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kessingland

Latest news

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


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ACE_June_2024-6

Funding partnership with Better Society Capital will help more communities to own their own projects or take a stake in a larger project in their local area.

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

Featured

<div class="cms rte js-cms-done">
<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>
</div>
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<figure class=""><figcaption>Source: www.smartestenergy.com</figcaption></figure>
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<div class="cms rte js-cms-done">
<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 

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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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Thrive Renewables

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>


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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>


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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

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<p>The Bridge of Orchy village hall was also awarded £4,000 which paid for roof and floor insulation and eligible for its proximity to our <a title="Beochlich hydro electric site" href="/projects/beochlich-hydro-electric-site/" data-id="1472">Beochlich hydro-electric site</a>. The work was undertaken as part of a wider refurbishment, bringing the hall back into use and opening in the spring of 2017.</p>
</div>
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<p>The refurbished hall provides daytime activities for mums, children and older folk fighting isolation and offering inclusion in a remote area. The hall will also offer shelter to walkers on the popular West Highland Way.</p>
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<p>With awards of up to £4,000, a whole host of changes will be possible, including insulation, draught-proofing, improved heating, LED lighting or lighting controls. There is an option to use the funding for selected professional advice leading to long term improvements in energy efficiency.</p>
</div>
<p>The fund is available to community buildings near to sustainable energy projects in which Thrive Renewables is invested. These are positioned all over the country, from Cambridgeshire to Dunfermline and from Bristol to Cumbria.</p>
</div>


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IMG_0316

Communities across the UK can apply for grants to make their shared public buildings easier and cheaper to heat thanks to the Thrive Renewables' Community Benefit Programme.

Community building grants open for 2018!

<p>Energy suppliers are in the process of rolling out smart meters which allow us to monitor our home energy use in increasingly detailed ways.  Being able to control appliances or thermostats via apps on our phones represents a huge technological step forward.  Smart appliances can also be sensitive to the frequency of the grid and adjust their demand in line with the availability of renewable power.</p>
<p>Our understanding of the systems and the choices we make in our homes are essential to make the most of these opportunities.  Purchasing the right appliances when they need replacing, using ever-improving controls to best effect and trying to avoid using power heavy appliances during peak periods will all make a difference to our home energy consumption.</p>
<p>Read the full story at the <a href="https://good-with-money.com/2018/02/22/domestic-energy-storage-wont-replace-behaviour-change/" target="_blank" rel="noopener noreferrer">Good With Money</a> website.</p>


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IMG_0304

We don't have to wait for smart meters and storage to become a smart consumer today. Our MD, Matthew Clayton, is interviewed by Good With Money on reducing domestic energy use and home energy bills.

Smart systems or smart behaviour

<p>The three-turbines at Mean Moor are adjacent to the original Baywind project, an historic site, and the first community owned wind farm established in 1996.</p>
<p>Rod Blunden, Chairman of Energy Prospects Co-operative said: “We are overwhelmed with the response we have received from both Energy Prospects members and the wider Renewable Energy community. It is fantastic that we have been able to bring a commercially owned wind farm into the community owned sector”.</p>
<p>The purchase demonstrates the ability of the community sector to operate in the commercial world and reflects the appetite for greater community ownership of renewable energy as an end in itself, especially important as the challenges for developing new onshore renewable electricity projects continue to grow.</p>
<p>The wind farm comprises of three turbines across the valley from the existing High Winds two turbines at Harlock Hill in south Cumbria.</p>
<p>Over 400 individuals invested in the scheme, the minimum investment was £500 with the maximum investment capped at £50,000.</p>
<p>Financing from Thrive Renewables enables communities to purchase a renewables project from a developer giving them time to raise the funds themselves and then pay back the company over an agreed period. It also provides the speed and funding certainty for the seller of a project.</p>


mean-moor

mean moor

Over 400 individuals raise an impressive £2.8m in just two weeks to refinance the Mean Moor community wind farm in Cumbria. It’s thought to be the first wind farm in the country to be transferred to community ownership from a commercial developer.

First UK wind farm transfers from commercial to community ownership

<p>And what better way to pass on the benefits of their investment with the recent agreement to supply <a href="http://www.bristol-energy.co.uk/" target="_blank" rel="noopener noreferrer">Bristol Energy</a> customers (and one of the first municipal energy companies in the UK) with clean power direct from Beochlich.</p>


<h3><strong>Facts about Beochlich hydro-electric </strong></h3>
<p>Beochlich is located on the south-east side of Loch Awe in Argyll, Scotland, the site generates 3.5GWh a year, the equivalent to nearly 1,000 UK homes.</p>
<p>Electricity at Beochlich is generated by two turbines and a generator fed by a pipeline of fresh running water. The site includes a storage reservoir which allows the flow of water to be regulated to an optimum level when rainfall is high, as well as store water, during periods of lower rainfall.  Water extracted from the Beochlich reservoir is returned to the same water course downstream.</p>
<h3><strong>Connecting more people to renewables</strong></h3>
<p>THRIVE and Bristol Energy are helping to make green energy accessible for everyone. You can get involved in many ways, through a 100% green tariff, by investing in renewable energy and by saving energy. <em>Quick energy saving wins</em> &#8211; turn off standby appliances; turn heating down a degree; wash at 30 degrees; use low energy lighting. Small changes make a difference, get more <a href="https://www.bristol-energy.co.uk/customer-care/helping-you-use-less-energy" target="_blank" rel="noopener noreferrer">energy saving tips</a>.</p>


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Beochlich close up

Our hydro-electric site at Beochlich in Scotland had its best year for generating electricity in 2017 than any other year in the history of the site!

Thrive's hydro-electric power goes to Bristol Energy customers

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


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Babbasa group shot

We’re teaming up with Babbasa to help young people from disadvantaged backgrounds overcome barriers to education or employment.

Supporting under-represented young people in Bristol

<div class="cms rte js-cms-done">
<p>According to the Intergovernmental Panel on Climate Change (IPCC), this 1.5°C target is critical if we’re to avoid the very worst impacts of climate change and was agreed by 196 parties at the COP21 conference in France in 2015, subsequently known as the ‘Paris Agreement’.</p>
<p>But under current policies, the government would only achieve just over half (54%) of the emissions cuts needed between now and 2030 to hit the target. This is made worse by the fact that the emissions gap – the difference between the target and projected emissions in 2030 – has <a href="https://friendsoftheearth.uk/climate/track-uk-breaking-its-2030-climate-promise" target="_blank" rel="noopener">grown by more than half (55%) over the last year</a>, thanks to a scaling back on climate action – including the decision to hold annual oil &amp; gas licencing rounds.</p>
<p>And its not just the UK that is falling behind. A new report from the UN Environment Programme (UNEP) confirmed that urgent action is needed, with the world currently on track for 2.5 to 2.9°C of heating this century. With temperatures soaring and episodes of extreme weather becoming more and more frequent, the UN’s secretary general, Antonio Guterres, has said that the world is heading for a “hellish” future if we don’t act now.</p>
<h3><strong>What do we want to see as a result of COP28?</strong></h3>
<h4><strong>1. A commitment to fully phase out fossil fuels</strong></h4>
<p>In 2016, parties attending COP26 in Glasgow agreed to “accelerate the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies”. A year later at COP27, 80 countries called to have this language updated so that it included not only coal, but all fossil fuels. This was ultimately unsuccessful.</p>
<p>We’re now seeing this conversation continue to unfold, with countries allegedly considering calling for a formal phase-out of fossil fuels as part of the <a href="https://www.reuters.com/business/environment/fossil-fuel-phase-out-put-table-cop28-climate-talks-2023-12-05/" target="_blank" rel="noopener">summit&#8217;s final deal to tackle global heating</a>. The topic is certainly causing debate, however, with four times the number of oil and gas producing countries attending COP28 compared to last year’s conference. It perhaps doesn’t come as a surprise that we’re also hearing some extremely worrying statements being made about fossil fuels and their impact on climate change. It has been reported that COP President, Sultan Al Jaber, stated that there is “no science” backing up the need to phase out fossil fuels and that doing so would not allow for sustainable development, <a href="https://www.theguardian.com/environment/2023/dec/03/back-into-caves-cop28-president-dismisses-phase-out-of-fossil-fuels" target="_blank" rel="noopener">“unless you want to take the world back into caves”</a>. This comes as the latest <a href="https://productiongap.org/">Production Gap report</a> has revealed that governments, in aggregate, still plan to produce more than double the amount of fossil fuels in 2030 than would be consistent with limiting warming to 1.5°C.</p>
<p>Put simply, there is no net zero future that includes oil and gas. What we need from our government and other world leaders is a final and binding commitment to phase out all fossil fuels, as well as faster action to reduce emissions today. We will be keeping a close eye on the negotiations and hope to see this addressed as talks come to a close next week.</p>
<h4><strong>2. Investment incentives for clean technologies</strong></h4>
<p>Ahead of the conference, the United Arab Emirates’ COP28 presidency, International Renewables Energy Agency (IRENA) and the Global Renewables Alliance issued a joint report claiming that renewable energy capacity needs to “reach more than 11,000 GW” by 2030. Following this, we’ve seen leaders from more than 110 countries commit to a collective effort to <a href="https://renews.biz/89878/global-leaders-agree-to-triple-renewables-capacity-by-2030/" target="_blank" rel="noopener">triple global renewable energy capacity by 2030</a>.</p>
<p>This will require a massive scaling up of public and private sector investment, which presents a huge opportunity &#8211; especially in contrast to the investment which continues to flow into finite fossil fuel reserves. Here in the UK, we need to see the government urgently address the investment landscape which has not only been impacted by inflation and interest rates, but by policy uncertainty and infrastructure issues like grid connection times, amongst other things.</p>
<p>We know that COP28 can be a huge platform for climate action, but we need the government to recognise this and be more ambitious so that we can reassert the UK’s leadership position when it comes to clean investment. In fact, <a href="https://www.energy-uk.org.uk/news/uk-falling-behind-in-race-for-clean-energy-investment/">analysis by Energy UK</a> has revealed that, without taking action to address these factors, the UK economy could lose out on £62 billion of investment between now and 2030. This would lead to a shortfall of 54 GW of potential wind and solar capacity, which represents enough generation to power every home in the UK.</p>
<h4><strong>3. Greater support for countries bearing the brunt of climate change</strong></h4>
<p>The sad truth about climate change is that it’s not a tomorrow problem, countries around the world are already facing the very real consequences of our reliance on fossil fuels, from droughts and wildfires to catastrophic flooding impacting every part of our lives, not least food production.</p>
<p>And a report published during COP28 has revealed that the amount of money needed for the energy transition, including climate adaptation and disaster relief, is monumental. According to the report, emerging markets and developing countries will <a href="https://www.reuters.com/business/environment/climate-finance-takes-centre-stage-cop28-climate-talks-2023-12-04/#:~:text=The%20amount%20of%20cash%20needed,challenges%20posed%20by%20climate%20change" target="_blank" rel="noopener">need $2.4 trillion a year in investment to cap emissions</a> and adapt to the challenges posed by climate change.</p>
<p>We were pleased to see the UK taking a step in the right direction, announcing a £1.6 billion climate aid package on COP28’s ‘Finance Day’, which it says has been structured to help mobilise private investment into emerging economies as a means of tackling climate change. <a href="https://www.gov.uk/government/news/pm-to-call-for-era-of-action-at-cop28-climate-summit" target="_blank" rel="noopener">The package includes £500 million in funding</a> to tackle the causes of deforestation, £316 million for energy innovation projects around the world and up to £60 million for loss and damage.</p>
<p>While there are rightly questions of whether this is to distract from the scaling down of green policies at home in the UK, we agree that an ‘era of action’ is required. And it’s not just about investing in climate risk mitigation, we must keep sight of addressing the cause of climate change itself. This will cost far less and be far more efficient than having to defend ourselves against an ever increasing tide of catastrophic climate events.</p>
<p>As usual, COP28 has seen a number of pledges and commitments made but it will be interesting to see how these progress in the next 12 months. Instead of just talking, we’re committed to taking action: funding and building new clean energy projects that provide cleaner, cheaper power to homes across the country, while also contributing towards the UK’s net zero targets.</p>
</div>


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We urge our global leaders attending COP28 to benchmark the cost of action against the catastrophic price of inaction.

Not sure COP is much COP? It's time to start doing something about climate change

<p><span data-contrast="auto">Its recent tests have shown that fluid within the deep geothermal wells at United Downs in Cornwall contained around 340 parts per million (ppm) of lithium &#8211; the highest concentration of lithium found in any commercial geothermal lithium project in Europe. Having provided the first commercial funding for United Downs in 2020 and further investment for the power plant construction in 2023, we’re thrilled to hear the project’s latest development which could see GEL fulfil a significant portion of the UK’s lithium demand.     </span><span data-ccp-props="{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p><span data-contrast="none">GEL was recently awarded £1.8m by the Automotive Transformation Fund (ATF) Scale up Readiness programme.  They aim to produce </span><span data-contrast="none">around 100 tonnes per annum (tpa) of Lithium Carbonate Equivalent (LCE) in late 2024 which they say will be ramped up to at least 1,000 tpa from United Downs as early as 2026.  Planning permission has been secured for two other </span><span data-contrast="none">geothermal </span><span data-contrast="none">projects in Cornwall and GEL aims to rapidly expand production to over 12,000 tpa in the UK by 2030. They report this is enough to produce around 250,000 electric vehicle batteries for an </span><span data-contrast="none">average sized car [1], or 94% of the LCE needed to supply the </span><a class="js-scroll-done" href="https://www.gov.uk/government/statistics/vehicle-licensing-statistics-2022/vehicle-licensing-statistics-2022#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)" target="_blank" rel="noopener" data-anchor="#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)"><span data-contrast="none">267,000</span></a><span data-contrast="none"> new Battery Electric Vehicles (BEVs) registered in the UK in 2022 [2].</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p><span data-contrast="auto">Lithium can be sustainably extracted from geothermal fluid, avoiding the energy-intensive production processes currently used such as mining. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>


<p><span data-contrast="auto">After providing the first commercial funding for the United Downs geothermal power plant in 2020, Thrive invested an additional £3 million in the project in 2023 to fund construction. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p><span data-contrast="auto">[1] The average amount of lithium carbonate equivalent (LCE) per car is 47.4kg.  Sources IEA, World Economic Forum, Reuters, Goldman Sachs. GEL production target is 12,000 tonnes of LCE per year. Therefore, number of cars per year is circa 250,000.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p><span data-contrast="auto">[2] </span><a class="js-scroll-done" href="https://www.gov.uk/government/statistics/vehicle-licensing-statistics-2022/vehicle-licensing-statistics-2022#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)" target="_blank" rel="noopener" data-anchor="#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)"><span data-contrast="none">According to the UK Government</span></a><span data-contrast="auto">, 267,000 Battery Electric Vehicles (BEVs) were registered in 2022. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>


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