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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>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>Thrive Renewables provides an efficient and rewarding financial connection with sustainable energy, uniting shareholders and bondholders in direct investment in a cleaner, smarter energy system.</p>
<p>As an un-listed plc*, Thrive aims to benefit from this membership by reaching more likeminded investors, and to create a wider awareness around the opportunity to invest directly into sustainable energy via our share offers and secondary share market, essential to the company’s future growth.</p>
<p>Matthew Clayton, MD of Thrive joined the SSX Investor Conference on the 1<sup>st</sup> February and was part of a panel talking about action through impact investment. The video link with highlights from the event can be found <a href="https://www.youtube.com/watch?v=KUhF6eEVeTw">here</a>.</p>
<p>Thrive Renewables can also be found listed on <a href="http://www.ethex.org.uk/" target="_blank" rel="noopener">http://www.ethex.org.uk/</a> – an online community helping investors to make positive investments simply and securely.</p>
<h3><strong>About the Social Stock Exchange</strong></h3>
<p>The Social Stock Exchange provides access to the world’s first regulated exchange dedicated to businesses and investors seeking to achieve a positive social and environmental impact through their activities. The aim of the exchange is to help these businesses connect with investors and unlock capital at scale.  All issuer member companies must meet a rigorous set of criteria before joining, including the publication of an Impact Report.</p>
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<p>*Thrive Renewables is not listed on a stock exchange such as London Stock Exchange (LSE) or the Alternative Investment Market (AIM)</p>


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TIDE &amp; ISE 2018

The Social Stock Exchange (SSX) - the UK’s public market for impact investing has approved Thrive Renewables as a member following the approval of its impact report by the independent Admissions Panel.

We've joined the Social Stock Exchange

<p>The site of this three-wind turbine project is a disused open cast coal mine to the north of Blackridge in West Lothian, Scotland. The 6MW project will generate enough renewable electricity to meet the annual demand of 5,458 UK homes.</p>
<p>Thrive’s goal is to allow individuals to contribute to cleaning up the UK’s energy system.  The clean energy transition is particularly evident at this site.</p>
<p>Thrive was established over 20 years ago and now unites a community of 6,300 investors and has invested over 100MW of renewable energy. We work with developers and communities to develop and build new sources of renewable energy to contribute to a cleaner smarter energy system fit for the future.</p>
<p>We also provide an opportunity for individuals to invest directly in a portfolio of renewable energy projects, delivering financial returns and contributing to tangible greenhouse gas emission reductions.</p>
<p>Visit the <a href="/projects/drumduff-wind-farm/" target="_blank" rel="noopener">Drumduff project page</a> for information about the site.</p>


The successful transition from coal to clean energy

Drumduff wind farm construction

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Onsite at Drumduff

This film captures the completion and transition from coal mine to wind power, a joint venture between Thrive Renewables (Thrive) and GreenPower featuring drone footage.

Video: Successful transition from coal to clean energy

<p>This is achieved by owners carrying out their own self-guided energy audits and using local trades people where possible to reduce running costs, lower CO<sub>2 </sub>emissions, and increase the use of their premises, making them more accessible, comfortable and better utilised to groups relying on them.</p>
<h3><strong>Grants awarded in 2016</strong></h3>
<p>A total of eight grants were awarded in 2016 ranging in value from £800 to £4,000 (the grant maximum). A variety of buildings benefited from the grants including community centres, village halls, a cricket pavilion and a Baptist church/youth centre all based around Thrive sites across the country including Bristol, Lancashire, Cumbria, Fife and Suffolk.</p>
<p>The range of improvements installed, as a result of the grants, included loft insulation, double glazed windows, replacement external doors, energy efficient lighting, lighting sensors, pipe and hot water tank insulation, water saving devices like taps and instantaneous water heaters, floor insulation and replacement heating – all essential for helping to improve the comfort and warmth of buildings during cold months &#8211; often a time when these buildings are underutilised.</p>
<p>There were other zero cost energy saving measures adopted by some of the groups receiving funding, as well as some just calling for advice, including cleaning windows to let more light and heat in, and labelling switches and controls so users could switch off lights after use/or make best use of their heating. The improvements have benefitted organisations as diverse as toddler groups, ballroom dancing lessons, the Womens’ Institute, friendship clubs, youth sports teams and budding music makers.</p>
<p>Through this programme Thrive also hopes to educate and empower people locally to take the self-guided energy audit of the community building and then feeling confident to use the same approach at home or for friends. The impact in the community is then wider than the measures installed in the hall.</p>
<h3><strong>Energy savings made</strong></h3>
<p>The total amount awarded in the first year of the programme was £25,872 with a total annual savings calculated at 10.13 tonnes carbon dioxide saved by the scheme and 36,839 kWh.</p>


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In November 2015, Thrive Renewables launched its Community Benefit Programme which has now run a full year.

Communities benefit from energy saving grants

<p>The previous review of the DRSP took place in October 2016 when the valuation grew 3.5% from £2.27 to £2.35. We have recently reviewed the DRSP again as a result of the combination of the following events which were considered to have both positive and negative impacts on the value of Thrive Renewables.</p>
<h3><strong>Wind resource and weather impact</strong></h3>
<p>Independent experts have suggested that 2016 was 4.3% less windy at a national level than the long-term expectations with wind farms exporting up to 9% less energy as a result. In addition to lower wind speeds, we also had a challenging time at Caton Moor, our largest wind farm which is located east of Lancaster where floods which hit the North West of England in the winter of 2015/16 caused a lot of damage to the region’s electricity distribution networks. In addition to homes and businesses being without power, the contingency in the electricity network was impaired, so the system ran in a fragile state in early 2016 while repairs and upgrades were made. The impact for Thrive Renewables was that Caton Moor wind farm was switched off and unable to export to the grid for extended periods during January and February which were the windiest months of 2016. As our largest wind farm, usually generating 22% of our renewable electricity, this reduced the amount of power we generated.</p>
<p>Additionally, we expect to generate more than a third of our electricity in October, November and December. Despite the tail of storm Barbara arriving over Christmas, all three months were exceptionally less windy than is typical and, overall we have generated less power and consequently less revenue than we expected in 2016. Both the low wind resource and outage at Caton Moor have had a negative impact on the value of Thrive Renewables.</p>
<p>As a result of the windiness in 2016 we have revised our expectations of electricity export downwards for future years.</p>
<p>There are a number of factors, however, which have had a positive impact on the value of Thrive Renewables.</p>
<h3><strong>New investments</strong></h3>
<p>In January, we reached significant milestones on two new projects:</p>
<ul>
<li>In collaboration with Scottish developer Green Power we have concluded all the procurement work at Drumduff wind farm. We have now commenced construction of this 6MW wind farm which is located on a disused coal mine in West Lothian, Scotland. Once built this project will generate the equivalent amount of electricity to meet the needs of 4,400* UK homes per annum.</li>
<li>We also contributed to the funding of a wind farm in Aberdeenshire, Scotland. The wind farm is a two turbine site with a generating capacity of 4.6MW. Construction has commenced with first generation planned for summer 2017.</li>
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<p>The construction of the two wind farms puts our investors’ money to work, contributing to new renewable energy generation capacity. Having raised £8.4m via the Thrive Renewables plc Bond issue, we have the funds to continue to grow our impact and revenues by investing in further renewable energy generation projects.</p>
<h3><strong>Wholesale electricity prices</strong></h3>
<p>Approximately 50% of Thrive Renewables income is derived from the sale of electricity via the wholesale electricity market. In the autumn of 2016 the UK’s wholesale electricity prices increased. Whilst there are many factors which led to this change in price, two elements had significant impact. The first was that following the Brexit referendum, Sterling (£) weakened against the Euro (€) and US dollar ($). As the majority of the UK’s energy is sourced from fossil fuels, and fossil fuels tend to be traded in € and $, the cost of these imported fuels increased and consequently UK electricity prices rose.</p>
<p>The second element impacting the wholesale electricity prices in the Autumn was that a number of the French nuclear power plants were offline due to unplanned or extended checks and maintenance. This pushed up European power prices as the French nuclear supply typically exports power to neighbouring countries (including the UK via the interconnectors), so the shortfall had an impact on prices. Fortunately, we were able to fix future prices on a number of our power sales agreements, which, weather permitting will allow revenues to be increased in the coming months.</p>
<h3><strong>Overall impact</strong></h3>
<p><strong>With due consideration of these material impacts, the Directors find that the positive and negative factors have a neutral effect on the valuation of Thrive Renewables and the Directors’ Recommended Share Price is unchanged at £2.35.</strong></p>
<p>Background on previous DRSP movements can be found on the Thrive website <a href="http://www.thriverenewables.co.uk/for-investors/buying-and-selling-shares/recommended-share-price/" target="_blank" rel="noopener">http://www.thriverenewables.co.uk/for-investors/buying-and-selling-shares/recommended-share-price/</a></p>
<p>*BEIS average UK home electricity consumption 3.938MWh/Home</p>


A review and round up of 2016 investments and performance with the Directors' recommended share price remaining unchanged at £2.35.

Share price review 30 January 2017

<p><span data-contrast="auto">In <a href="https://www.positive.news/society/how-uk-businesses-can-ramp-up-progress-on-the-sdgs/" target="_blank" rel="noopener">our latest article with Positive News UK,</a> you can find out how the UK is progressing in building a fair and sustainable future, and how businesses can make a tangible difference to people and planet. You can also find out more about how Thrive’s work supports the UN SDGs via our <a href="https://www.thriverenewables.co.uk/thriverenewablesimpactreport.co.uk" target="_blank" rel="noopener">Impact Report here</a>.</span></p>
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rooftop-solar-tr-olympus-power

Rooftop solar TR Olympus Power

For Global Goals Week, we discuss the role of businesses in protecting the planet and tackling poverty in support of the UN’s Sustainable Development Goals (SDGs).

Positive News UK: How can UK businesses supercharge progress on the UN Sustainable Development Goals?

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<p>Half year operating profits were £5.9 million on a turnover of £12.3 million, with shareholders receiving a final dividend of 12p per share for 2022, which was paid in July.</p>
<p>With many people still feeling the consequences of the UK’s reliance on dirty, expensive fossil fuels, we’re continuing to fund and build new clean energy projects that not only contribute to the country’s decarbonisation goals but deliver cleaner, cheaper power for people today.</p>
<h3><strong>Strong performance across the portfolio</strong></h3>
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<p>We were pleased to report the successful construction of England’s largest onshore wind turbine during the first half of the year, which we helped fund with a £4 million investment. The 4.2 MW turbine in Bristol is the only onshore wind turbine to be built this year in England and is now generating clean electricity, with profits being reinvested back into the local community.</p>
<p>In addition, we’re proud to say that we’re the first commercial battery owner in the UK to offer a local community group an opportunity for shared ownership of a standalone battery storage project. Bristol Energy Cooperative (BEC) will be able to make a co-investment of up to 20% in our 20 MW battery project on Feeder Road in Bristol. The addition of this project alongside the ACE turbine and our existing 8.2 MW Avonmouth wind farm means that we’ve now funded more than a third of Bristol’s total renewable electricity generation and storage capacity (37%).</p>
<h3><strong>Growing pipeline of clean energy projects</strong><strong> </strong></h3>
<p>Entering the second half of the year in a strong position, we have a range of new projects in the pipeline to continue growing our portfolio of wind, solar, geothermal, hydro and battery projects. This includes our biggest single investment to date, which has seen us provide a £20 million loan to Ethical Power to help fund 192 MW of new solar PV and battery storage projects across the UK.</p>
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<p>[1] Refers to Thrive’s impact portfolio – total electricity generation of the portfolio adjusted for Thrive’s proportion of ownership, plus the projects Thrive is funding.</p>
<p>[2] Calculated using the most recent statistics from the Department of Business, Energy and Industrial Strategy (BEIS) showing that UK average domestic household consumption is 3,509 kWh per annum (1,755 kWh for a half year) <a href="https://www.renewableuk.com/page/UKWEDExplained" target="_blank" rel="noopener">https://www.renewableuk.com/page/UKWEDExplained. </a></p>


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THRIVE OxfordVisit-24

Significant progress with diversification strategy, including our biggest single investment to date.

Strong performance from the portfolio with an increase in operating profits - half year results 2023

<p>This includes plans to build two 25 MW battery storage sites and four solar projects (142 MW in total) across the UK over the next three to five years. The completion of these projects will see the portfolio of assets that we’ve funded and/or built more than double in size – from 145 MW to 337 MW.</p>
<p>Through various partnerships, Ethical Power owns solar and battery energy storage projects at different stages of development and construction, including two extensive solar and BESS projects. Ethical Power is the principal EPC contractor on these projects, which enables optimal design, streamlined delivery and the most effective use of the resources from development to operation.</p>


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