-udi="umb://document/bf81738a173c42ec81a425b15ba31763">Haverigg II </a>and <a title="Beochlich hydro electric site" href="/our-projects/beochlich-hydro-electric-site/" data-udi="umb://document/e3f0af5ecc5249d79b91852e59c0e1af">Beochlich</a> that are entering their third decade of generation. It will continue with the preparatory work on repowering (replacing the existing generation assets with new equipment) with a view to extending the life of the projects. The repowering of sites can help support the subsidy-free future, as cost savings can be achieved relative to a new site by utilising existing infrastructure, such as the grid connections.</p>
<p><em>“Thrive intends to be at the forefront of demonstrating that subsidy-free renewable electricity generation can work in the UK. We are focused on private wire opportunities and repowering of existing sites, as well as offering the Thrive Community Energy Funding Bridge to communities, so broadening ownership of renewable energy and making local assets more accessible for individuals,”</em> says Matthew.</p>
<h3>Subsidy-free</h3>
<p>While Thrive’s existing portfolio delivers financial impact from Feed in Tariff and Renewables Obligation subsidies, the future for new projects looks very different. The near elimination of financial support and significant planning constraints imposed on new onshore developments in England have largely put paid to the standard business model of the last 20 years.</p>
<p>In the future, Thrive believes that new onshore renewable energy projects will only be viable if they are more actively part of the local electricity system, perhaps combining with low cost storage, smarter and more flexible demand management, private wire, and/or peer-to-peer trading.</p>
<p>Thrive intends to be at the forefront of UK renewables development by demonstrating that subsidy-free can work and exploring opportunities to invest in both battery storage and demand side management flexibility services.</p>


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Record turnover of £15.6 million in 2017, up 15% on 2016, and a 28% growth in generation capacity to 104.9MW from 21 renewables projects across the UK.

Record year for Thrive Renewables in 2017

<p>We expect these community hubs will continue to act as warm and welcoming refuges for residents this year in the face of the ongoing cost of living crisis. In addition, we’re providing energy essentials training to community volunteers in order to help local people improve energy efficiency in their homes.</p>
<p>A record number of applications were made for round seven of our Community Benefit Programme which is run by national energy charity, Centre for Sustainable Energy (CSE).</p>


<p>In total we have awarded £37,692.89 of funding to the following 10 community centres across the UK:</p>
<ul>
<li>Debenham Shed</li>
<li>Halton Community Association</li>
<li>Littleport Scout and Guide Joint Headquarters Management Committee</li>
<li>Millom Methodist Church</li>
<li>Orkney Natural History Society</li>
<li>PCC St Peters Church March</li>
<li>Peedie Kirk URC</li>
<li>Tivetshall Village Hall</li>
<li>The Groundwork South Trust Limited</li>
<li>Young Bristol</li>
</ul>
<p>The grants will enable these community organisations to make crucial energy efficiency improvements to their buildings ahead of winter, such as roof, window and wall insulation, double glazing and LED lighting. CSE are also offering a series of webinars for these communities on topics including fuel poverty awareness and basic energy advice, community approaches to tackling fuel poverty and energy efficiency in community buildings.</p>
<p>Since we first started the programme in 2016, we have awarded 61 grants to 50 buildings, totalling over £190,000 nationally and saving 85 tonnes of carbon dioxide emissions each year.</p>


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20230214ThriveRenewablesEastonCommunityCentre -106

We’ve awarded energy efficiency grants to community buildings across the UK, in addition to energy essentials training.

Thrive donates over £37,000 to help communities improve energy efficiency in record year for community benefit programme

<p>Our new crowdfunded share offer is now open, giving you the opportunity to invest in new clean energy projects which cut carbon emissions, help reduce household bills and benefit communities.</p>
<p>The climate emergency is worsening, manifesting itself in heatwaves, droughts and catastrophic flooding around the world. But there is still time to act. By transitioning to a renewables-based energy system, we remove the need to burn polluting fossil fuels.</p>
<p>That’s why we have ambitious plans to build more onshore wind, solar, geothermal and battery storage projects over the next five years, with an aim to double the clean energy generation capacity in our portfolio. To finance this, we’re kicking off with a £2 million raise via the Triodos crowdfunding platform as part of a wider fundraising campaign to raise £10 million in the next six months and a total of £50 million by 2028.</p>


<p>We already have a busy pipeline of projects to deliver including 192 MW of new solar PV and battery storage through our £20 million investment in Ethical Power. We also plan to fund more ‘direct wire’ projects, giving UK businesses access to a direct supply of clean electricity, and community energy groups building their own clean energy projects locally. We recently invested £4 million in Scottish community energy group, ATTIX CIC, so that it could move forward with constructing Scotland’s first subsidy free, 100% community-owned onshore wind turbine just outside Kilbirnie, North Ayrshire.</p>
<p>These new deals complement our existing portfolio of 22 operational projects which generated £5.9 million of operating profits and delivered the equivalent of 28,000 tonnes of carbon emission reductions in the first half of 2023.</p>


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<p>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 also has the potential for the extraction of lithium for battery manufacture.</p>
<p>Now open, the minimum investment in the crowdfunding offer is £243 (100 shares) and shares can be held in a self-invested personal pension (SIPP). We are targeting 5-8% return per year through a combination of dividends and increasing share value. As with all investments, returns are not guaranteed, and investors may not get back all, or any, of their original investment.</p>
<p>For the first half of 2023, we posted an operating profit of £5.9 million and a turnover of £12.3 million. With £110 million of assets under management, shareholders received a 12 pence per share annual dividend in July 2023. Investors should note that past performance is no indication of future likely performance.</p>
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Thrive battery storage

Ambitious plans to fund and build over 100MW of new onshore wind, solar and battery storage by the end of 2028.

New share offer open - Help us double our generation capacity over the next five years

<p>Construction is currently underway and is expected to be completed by the end of next year. Once operational, the turbine will have the capacity to generate 7,839 MWh of clean electricity per year, the equivalent of powering 2,234 average UK homes, and will also deliver 3,324 tonnes of carbon emissions reductions annually. Profits from electricity sales will be reinvested back into the local area, which could include local sports and recreational facilities, as well as supporting the refurbishment of the Knox Institute building – a one-time important community hub.</p>
<p>Thrive’s funding is complemented by a £1.6 million investment from responsible finance provider, Social Investment Scotland, as part of a blended finance package, while Local Energy Scotland supported the project through planning and design with funding via the Scottish Government’s Community and Renewable Energy Scheme (CARES).</p>


<p>The community group has overcome various challenges to get the project through to the construction stage, after commercial developers previously tried and failed to secure planning for the site. Recognising the benefits an onshore wind project could bring to the community, ATTIX proposed a new planning approach for its project in 2018 and, after receiving vital development funding from CARES, the group successfully gained planning permission in 2019.</p>
<p>While the impact of higher energy prices, inflation and grid constraints nearly stalled the project once again, we came on board alongside Social Investment Scotland in September 2023.</p>
<p>The Scottish Government has set a target of 2 GW of renewable energy to be community or locally owned by 2030. <a href="https://energysavingtrust.org.uk/report/community-and-locally-owned-energy-in-scotland-2022-report/">Research from Energy Saving Trust</a> has found that an estimated 908 MW of community and locally owned renewable energy capacity from 26,290 installations was operational in Scotland by the end of December 2022. This is estimated to produce 1,933 GWh of renewable energy annually.</p>
<p>CARES was established in 2010 to encourage local and community ownership of renewable energy projects across Scotland and to help maximise the benefits of renewable energy systems, whether commercial or community owned. Delivered on the government’s behalf by Local Energy Scotland, it has provided more than £58 million in funding to applicants and supported more than 600 projects across the country in total.</p>


kilbirnie

Kilbirnie

The project will benefit local people living in the Garnock Valley and support Scotland’s transition to net zero.

£4 million investment into community energy group Attix CIC enables them to build Scotland's first subsidy free, 100% community owned onshore wind turbine

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