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<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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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

<p>We develop, construct and operate small to medium scale renewable energy projects, and offer accessible opportunities to directly invest in these clean energy projects. The company has more than 6,300 UK investors and more than 90MW of renewable generation capacity under management. We were awarded a Good Egg for our renewable generation capacity and CO2e avoidance impacts, as well as our community engagement.</p>
<p>The mark, launched in May 2017, is designed to make it easier for people to find financial providers that have a positive impact on the environment and society, as well as offering a good deal financially. To find our more about the Good Egg logo click <a class="js-scroll-done" href="http://goodegg.good-with-money.com/#5" target="_blank" rel="noopener noreferrer">here</a>.</p>
<p>To read the full article click <a href="http://good-with-money.com/" target="_blank" rel="noopener noreferrer">here.</a></p>


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TIDE &amp; ISE 2018

The third responsible business to be awarded a Good Egg mark from Good With Money.

Thrive Renewables awarded Good Egg Mark

<h3><strong>Peter, what inspires you to make a difference?</strong></h3>
<p>I have two children aged 14 and 11 and they’re very important to me. I want them to grow up in a clean energy world and renewables are a big part of that. I also want to broaden their minds and encourage them to pursue what matters to them.</p>
<p>My son likes all things related to gadgets and science and told me when he was 9 that that he was going to create a solution for perpetual energy. It is good to dream big! Last year I brought him a small solar lantern and charging unit from Kenya which he now uses to do his homework and charge his phone. Hopefully this can be the first step on his sustainable energy ladder.</p>
<p>My family recently travelled with me to Tanzania where I work with local companies to provide off grid community energy. During the trip we visited a social business assembling and distributing solar lanterns to show my children how some local women live and work and to get them engaged. They have now decided to raise funds for charitable causes of their own. While they did not opt for renewables &#8211; my son went for Water Aid and my daughter chose to protect chimpanzees – I am pleased they too are trying to make a difference.</p>
<h3><strong>How did you come to work in renewables?</strong></h3>
<p>I followed a pretty unconventional career path. I started in financial journalism, followed by market research, electricity trading and energy banking. Energy financing and investment was a constant theme throughout. In the early days, I worked for GE Capital and others, acting as the principal investor and lender in renewable and other energy projects. Later on, I switched to the energy manufacturing side, working for the likes of Siemens Wind Power to increase sales of wind turbines by sourcing financing for their customers.</p>
<p>While I really enjoyed working for these large energy companies, I have always had a soft spot for smaller organisations. Joining Thrive Renewables (Thrive) as a non-executive director in 2011 exposed me to smaller, more localised renewable projects. Becoming a trustee of the NGO Renewable World provided me with insight into even smaller, micro-scale projects, this time in developing countries. And then last year, I joined the management team of Energy 4 Impact where I get paid to do something I love: working with small entrepreneurs on renewable energy in the challenging markets of Africa.</p>
<h3><strong>Tell us more about your work in the renewables sector?</strong></h3>
<p>In my day job, I am Investment Advisory Director for <a href="http://www.energy4impact.org/">Energy 4 Impact. </a>We are a non-profit organisation that seeks to alleviate poverty in Sub Saharan Africa by increasing access to energy for under-served rural communities. Currently around 6 out of 10 people in Africa lack access to electricity &#8211; that is nearly 650 million people. Well over half of the businesses there say access to reliable power is a major constraint on their growth. And there is a big urban-rural divide, with access in urban areas being nearly 70% compared to just 15% in the countryside.</p>
<p>We provide advice to small and micro off-grid renewable enterprises, including start-ups and more mature growth businesses. My role is to advise them on business plans and capital raising and to work with local financial and industrial partners to provide financing for their end customers. Our business clients include suppliers of solar lighting and energy products, solar irrigation pumps, cold storage units, biogas digesters and clean cooking solutions. We also support providers of ancillary services such as remote metering and payment systems, which are critical for the sustainability of renewable businesses in remote areas.</p>
<p>Like Thrive, we do a lot of work with small renewable project developers. However, the challenges involved are very different from the developers supported by Thrive. Most of the “mini-grids” Energy 4 Impact supports are very small (I.e. a few kilowatts in size versus the megawatt projects of Thrive) and serve only a few hundred or thousands of people. Because most of the projects are not connected to the national grid, they supply energy directly to local communities where demand for electricity is often uncertain. In the case of Thrive’s projects, we already have a good idea how much and to whom we are selling power.</p>
<p>In my part time, I am a trustee for Renewable World which develops community micro renewable projects in South Asia and East Africa. These include hydraulic and solar water pumping projects in the hillside communities of Nepal and solar mini-grids in remote fishing villages in Kenya. My role is to oversee and support programme management and fund-raising. Like Thrive, Renewable World works closely with local communities to ensure the projects are sustainable from a social, business, financial and environmental perspective.</p>
<h3><strong>What else are you doing?</strong></h3>
<p>A few years ago I became an (unpaid) advisor to Pearlstone Energy, a UK electricity demand response aggregator start-up. They face many of the same challenges in terms of market development and funding that my clients in Africa face, albeit in a very different market context.</p>
<p>Demand response is an emerging market that allows commercial industrial consumers such as data centers and medical facilities to support the National Grid by reducing their electricity usage during peak periods and getting paid for doing so. While the market is currently more risky than traditional generation, the opportunities for investors and potential benefits for consumers in terms of lower cost electricity and reduced CO<sub>2</sub> emissions are clear.</p>
<h3><strong>How do you see the future?</strong></h3>
<p>The cost of key components such as solar panels and batteries has fallen dramatically in recent years, creating new opportunities for investors. In developed markets such as UK, we are seeing the emergence of new businesses in energy storage and demand response, which dramatically improve electrical system efficiency. In some developing markets such as East Africa, we are witnessing a solar revolution facilitated by remote metering and pay-as-you-go technologies which allow those unable to afford the high upfront cost of electrical services to pay in small instalments. All in all, it is a very exciting time to be in renewables.</p>
<h3><strong>About Peter Weston</strong></h3>
<ul>
<li>Board Member of Thrive Renewables (formerly Triodos Renewables) since 2011. Chair of Operations and Health &amp; Safety Committee.</li>
<li>Director of Investment Advisory at Energy 4 Impact (formerly GVEP International)</li>
<li>Trustee of Renewable World</li>
<li>Visiting lecturer at ESCP, a European business school</li>
<li>Previous management roles with GE Capital, Siemens Wind Power, MAN Diesel &amp; Turbo, Westdeutsche Landesbank, Aquila Energy and Osaka Gas</li>
<li>Journalist with Euromoney Publications and freelancer for Financial Times</li>
</ul>


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Empowering communities, connecting people to power and inspiring the next generation.

Team profile: Peter Weston

<p>This passion extends to everyone around him, from his family and friends, to the UK renewable investment community, and to the small off-grid entrepreneurs he works with in Africa.</p>
<p>With a 20-year career as an investor, lender and strategic adviser to different organisations in the renewable energy sector, we are interested to find out what makes Peter tick and where the next chapter of his renewables adventure will take him.</p>
<h3><strong>Peter, what inspires you to make a difference?</strong></h3>
<p>I have two children aged 14 and 11 and they’re very important to me. I want them to grow up in a clean energy world and renewables are a big part of that. I also want to broaden their minds and encourage them to pursue what matters to them.</p>
<p>My son likes all things related to gadgets and science and told me when he was 9 that that he was going to create a solution for perpetual energy. It is good to dream big! Last year I brought him a small solar lantern and charging unit from Kenya which he now uses to do his homework and charge his phone. Hopefully this can be the first step on his sustainable energy ladder.</p>
<p>My family recently travelled with me to Tanzania where I work with local companies to provide off grid community energy. During the trip we visited a social business assembling and distributing solar lanterns to show my children how some local women live and work and to get them engaged. They have now decided to raise funds for charitable causes of their own. While they did not opt for renewables &#8211; my son went for Water Aid and my daughter chose to protect chimpanzees – I am pleased they too are trying to make a difference.</p>
<h3><strong>How did you come to work in renewables?</strong></h3>
<p>I followed a pretty unconventional career path. I started in financial journalism, followed by market research, electricity trading and energy banking. Energy financing and investment was a constant theme throughout. In the early days, I worked for GE Capital and others, acting as the principal investor and lender in renewable and other energy projects. Later on, I switched to the energy manufacturing side, working for the likes of Siemens Wind Power to increase sales of wind turbines by sourcing financing for their customers.</p>
<p>While I really enjoyed working for these large energy companies, I have always had a soft spot for smaller organisations. Joining Thrive Renewables (Thrive) as a non-executive director in 2011 exposed me to smaller, more localised renewable projects. Becoming a trustee of the NGO Renewable World provided me with insight into even smaller, micro-scale projects, this time in developing countries. And then last year, I joined the management team of Energy 4 Impact where I get paid to do something I love: working with small entrepreneurs on renewable energy in the challenging markets of Africa.</p>
<h3><strong>Tell us more about your work in the renewable sector?</strong></h3>
<p>In my day job, I am Investment Advisory Director for <a href="http://www.energy4impact.org/">Energy 4 Impact. </a>We are a non-profit organisation that seeks to alleviate poverty in Sub Saharan Africa by increasing access to energy for under-served rural communities. Currently around 6 out of 10 people in Africa lack access to electricity &#8211; that is nearly 650 million people. Well over half of the businesses there say access to reliable power is a major constraint on their growth. And there is a big urban-rural divide, with access in urban areas being nearly 70% compared to just 15% in the countryside.</p>
<p>We provide advice to small and micro off-grid renewable enterprises, including start-ups and more mature growth businesses. My role is to advise them on business plans and capital raising and to work with local financial and industrial partners to provide financing for their end customers. Our business clients include suppliers of solar lighting and energy products, solar irrigation pumps, cold storage units, biogas digesters and clean cooking solutions. We also support providers of ancillary services such as remote metering and payment systems, which are critical for the sustainability of renewable businesses in remote areas.</p>
<p>Like Thrive, we do a lot of work with small renewable project developers. However, the challenges involved are very different from the developers supported by Thrive. Most of the “mini-grids” Energy 4 Impact supports are very small (I.e. a few kilowatts in size versus the megawatt projects of Thrive) and serve only a few hundred or thousands of people. Because most of the projects are not connected to the national grid, they supply energy directly to local communities where demand for electricity is often uncertain. In the case of Thrive’s projects, we already have a good idea how much and to whom we are selling power.</p>
<p>In my part time, I am a trustee for Renewable World which develops community micro renewable projects in South Asia and East Africa. These include hydraulic and solar water pumping projects in the hillside communities of Nepal and solar mini-grids in remote fishing villages in Kenya. My role is to oversee and support programme management and fund-raising. Like Thrive, Renewable World works closely with local communities to ensure the projects are sustainable from a social, business, financial and environmental perspective.</p>
<h3><strong>What else are you doing?</strong></h3>
<p>A few years ago I became an (unpaid) advisor to Pearlstone Energy, a UK electricity demand response aggregator start-up. They face many of the same challenges in terms of market development and funding that my clients in Africa face, albeit in a very different market context.</p>
<p>Demand response is an emerging market that allows commercial industrial consumers such as data centers and medical facilities to support the National Grid by reducing their electricity usage during peak periods and getting paid for doing so. While the market is currently more risky than traditional generation, the opportunities for investors and potential benefits for consumers in terms of lower cost electricity and reduced CO<sub>2</sub> emissions are clear.</p>
<h3><strong>How do you see the future?</strong></h3>
<p>The cost of key components such as solar panels and batteries has fallen dramatically in recent years, creating new opportunities for investors. In developed markets such as UK, we are seeing the emergence of new businesses in energy storage and demand response, which dramatically improve electrical system efficiency. In some developing markets such as East Africa, we are witnessing a solar revolution facilitated by remote metering and pay-as-you-go technologies which allow those unable to afford the high upfront cost of electrical services to pay in small instalments. All in all, it is a very exciting time to be in renewables.</p>
<h3><strong>About Peter Weston</strong></h3>
<ul>
<li>Board Member of Thrive Renewables (formerly Triodos Renewables) since 2011. Chair of Operations and Health &amp; Safety Committee.</li>
<li>Director of Investment Advisory at Energy 4 Impact (formerly GVEP International)</li>
<li>Trustee of Renewable World</li>
<li>Visiting lecturer at ESCP, a European business school</li>
<li>Previous management roles with GE Capital, Siemens Wind Power, MAN Diesel &amp; Turbo, Westdeutsche Landesbank, Aquila Energy and Osaka Gas</li>
<li>Journalist with Euromoney Publications and freelancer for Financial Times</li>
</ul>


<p>After lunch, Thrive’s MD, Matthew Clayton covered the company’s outlook and how investors had made a direct impact, finished off with an inspiring talk from Felicity Jones of Everoze about the evolving electricity system and the growth of ‘storage’ as a means of delivering the flexibility required for an increasingly renewables powered system.</p>
<p>For more information on Thrive’s performance, projects and market outlook read the 2016 <a href="/documents/2016-annual-report/" target="_blank" rel="noopener">Annual Report.</a> To see how we’re making a difference, visit our ‘<a href="/impact/" target="_blank" rel="noopener">Impact</a>’ section.</p>
<h3><strong>2016 at a glance</strong></h3>
<p>It was a mixed year with particularly low average wind speeds, the autumn being the least windy for 15 years and major flooding creating challenges for the electricity networks. This resulted in profits being down for 2016, to some extent being balanced by improving power prices and two very successful, award-winning, bond offers raising over £13 million fuelling growth. The funds went straight into more onshore wind projects, and for the first time a ground mounted solar farm. Over the last 18 months the project portfolio has grown by over 16% to 19 UK sites in total, the majority being onshore wind with hydro and now solar.</p>
<p>The shareholders agreed an annual dividend at 4 pence, as per the previous two years, demonstrating the underlying health of Thrive Renewables.</p>
<p>The Thrive team were on hand to discuss a number of topics including the share price and latest investments as well as answer any questions. It was wonderful again to see our committed shareholders and bondholders to talk about the future of renewables.</p>


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Around 90 investors, both shareholders and bondholders, connected for one day in London for Thrive’s AGM at the prestigious Royal Institution - a fitting venue given its scientific legacy and the adjoining Faraday museum for shareholders to enjoy as part of the day.

Thrive investors connect in London to affirm renewables mission

<p>Renewables generated 26.6% our electricity from January to March, an increase of 1% on last year, while coal’s output dropped from 15.8% to 11.3%. In Q1 2015, coal was providing 30.8% of our power, so the UK’s clean energy transition is continuing to accelerate rapidly.</p>
<p>All low-carbon sources, including nuclear, generated 45.6% of the UK’s electricity, up from 44.4% at the same three-month period last year.</p>


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Renewable energy generated more than 25% of the UK’s electricity in the first quarter of this year reports RenewableUK.

Onshore wind leads UK renewable power generation in 2017

<p>With over 6,300 investors in Thrive, the company funds sustainable projects all over the UK to create genuine, long-term, positive impact – financially, environmentally and socially.</p>
<p>Thrive has worked with REV to support the timely procurement and construction of the Gevens project with three turbines in Kirkcaldy, Fife all being delivered by boat. It is now focusing on delivering Brotherton, a two-turbine project near Johnshaven, Aberdeenshire and on schedule to start generating green electricity to the grid in summer 2017.</p>


<p>Banks typically lend 75%-80% of project capital costs with developers still needing to find the remaining 20%-25%. Thrive Renewables provided a mezzanine loan to compliment the senior loan provided by Santander on both the projects.</p>
<p>The Gevens project is located 5km from Kirkcaldy close to the open water of Loch Camilla. The three 2.3MW Enercon E82 turbines are just under 100 metres tall.</p>
<p>The Brotherton project is located within the Brotherton Estate near Johnshaven in Scotland. The two 2.3MW Enercon E82 turbines are just under 100 metres tall.</p>
<p>For the Gevens site, the civil engineering works were delivered by contractor RJ McLeod; and on the Brotherton site by AE Yates. The construction process has been managed by firms Green Cat Renewables and Greenbank Accountants.</p>


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In partnership with developers, Renewable Energy Ventures (REV), this type of funding marks an additional way for Thrive Renewables to contribute to the growth of renewable generation in the UK.

Thrive Renewables delivers mezzanine funded wind farms in Scotland

<h3>Financial leadership category and submission</h3>
<p>In 2016/2017 Thrive raised a total of £13M for renewable energy projects through innovative online crowdfunding and was the first bond offer to be available through the Innovative Finance ISA (IFISA).</p>
<p>Thrive highlights:</p>
<ul>
<li>The Thrive Plc bond offer raised £9.97m for new sustainable energy projects in the UK exceeding its target of £7.5m by 33 per cent.</li>
<li>It was one of the first crowdfunded bonds eligible for an Innovative Finance ISA.</li>
<li>The funds are now being deployed into onshore wind and solar projects with the aim of generating a further 36,000 UK homes with clean electricity in 2018.</li>
<li>933 individuals invested their money in Thrive Renewable’s bond from just £5 online.</li>
<li>Whilst the 5% interest rate and IFISA benefits provided a healthy incentive to investors, Thrive’s bond demonstrates strong investor appetite and support for UK renewable energy.</li>
<li>Working with Triodos Bank’s corporate finance specialists and Abundance Investment, Thrive was able to offer Bondholders the opportunity to include their investment in their IF-ISA.</li>
</ul>
<p>With a 20-year history and trusted ethos, Thrive unites a growing movement of investors who are wanting to see investment with direct impact. The Bristol based, sustainable company has contributed to the construction of 95 MW of renewable energy projects, across 19 sites around the UK with a total of £105M assets under management.</p>
<p>The IFISA was introduced on 6 April 2016 and from 1 November 2016 crowdfunded debt securities, such as the Thrive Bond, were eligible for inclusion.</p>
<p>Thrive Renewables continues to invest in and operate renewable energy projects, uniting a community of over 6,300 investors.</p>


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We are pleased to announce that Thrive has won the Financial Leadership category as part of the British Renewable Energy Association (REA) Awards 2017.

Thrive wins 'Financial Leadership' award at the British Renewable Energy Awards 2-17

<p>Banks typically lend 70%-80% of project capital costs with developers or communities still needing to find the remaining 20%-30%. Thrive Renewables has provided the essential £1.7M to enable the community group managed by Mongoose Energy to acquire a solar project in Sheriffhales in Shropshire. Over the coming months, the community will be invited to get involved and invest in the 3.1MWp solar farm and establish a rewarding connection with the site.</p>
<p>With over 6,300 investors in Thrive, the company funds sustainable projects all over the UK to create genuine, long-term, positive impact – financially, environmentally and socially.</p>


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Thrive Renewables supports a Mongoose Energy initiative.

Thrive bridges £1.7 million funding gap to support community solar ownership

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<p>Heat Networks are an energy efficient and cost efficient way to decarbonize heat, especially in areas of concentrated demand i.e. densely populated and mixed use areas (commercial, industrial, public and residential) such as urban centres.</p>
<p>In the UK, only 2% of heat is currently supplied by heat networks however the government, in its 2015 autumn review announced £320m capital allocation to the Heat Networks Investment Programme (HNIP) over the next 5 years. This is expected to support UK’s development of heat networks, to provide impetus to necessary innovation and to leverage an additional capital investment of around £2bn into the sector over the next 10 years.</p>
<h3><strong>Investment environment in the UK</strong></h3>
<p>The UK has a long way to go to fully exploit the potential of heat networks. The networks that have been built to date have been funded largely by public sector sponsors e.g. local authorities and private sector owner-operators trying to meet energy efficiency targets on new-builds. To achieve the desired scale and the build rates needed to realise heat network’s carbon reduction contribution, a greater diversity and breadth of investors is key.</p>
<h3><strong>Heat, energy decarbonisations and heat networks</strong></h3>
<p>Heating and hot water account for over 80% of domestic and just under 60% of non-domestic energy consumption, making heat decarbonsiation extremely important for UK to meet its legally binding carbon reduction target set in the Climate Change Act, as well as to deliver on the commitments made in the Paris Agreement.</p>
<p>Nearly 70% of current heating comes from natural gas and for UK to achieve its low carbon targets requires a dual focus on overall greater energy efficiency and the use of heat networks</p>
<p>This paper highlights the scope and potential of this opportunity and request for your feedback, your thoughts and questions that you may have on the ‘Heat Networks Opportunity’ after reading this paper. Please email <a href="mailto:news@thriverenewables.co.uk">news@thriverenewables.co.uk</a></p>
<p>This information was taken from the Heat Networks report produced by ESC and supported by Thrive Renewables. <a title="2017-02 Heat Investment in the  UK.pdf" href="https://www.thriverenewables.co.uk/media/1428/2017-02-heat-investment-in-the-uk.pdf" target="_blank" rel="noopener" data-id="1873">Read the full report here</a>.</p>
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Thrive has been supporting Energy Systems Catapult (ESC) in a piece of research around the opportunity for UK investment in Heat Networks.

Should we be investing in heat networks?

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<p>Despite this significant contribution, renewables are often criticised for being ‘intermittent’ as they don’t generate 24/7/365. Whilst renewable generation is reliant on natural resources (wind, sunlight, rainfall) I prefer to use the term variability &#8211; a more appropriate description as solar, wind and hydro output can be forecast accurately, providing the National Grid advance notice of how much will be generated by each wind, solar and hydro project. However, the lowest cost renewable energy sources are not able to provide the shape required to meet the significant swings in daily electricity demand, so flexible generation power stations are necessary as part of a transitional energy system.</p>
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<p>The market dictates that it is the most expensive and polluting generators (often, diesel or oil fired and less efficient coal and gas) which are responsible for meeting peaks of demand which occur daily between four and seven in the evening. Therefore the onus falls on us, the consumers, to step up and address the shape of our energy demand to both reduce the use of the most carbon intensive generators, to allow increased contribution of renewables and to reduce the cost of energy to consumers.</p>
<h3><strong>Shaping energy demand</strong></h3>
<p>There are three approaches that can be taken to tackle the shape of energy demand. Firstly, we can take it upon ourselves, as individuals and businesses, to reduce demand and use energy more consciously and efficiently. Another option would be for the energy companies to better match the shape of demand and supply to order to avoid the expensive and GHG emission intensive spikes. Renewables could also be the answer – by looking into ways to store electricity generated by renewable sources, we could develop ways to allow surplus in off peak generation to contribute to dealing with peak demand.</p>
<p>It’s time to look at both sides of this equation. At Thrive Renewables, we characterise these measures as the enabling environment, where not only electricity supply, but also demand will evolve to better utilise natural resources. This would see us build a system where renewables can contribute over 50 per cent of power to the grid, reserving use of precious fossil fuels for times they are needed the most. In other words, this system would maximise the utilisation of energy which is freely and infinitely available and minimise the consumption of finite and harmful resources.</p>
<h3><strong>Enabling environment in practice</strong></h3>
<p>To implement this, we need to all take active steps to shape energy demand. At home, work and recreation we can think about when we use power. Do we need to operate our most energy intensive appliances (immersion heaters, tumble dryers, washing machines) at peak demand periods, or can we set them to run at periods of lower demand, lowering the peak and smoothing demand?  We are already seeing industrial consumers managing their consumption to take the pressure off of the grid at peak times.  We’d hope that in time domestic appliances will be manufactured which are sensitive to peak demand, which automatically reduce their energy requirements when the network is stretched.  In the mean time we can consider energy efficiency measures, where we can contribute to lowering the overall demand of energy.</p>
<p>On a larger scale, there are industry level changes that can be made. At Thrive, we’re looking at ways to integrate storage into our renewable generation projects, where we store a proportion of the power generated, then release the stored electricity to the grid when demand peaks. This is a development in progress as storage options are growing and feasibility is on the horizon.</p>
<p>We’re also exploring demand side management tools, where industry and larger consumers of energy automatically trim their demand for power when peaks are forecast, taking the stress out of the grid and reducing the use of the most expensive and polluting sources of power.  Office buildings would not notice if the air conditioning or heating was switched off for ½ an hour to reduce a spike in demand, yet the aggregate impact of consumption dipping takes the top of the peak, requiring less fossil fuel to be burnt.</p>
<h3><strong>Shared responsibility for energy</strong></h3>
<p>The energy system will have to change from a demand-led, centralised system to one where we all take responsibility. In addition to us being mindful about energy use there is also the possibility of domestic and commercial systems and appliances which can respond to the availability (or lack of availability) of power becoming mainstream.</p>
<p>Electric vehicles, for example, can be charged using renewable sources and discharged not only for travel, but can also be plugged into homes and offices releasing power back to contribute to satisfying peak demand. Many of us already have an energy storage device in our homes, our hot water tank, which can play a role in balancing the system.  Additionally, domestic appliances will be able to tweak demand for heat, refrigeration, cooling and motors, which in aggregate across the country can have a material impact on the shape of consumption, allowing renewable resources utilised to a greater extent.  This will consciously (albeit automatically) shift both demand and supply to a shape which better matches our daily lives and natural resource availability.</p>
<h3><strong>The future of energy demand</strong></h3>
<p>The role for renewable generation is growing, and the establishment of the enabling environment will throw the door wide open to a cleaner, more sustainable system, where we can all play our part.  Let’s start by being conscious of when we use energy, is it day or night, sunny or cloudy, windy or still?</p>
<p>If we get this right, we can reduce and sculpt demand to provide the flexibility in the system, allowing the majority of power to be generated from infinite resources, rather than the current system which depends on finite resources and environmentally damaging technologies to achieve the flexibility.  By better matching demand and supply we can reduce both the environmental and financial cost of electricity.</p>
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The growth of renewables in the past ten years has been the success story of energy in the UK.

The shape of things to come

<p>The excerpt below (taken from page 15 of the report) focuses on the ‘mezzanine finance’ model that bridges the funding gap for community energy projects, as well as a potential investment model for the heating sector.</p>
<p>We are mentioned further in <strong>Section 3</strong>.<strong> Further models for investment </strong>on page 32 of the report under &#8216;Abundance&#8217; detailing the regulated online platform that lets people lend money to projects providing a social and/or environmental good. Abundance facilitated our renewable<a title="933 everyday investors unite in Thrive’s movement for a cleaner, smarter energy system" href="/latest-news/press-releases/933-everyday-investors-unite-in-thrive-s-movement-for-a-cleaner-smarter-energy-system/" data-id="1837"> energy bond offer </a>through an Innovative Finance ISA to attract everyday investors and now funds £10M worth of renewable projects.</p>
<h3><strong>Section 1. The big picture: The barriers to renewables energy investment in Wales</strong></h3>
<p>An example of a specialist form of finance, as referenced above, is ‘mezzanine finance’ which is a mix of debt and equity financing that gives the lender the rights to convert to an ownership or equity interest in the company/project in case of default. Monika Paplaczyk, Thrive Renewables, noted how they, for example, have started providing mezzanine loans to renewables projects, including community energy projects, in order to compliment senior loans provided by banks, so they are effectively providing mezzanine funding to plug the funding gap. This form of finance has helped community groups gain quicker access to finance, as opposed to raising finance through a community share offer for example.</p>
<p>Paplaczyk used the example of heat investment noting that there is significant interest from investors to consider investment in the heating sector, including for example, investment in district heat networks. However, Paplaczyk felt that further certainty and clarity on the revenues and contractual arrangements would be required when funding heat projects and initially, a joint venture approach or the mezzanine finance route would be the ideal investment vehicle for financial investors. Wales needs to exploit specialist forms of finance, including mezzanine finance, in order to drive investment in renewable energy projects and ensure adaptability and diversity within the energy market.</p>
<p>The experts interviewed for this paper made it clear that it is hard to get investment at a planning and development stage but – although the cost of capital can be enormous – returns can be very attractive. The communication of risk and returns of renewable energy schemes are also key in overcoming the barriers to investment. Helene Winch, an Investment Advisor, used the example of Scotland where communication alongside political will and clear visibility of renewable energy schemes across Scotland has been key to driving further investment.</p>
<p>To download the IWA’s report, ‘Funding renewable energy projects in Wales’, please click <a href="http://www.iwa.wales/wp-content/uploads/2017/04/IWA_ReEnergisingWales-9.pdf" target="_blank" rel="noopener">here</a>.</p>


The ‘Re-energising Wales’ project’s first report entitled ‘Funding renewable energy projects in Wales’, highlights opportunities that could lead to the development of more investment in renewable energy projects in Wales.

Re-energising Wales 'Funding renewable energy projects in Wales' report

<p>With a 20-year history and trusted ethos, Thrive unites a growing movement of investors who are wanting to see investment with impact. The Bristol based, sustainable company has contributed to the construction of 95MW of renewable energy projects, across 19 sites around the UK with a total of £105M assets under management.</p>


<p>A portion of the £10M funds have already gone directly into three renewable energy projects including a three-turbine wind farm built on an old coal mine in Scotland. These new projects will power clean electricity to homes by Autumn 2017. Thrive has also invested in Solar PV for the first time this year broadening its scope of sustainable projects for investors.</p>
<p>Thrive’s unlisted renewable energy bond attracted a diverse range of everyday investors, high net worth individuals, foundations, and institutions with investments ranging from just £5 to over £1M.</p>
<p>The first part of the bond offer, for those investing between £5 and £90,000, completed in just 22 days and is Triodos Bank’s fastest capital raise to date.</p>
<p>The bond offer was made available online through leading sustainable investment platform, peer-to-peer lender, and FCA regulated, Abundance Investment Ltd. It attracted investors as young as 24 years and the oldest at 94 years, with over 50% of new investors coming via the Abundance online platform. 29% of all investors were women who had an average investment of £5,877.</p>
<p>30% of the capital raised was invested through the IFISA wrapper and new investors contributed nearly 42% of the total raise. New investors invested an average of £1,000 and were typically younger than traditional Thrive investors who invested an average of £5,000.</p>


Thrive Renewables Plc (Thrive) bond offer, promoted by ethical lender, Triodos Bank and available for the first time through an Innovative Finance ISA (IFISA) with Abundance, attracts over 900 everyday investors, from all walks of life, and funds £10M of renewable energy projects.

933 everyday investors unite in Thrive's movement for a cleaner, smarter energy system

<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

<p><span data-contrast="auto">The ban, first introduced by former PM David Cameron in 2015, meant an objection from just one person could stop a new onshore wind turbine from being built in England. It also meant that any new development had to be constructed in an area identified as suitable for onshore wind as part of the council’s local plan (footnote 54 in the National Planning Policy Framework) – a requirement which is not applied to any other infrastructure project. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p><span data-contrast="auto">But with many UK households feeling the effects of the ongoing energy and cost of living crises, the government has faced increasing pressure to ease these planning restrictions so that the country can start benefitting from cheaper, cleaner power.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<h3><span data-contrast="auto">What exactly has the government said?</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></h3>
<p><span data-contrast="auto">The government confirmed that it is streamlining planning permission for new onshore wind farms with immediate effect, claiming that the changes will allow ‘local areas [to] have a greater say in how onshore wind projects should be considered, ultimately resulting in electricity bill savings and increased national energy security’.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p><span data-contrast="auto">According to the government website, ‘The measures include broadening the ways that suitable locations can be identified, including by communities, and speeding up the process of allocating sites by giving alternatives to the local plan process. This will ensure the whole community has a say, not just a small number of objectors – paving the way for more onshore wind projects to come online where they have community support.’</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>


<p><span data-contrast="auto">One issue with the government’s announcement is the continued lack of clarity around ‘community support’ and how they will be expected to demonstrate this. We have a robust planning process in place for all other infrastructure projects, whether it be housing, roads or other renewable energy technologies, that allow for and take into account community feedback. So why, for onshore wind, are we asking communities to proactively evidence that they’re in support of a project? </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p><span data-contrast="auto">The deviation in requirements suggests that there’s a presumption that the general public are against onshore wind. This is simply not the case – according to the government’s own figures, just 12% oppose a wind farm in their own community.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<h3><span data-contrast="auto">What does it mean moving forward?</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></h3>
<p><span data-contrast="auto">While we await a secondary announcement in the Autumn, it looks like these changes will, at best, make it slightly less difficult to build new onshore windfarms in England.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p><span data-contrast="auto">We know that onshore wind can generate cleaner, cheaper and homegrown electricity that helps keep household bills down, but the government is failing to treat it like any other infrastructure project. What we really want to see is a level playing field and a removal of footnote 54 from the National Planning Policy Framework. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p><span data-contrast="auto">The Ambition Community Energy (ACE) turbine in Bristol is proof that onshore wind is not only popular with communities but can have tangible economic and social benefits too. Profits from electricity sales from the 4.2 MW turbine will be reinvested back into the Lawrence Weston community, while the ACE team are also planning to set up an Energy Learning Zone, which will give local residents the opportunity to upskill and learn about green careers.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p><span data-contrast="auto">As proud funders of the ACE turbine, the only onshore wind farm to be built in England so far this year, we will continue working with people and businesses to make projects happen and promote the benefits of local generation.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
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