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Latest news

The new initiative, Community Energy Catalyst, will support local communities to build their own clean energy infrastructure or secure stakes in larger regional renewable energy schemes. Fair Play Clean Energy, Thrive’s existing joint venture with Top Cashback Sustainability Ltd, will provide £20 million of the investment, with Better Society Capital providing matched funding.
Community Energy Catalyst will make investments ranging between £0.5 million to £30 million in individual projects which are at least 1MW in size and employ proven technologies such as onshore and offshore wind, solar PV and hydro-electric. The joint venture will target late-stage development projects that have already secured planning consent, enabling them to advance through to construction, commissioning and operation while aligning with local objectives.
As well as funding, Thrive brings 30 years of experience financing, building and operating clean energy projects in the UK, and will provide support to community energy groups during key milestones such as procurement and grid connection.
When we created our award-winning community funding bridge in 2017, it was the first of its kind. Eight years later we’ve invested over £21 million into seven community energy projects, including £4 million to build England’s largest onshore wind turbine, which is 100% owned by the community in our home city of Bristol.

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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

The bond helped to fund new projects that deliver cheaper, cleaner electricity to homes and businesses across the UK, including a milestone community wind project in Cumbria in 2017. Mean Moor wind farm was the first recipient of our award-winning community energy funding bridge, enabling the first commercial scale wind farm in the country to transfer from a developer to 100% community ownership. Funds raised by the bond were also used to build a 6MW wind farm in West Lothian on the site of a disused coal mine, as well as a 2MW hydro-electric project in the Scottish Highlands.

Thrive was ‘highly commended’ at Investment Week’s Sustainable Investment Awards in 2017 for this innovative green energy bond, giving bondholders the opportunity to include their investment in an IFISA.

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Launching in 2016, it was the first bond offer to be available through an Innovative Finance ISA (IFISA).

Second Thrive bond successfully repaid after seven years funding new clean energy projects

In total our wind, solar and hydro projects delivered emissions reductions equivalent to 58,620 tCO2e, a 1% increase in impact on 2022 [3]. 
Despite overall wind speeds in the UK being slightly lower last year than the long-term average, we managed to generate more power than in 2022.  
As part of our long-term growth strategy we aim to double our renewable generation capacity over the next five years. Last year we made <a href="/latest-news/news/new-deal-with-ethical-power-will-help-double-thrive-s-impact/" target="_blank" rel="noopener">our largest single investment to date</a> and continued to support community-owned projects, including committing £4 million to <a href="/latest-news/news/4-million-investment-into-community-group-attix-cic/" target="_blank" rel="noopener">Scotland’s first subsidy free, 100% community-owned onshore wind turbine</a>.  
We also extended the life of our 22 year old Sigurd wind turbine on Orkney after the original blades reached end of life having generated 88GWh of clean electricity in one of the windiest spots in the UK. Refurbished blades have been fitted so that Sigurd can continue generating clean electricity while the old blades are being <a href="/latest-news/news/reducing-waste-at-our-sigurd-wind-farm/" target="_blank" rel="noopener">repurposed into useful items like bike shelters and EV charging stations</a>.

[1] Impact Portfolio describing Thrive’s share of projects owned plus the projects Thrive is funding.
[2] Average residents per household 2.4 (<a href="https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/families/bulletins/familiesandhouseholds/2020" target="_blank" rel="noopener">https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/families/bulletins/familiesandhouseholds/2020</a>), Population of Preston is 99,198 (<a href="https://www.thegeographist.com/uk-cities-population-1000/" target="_blank" rel="noopener">https://www.thegeographist.com/uk-cities-population-1000/</a>).
[3] RenewableUK uses DESNZ’s “all non-renewable fuels” emissions statistic of 424 tonnes of carbon dioxide per GWh of electricity supplied in the Digest of UK Energy Statistics (July 2023) Table 5.14 (“Estimated carbon dioxide emissions from electricity supplied”). Carbon reduction is calculated by multiplying the total amount of renewable electricity generated by Thrive’s impact portfolio per year by the number of tonnes of carbon which fossil fuels would have produced to generate the same amount of electricity.

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Consistent performance across the portfolio in 2023, despite a slight drop in wind.

Records and repowering: We generated enough clean electricity to power 42,000 homes

Now in its seventh year, the 2023 programme awarded a record £37,692 to ten community groups. The estimated carbon savings from this round alone amount to 7.5 tonnes CO2 equivalent every year. We also provided free online training on the topics of energy advice, community approaches to tackling fuel poverty, and community building energy efficiency. 50% of the people who came to these training sessions had not previously engaged with the programme but were eager to do so afterwards, with two-thirds saying they had been inspired to conduct a survey of their building. Plus, everyone who attended expressed motivation to support their communities in tackling fuel poverty, with all groups also keen to initiate their energy projects.  
Hear from some of the grantees in <a href="https://www.cse.org.uk/news/community-buildings-are-thrive-ing-across-the-uk/" target="_blank" rel="noopener">CSE’s article</a>.

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It’s been a record year for our Community Benefit Programme– over £37,000 awarded in energy efficiency grants.

Community buildings thriving across the UK

Figures by the Department for Energy Security and Net Zero, and analysed by think tank New Economics Foundation, revealed that only seven applications were submitted last year – but all of those <a href="https://www.theguardian.com/environment/2024/feb/15/zero-plans-for-public-onshore-windfarms-submitted-last-year-in-england" target="_blank" rel="noopener">related to the replacement of existing turbines or were for private sites, where the energy produced is destined for a particular consumer, such as a business</a>. 
The number was lower than the 10 applications submitted in 2022, when the de facto ban was still in place, despite the adjustments made to the National Planning Policy Framework in September 2023 which the government claimed would “make it easier and quicker for onshore wind projects to come forward, where there is local support”.  
<h3>Is it only England that&#8217;s falling behind? </h3>
In contrast to the lack of new applications in England, <a href="https://www.endsreport.com/article/1861845/no-new-plans-onshore-wind-england-despite-relaxed-rules%22%20/l%20%22:~:text=There%20were%20no%20new%20planning,onshore%20wind%2C%20new%20data%20shows." target="_blank" rel="noopener">Scotland saw 46 applications made for grid- connected onshore wind farms last year</a> and has openly embraced the technology as part of its future energy mix. Through the <a href="https://www.newcivilengineer.com/latest/scotland-signs-deal-with-sector-to-ensure-it-can-reach-20gw-of-onshore-wind-by-2030-25-09-2023/" target="_blank" rel="noopener">Scottish Onshore Wind Sector Deal</a>, which was signed by the government and major industry players in September 2023, it has <a href="https://www.renewableuk.com/news/652133/Scottish-Onshore-Wind-Sector-Deal-can-provide-blueprint-for-all-of-UK.htm" target="_blank" rel="noopener">outlined a number of measures</a> to help ensure Scotland delivers on its promises of 20GW of onshore wind by 2030 &#8211; more than double its current operational capacity of 9.38GW.  
This includes: 
<ul>
<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1">a commitment that it will take no longer than a year for Scottish onshore wind farms to go through the planning system, </li>
<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1">engagement with local communities at the earliest opportunity to agree a package of community benefits, and </li>
<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1">greater recycling of turbine components to make the supply chain even more sustainable.  </li>
</ul>
And if Scotland can do it, why can’t the rest of the UK follow suit? Especially when we know that people are not only in favour of onshore wind, but that the technology is instrumental in delivering cheaper, cleaner power to households still feeling the effects of the recent energy and cost of living crises. In fact, <a href="https://www.businessgreen.com/news/4112821/staggering-englands-onshore-wind-ban-costing-british-billpayers-gbp-1bn-research" target="_blank" rel="noopener">research by Carbon Brief</a> found that the de facto ban in England had cost billpayers a &#8220;staggering&#8221; £5.1 billion in 2022.  
“Onshore wind remains the cheapest source of clean energy in the UK and has already contributed to billions in savings for UK households. But England continues to miss out on tapping this valuable resource, while Scotland and the rest of Europe add large amounts of wind capacity every year.” –  <a href="https://www.theguardian.com/environment/2024/feb/15/zero-plans-for-public-onshore-windfarms-submitted-last-year-in-england" target="_blank" rel="noopener">Chaitanya Kumar, head of environment and green transition, New Economics Foundation thinktank</a> 
While the government’s micro-adjustments in policy have evidently had little effect, we were still waiting for the results of the government’s consultation into community benefit, launched in May 2023 as part of what was – at the time – dubbed “green day”. Now published, it sought “views on improvements that could be made to the existing system of community engagement and community benefits for onshore wind in England”, with 76 responses from a variety of stakeholders, including Thrive.  
<h3>What are the results of the government&#8217;s consultation? </h3>
Following the consultation, the <a href="https://www.gov.uk/government/consultations/developing-local-partnerships-for-onshore-wind-in-england" target="_blank" rel="noopener">government has confirmed that it intends to</a>:  
<ul>
<li data-leveltext="" data-font="Symbol" data-listid="4" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1">Formally embed best practice principles of community engagement into official planning guidance. </li>
<li data-leveltext="" data-font="Symbol" data-listid="4" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="5" data-aria-level="1">Work with the onshore wind industry and other stakeholders to update the Community Benefits Protocol for Onshore Wind in England. </li>
<li data-leveltext="" data-font="Symbol" data-listid="4" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="6" data-aria-level="1">Take ownership of the Community Benefits Protocol and publish it as official guidance on GOV.UK, providing the whole of the onshore wind industry with clear expectations on community benefits and giving greater certainty to communities. </li>
</ul>
<ul>
<li data-leveltext="" data-font="Symbol" data-listid="4" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1">Provide supporting information and case studies on community benefits to help upskill local communities and streamline the community benefits process, including setting out the instances in which developers could provide additional support to communities. </li>
<li data-leveltext="" data-font="Symbol" data-listid="4" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1">Develop a mechanism for the onshore wind industry to formally sign-up and endorse the updated Protocol, which will provide greater trust and transparency for communities. </li>
<li data-leveltext="" data-font="Symbol" data-listid="4" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1">Consider establishing a public community benefits register that can capture details of community benefit packages, to allow communities to compare offers and drive best practice. </li>
</ul>
We absolutely agree that onshore wind projects should benefit local communities and will continue to work with community energy groups looking to make their projects a reality. However, the government needs to understand that communities will not get to reap any benefits at all if projects never make it into existence. The fact that there were no planning applications in 2023 is proof that developers are still struggling to justify the high cost of navigating the planning process, without clarity on the likelihood of success. We believe that significant reform is still needed if we are to harness wind power to its full potential. 
What we have, and will continue calling for, is for onshore wind to be treated in the same way as other infrastructure projects, as well as the removal of footnote 54 (which sets out the conditions that have to be met for development to be considered &#8216;acceptable) from the National Planning Policy Framework.

While onshore wind delivered almost a third of the UK’s electricity supply last year, England is still failing to harness its true power – despite government ‘reform’.

Proof is in the pudding? Zero planning applications for public onshore wind farms in England last year

Beochlich consists of two Pelton 21X2.45 turbines, fed via a pipeline which creates the pressure to drive the turbines most efficiently. A storage reservoir is incorporated which allows the flow to be regulated to an optimum level when rainfall is high as well as store water during periods of lower rainfall. Water diverted from the Beochlich Burn is returned to the same water course downstream. 
The project generates roughly 4.5GWh of renewable electricity a year – enough to power 1,126 UK homes. As well as being a key renewable energy source, the hydro project helps to regulate the water flow at Beochlich which is positive for plant health and irrigation purposes.

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25 year life extension agreed for the 1MW project in Western Scotland.

Thrive's first hydro-electric project secures another 25 years of operation

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The refinancing loan along with a loan from Energy Prospects Co-operative will enable community benefit society, Resilient Energy Forest of Dean (REFD), to retain ownership of the project. Energy4All, who currently manage 33 renewable energy co-operatives, will support REFD as the commercial manager of the project.
As well as providing clean electricity to the grid, funding from revenues generated will continue to support local community projects in the Forest of Dean. So far, a wide range of local community buildings and schools have benefitted as a result.
The addition of this project to Thrive’s portfolio brings the total we have invested in community projects to £17 million. It is the 6th community funding bridge we have facilitated, plugging funding gaps to enable community energy groups to build and operate their own clean energy projects. This includes providing a £4 million to fund the construction of England’s largest onshore wind turbine in Bristol, which is owned by a community group.
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Working alongside Energy4All, Thrive’s investment will enable the project to remain in community hands.

£1 million investment into 1MW community-owned wind project in the West Country

We kicked off the insight day with a visit to our Avonmouth wind farm where the group were able to view the turbines up close and learn how they work. Adrian, our Head of Operations led the tour, explaining the processes and jobs involved in the operation of a 8.2MW wind project like this – from planning through to construction and maintenance.  There were some brilliant questions and discussions as the turbines worked hard in the background.  
Next it was back to the Thrive office, where Louise our Head of External Affairs delivered a short presentation on the renewable energy industry, Thrive’s impact and the diverse range of roles that exist within the sector.  
Over lunch, members of the Thrive team enjoyed chatting with the group to provide insight on their job roles and answer any questions about the day-to-day of working in renewables.  
For the final activity of the day, the group split into teams for a fun learning activity.  Each group was tasked with planning a new wind farm in metaphorical ‘Thriveshire’, taking into account various social, economic and environmental factors that go into the planning of clean energy projects. The teams presented their ideas to the wider group with some very impressive proposals and learnings from the day.

Having provided a grant last year to support one of Babbasa’s core services, it’s been fantastic to continue our partnership with an opportunity for some of their Young People to learn about careers in renewables. Thrive’s £1,000 grant will help Babbasa to continue offering its Support Programme that 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.  
We’d like to say a big thank you to everyone from Babbasa who attended our insight day – we hope you found it inspiring!

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We hosted an insight day for Babbasa’s Young People to learn about opportunities in renewables.

Shining a light on green careers for under-represented young people

This funding will help us deliver on our busy pipeline, which includes a portfolio of new clean energy developments through a £20 million investment in Ethical Power. We also plan to fund more ‘direct wire’ solar projects, giving UK businesses access to a direct supply of clean electricity, and support community energy groups in building their own clean energy projects locally – like our recent <a href="/latest-news/news/4-million-investment-into-community-group-attix-cic/">£4 million investment in Scottish community energy group</a>, ATTIX CIC.
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 is also set to provide commercial quantities of lithium for EV batteries.
This successful crowdfund comes as new Thrive research – conducted by Opinium, found that retail investors could unlock over £214 billion worth of investments needed to fund UK net zero infrastructure ambitions. Read more about the research <a href="/latest-news/news/the-214bn-impact-investment-opportunity-retail-investors-could-unlock-crucial-net-zero-funding/" target="_blank" rel="noopener">here</a>.

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Thrive Renewables

Thank you to everyone that is supporting Thrive’s mission to build a cleaner, fairer energy system here in the UK.

The future is green: £5.4 million raised to build new clean energy projects

Having provided the first commercial funding for the project in 2020 and a further £3 million investment in 2023, we’re pleased to see the start of this exciting final phase. Geothermal Engineering Limited (GEL) expect construction work to be completed by summer this year, with the first power to be produced towards the end of 2024.  
We were delighted to be on site to see the start of construction at United Downs alongside other investors.
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The United Downs plant will be harnessing heat from hot granite rocks via two deep wells which were drilled and tested in 2019 and 2020. From this site and other proposed sites in Cornwall, GEL are hoping to produce enough power and heat for 70,000 homes by 2028. 
Recent testing at United Downs has shown that geothermal fluid within the wells has one of the highest concentrations of lithium in Europe at 340 parts per million (ppm). This sustainably produced UK lithium has the potential to fulfil a significant portion of the UK’s lithium, helping to support the growing EV industry.   
Last year GEL were awarded three Contracts for Difference, the first ever for geothermal in the UK. These contracts guarantee a set price for the sale of renewable electricity at United Downs and their other two sites at Manhay and Penhallow.

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Cornwall Time Lapse--4

The United Downs site is expected to start producing renewable electricity by late 2024.

Construction begins on UK's first geothermal power plant

In September 2023, we also agreed to fund 192MW of new solar PV and battery storage through a £20 million investment in a UK development portfolio. The first projects are expected to be constructed this year.

We are particularly proud that this project involved a collaborative effort between commercial and third sector organisations; Thrive, Aura Power, Bristol Energy Cooperative (BEC) and Residents Against Dirty Energy (RADE). Campaigning work by RADE and BEC originally prevented the site from becoming a polluting diesel STOR generator. Having successfully blocked planning permission for the dirty generator, they supported Aura Power’s proposal for a battery, a clean technology, storing excess electricity when it is abundant and ultimately enabling more renewables to be connected to the grid.  
In recognition of the community effort to support the project, we have been able to offer local residents the opportunity to own a stake in it through shared ownership with BEC. We are proud to be the first commercial owner to offer shared ownership in a standalone battery project in the UK.  
The project recently <a href="/latest-news/news/celebrating-our-collaborative-and-award-winning-funding-approach-at-the-community-energy-awards/" target="_blank" rel="noopener">won the Collaboration in Community Energy Award</a> with BEC, Aura and RADE at the 2023 Community Energy Awards. 
Our team has also developed a landscape plan for Feeder Road that will help to protect and enhance the biodiversity at the site. We’ve focused on providing the resident wildlife with more places to nest and shelter. This includes installing a number of bird, bat and invertebrate boxes, as well as planting trees, hedgerows, species rich grassland, shade scrub and native ferns that will strengthen local habitat corridors and provide wildlife with food, nectar and pollen.

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20MW Bristol battery now delivering electricity to the grid.

Award-winning battery project enters operation

But there’s no denying it – the energy transition is happening (although not as quickly as we would like), and renewables are here to stay. Below we share some of the reasons we’re keeping positive as we look forward to another year of prioritising people and planet, funding and building new projects that deliver cheaper, cleaner power, lower household bills and support the UK’s transition to a fairer, net zero energy system.  
<h3>Renewables produced enough electricity in 2023 to power every UK home </h3>
According to The Energy &amp; Climate Intelligence Unit (ECIU)[1], the UK’s fleet of wind, solar and hydro projects generated enough clean electricity to power the country’s 28 million homes in 2023. The think tank has estimated that these assets produced over 90TWh of electricity, while power generation from gas-fired power plants fell by 20 to 30 per cent each quarter compared to four years ago. New data from Carbon Brief has also found that renewables provided the single largest source of power to the grid last year at a record 42%.  
<h3>World leaders agreed to triple renewables by 2030  </h3>
In one of the most widely supported pledges at the recent COP28 conference in Dubai, over 110 policymakers agreed to tripling the world’s renewable capacity by 2030. During the conference, the European Commission president, Ursula von der Leyen, stated that “With these goals, we […] send a clear message to industries and investors. We are providing them with clarity and predictability about the future – the direction of travel. They will know how much additional capacity we need by 2030 and this will help them plan their business and investments”[2]. 
The move supports the International Renewable Energy Agency’s ‘World Energy Transitions Outlook’ which looks at how we close the energy transition gap to stay on a 1.5°C pathway. It calls for a tripling of installed renewables capacity from around 3,400 GW today to over 11,000 GW by 2030, adding on average an ambitious 1,000 GW annually until the end of this century. 
<h3>Batteries are booming </h3>
According to Modo Energy, Britain’s battery pipeline saw a significant increase in operational capacity (over 60%) in 2023, growing from 2.1GW at the close of 2022 to 3.4GW. Total energy capacity has reportedly grown even quicker, up to 4.5 GWh from 2.3 GWh in 2022 – meaning that the average duration of battery energy capacity in Britain is now 1.27 hours, up from 1.1 hours in 2022. 
Battery storage is a critical technology for net zero, storing electricity when renewable sources are abundant and releasing at peak times when consumer demand is at its highest. We’re pleased to share that our 20 MW battery project in Bristol is now operational, with the capacity to store and deliver 1.5 hours or 30 MWh of electricity. 
<h3>The UK&#8217;s first geothermal power plant will be constructed this year </h3>
Construction of a new geothermal power plant system at United Downs in Cornwall has begun, with the site expected to start producing baseload renewable electricity by late 2024. Geothermal Engineering Limited (GEL) awarded the supply contract to Exergy International last year, with the deal marking a major milestone in the project which Thrive provided the first commercial funding for in 2020, followed by a further £3 million investment in 2023. Once operational, GEL believes United Downs will save more than 6,500 tonnes of CO2 emissions per year compared to fossil fuel power generation, while also producing zero carbon heat that could be used to heat a nearby housing development.  
<h3>We aim to double the amount of clean energy capacity we fund over the next five years</h3>
Reflecting our commitment to tackling climate change, we revealed our ambitions to double our generation capacity to 180 MW over the next five years. 2024 will see us deliver on our growing pipeline, which includes funding 192 MW of solar and battery storage through our £20 million deal with Ethical Power, as well investing in other onshore wind, solar, geothermal and battery storage projects across the UK.  
As we look forward to another exciting year ahead, we’d like to say a massive thank you to everyone who supported us in 2023. It’s because of you that Thrive can continue making an impact by building new renewable capacity, ensuring the benefits are felt by the people who need it most. 
[1] <a href="https://www.businessgreen.com/news/4159728/eciu-renewables-produced-electricity-2023-power-uk-home">ECIU: Renewables produced enough electricity in 2023 to power every UK home | BusinessGreen News</a>
[2] <a href="https://renews.biz/89878/global-leaders-agree-to-triple-renewables-capacity-by-2030/">COP28: Global leaders agree to triple renewables capacity by 2030 &#8211; reNews &#8211; Renewable Energy News</a>

While COP28 didn’t deliver on the phasing out of fossil fuels, here’s why we’re still going into the New Year feeling hopeful.

Record renewable generation and other reasons to go into 2024 feeling optimistic

This would form a significant part of the £330 billion needed in the next six years to deliver the energy infrastructure required for net zero [1]. But, concerns over greenwashing and a lack of available information on impact investments – financial investments which generate measurable, positive environmental impacts – are holding back this crucial investment. When surveyed on their actual plans, 18% of people say they will start or increase impact investments within the next year. 
<h3>‘Changevestors&#8217; want more investment options that combat climate change  </h3>
Our research identified a new group of younger investors, aged 18-34 named ‘changevestors’, as being the most focused on delivering environmental impact. This group has a larger proportion of their portfolio (33%) in impact investments, compared to other age groups (24%). Furthermore, a third (33%) of this group say they have plans to increase this in the next year.  This reflects their wider choices with more than two thirds (73%) saying they have made some or significant lifestyle changes. 
However, some changevestors are held back by a lack of information and suspicions of greenwashing. The FCA is currently looking to better regulate how sustainable investments are framed to investors: 44% say they do not trust firms which position themselves as environmentally friendly. 
<h3>Meeting the desire for change </h3>
Those who participated in our research reported a desire for change, with Changevestors leading calls for more sustainable investment options. Close to two thirds (63%) of 18-34 year-olds want to see more investment options that would help prevent climate change; over half (55%) were frustrated by a lack of mainstream options for more sustainable investing.  
<h3>Galvanising the eco-over 55&#8217;s  </h3>
In contrast, our research reported that over 55’s are the least likely to invest in impact focused investments, despite being the group most likely to have investments and prioritising longer-term returns and mitigating against financial risk. This also contrasts with their behaviour: they are highly likely to have made changes to their lifestyle to reduce their impact on the environment with 73% saying they have made at least some.

[1] Energy infrastructure investment needed, taken from <a href="https://assets.publishing.service.gov.uk/media/6194dfa4d3bf7f0555071b1b/net-zero-strategy-beis.pdf" target="_blank" rel="noopener">net-zero-strategy-beis.pdf (publishing.service.gov.uk)</a>  
[2] <a href="https://makemymoneymatter.co.uk/21x/" target="_blank" rel="noopener">Green my pension &#8211; Make My Money Matter</a>

sigurd-2

sigurd 2

Thrive research shows more than two thirds of investors would put money into opportunities that deliver environmental impact.

The £214 billion impact investment opportunity: Retail investors could unlock crucial net zero funding

We know there’s a lot more left to do, but it’s important to celebrate the positives (no matter how small!) so that we start the New Year feeling even more motivated in our mission to accelerate the UK energy transition.   
1. Renewables are about to take over fossil fuels for the first time ever  
At the time of writing, the UK is on track to make a major breakthrough – with renewable energy generation set to overtake fossil fuels for the first full year. According to the think tank, Ember, the country’s naturally abundant wind, solar and hydro resources will generate 37% of the UK’s electricity in 2024 compared to fossil fuels (35%) – this will be the first time that renewables have outperformed fossil fuels consistently across four quarters.  
That might not sound like a lot, but it’s important to recognise how far we’ve come, especially as just three years ago fossil fuels generated 46% of UK electricity and renewables generated 27%. 
2. Government puts net zero at the heart of its plans  
A new Government was elected in July and the party made a number of quick policy announcements, reaffirming its commitment to net zero and recognising the swift action that is needed if the country is to meet its climate targets. 
There were a number of promises made as part of its election manifesto – including the creation of a nationalised energy company (Great British Energy), radical planning reform, more support for local power generation and the promise of a rooftop solar revolution. While we’ll have to wait and see how some of these evolve, there has already been strong progress in some important areas – including the removal of the effective ban on onshore wind and the UK’s biggest Contracts for Difference (CfD) auction to date, with the budget increasing from £1 billion to over £1.5 billion. Over 130 wind, solar and tidal projects secured long term price stability, including our Abergorkie wind farm site in Wales.  
Last week, we also saw the announcement of the <a href="https://assets.publishing.service.gov.uk/media/675bfaa4cfbf84c3b2bcf986/clean-power-2030-action-plan.pdf">Government’s Clean Power 2030 action plan</a>, which outlines how it will achieve the “most ambitious reforms to our energy system in generations”. Key measures include speeding up planning decisions and reducing grid connection times, as well as a focus on ensuring that communities directly benefit from clean energy infrastructure. 
3. We breezed past a new milestone for wind generation 
The UK achieved 30GW of wind capacity this year, following the successful powering of the 434MW Viking wind farm on the Shetland Islands in August. According to RenewableUK, 30GW is enough to meet the annual power needs of 26 million homes and can cut carbon emissions by more than 35 million tonnes a year. 
As one of the first companies to fund UK wind farms in the early 90s, we have long believed in the power of these mighty machines. And while this milestone feels like it’s been a long time coming for us, it’s a huge success for the industry – especially given the fact that it took 26 years to install the first 15GW of wind energy in the UK and that has now been doubled in just seven years. 
It’s proven that onshore wind is one of the cheapest ways to generate electricity today and therefore has a vital role to play in our transition away from fossil fuels. Now we have seen the de facto ban lifted in England, we hope to see many more wind projects making their way through planning and into development, as well as a renewed focus on repowering, which will see older sites that have reached the end of their life replaced with fewer, but more efficient, machines with the capability to generate more clean electricity.   
4. The UK became the first G7 country to fully divest in coal power 
In September, the UK closed its doors on its last coal plant at Ratcliffe-on-Soar &#8211; the first G7 country to completely phase out the use of coal for generating power. Ending over a century of burning coal to generate electricity, we have moved from coal accounting for more than 95% of the UK’s electricity generation to 0% today. In another positive announcement, the government recently confirmed that it will be introducing legislation that will ensure no new coal mining licences will be issued in future. 
5. Thrive kicked off celebrations for thirty years of funding and building clean energy projects
It wouldn’t be a 2024 round up if we didn’t celebrate one of our own significant milestones from this year – our 30th birthday. Since 1994, we’ve been committed to climate action, funding and building new clean energy projects that put people and planet at their heart.  
By working together, we’ve been able to achieve some great things, whether it be enabling the first commercial sized wind farm to transfer into community hands or investing in the UK’s first deep geothermal production plant. In total, we’ve built or funded 42 clean energy projects that have saved over two million tonnes of CO2 being released into the atmosphere. And we’re only just getting started. 2025 looks set to be another exciting year and we look forward to working with you – our Thrive community – to create a better, cleaner future for the generations to come.

Newsletter CTA

caton-winter-2

caton winter 2

We look back on some of the renewable energy wins from 2024. 

2024 in review: Reasons to be climate positive this Christmas

Thrive has made a significant investment in Gulliver, which is now nearly 20 years old, to ensure it runs reliably into the future  &#8211; generating clean power for homes and businesses across the UK.  The 2.75MW turbine is capable of generating clean electricity for more than 2,200 average UK homes a year.

The replacement turbine parts fitted during the overhaul are refurbished parts from a windfarm in the Netherlands – a great example of reuse.  The blades and nacelle were thoroughly assessed and tested and are expected to operate efficiently for years to come.
Gulliver’s old blades are currently being repurposed into bicycle shelters in the Netherlands. Other components have been made available for resale or are being broken down for recycling.
Since Thrive invested in the project in 2005, Lowestoft has become a growing hub for renewables. The Orbis Energy Centre has been established next door to Ness Point wind turbine – a flagship focus for the east of England’s renewables network and home to a range of innovative organisations supporting the sector. Lowestoft is also central for servicing the growing number of offshore wind farms in the area. 
In the latest round of Thrive’s Community Benefit Programme which provides energy efficiency grants to community hubs near its projects, Seething and Mundham Village Hall near Ness Point was awarded £980 to install LED lighting. The measures will help the popular community centre reduce its energy bills and carbon footprint.

Works taking place during overhaul of Ness Point wind turbine. 

ness-point

ness point

The nacelle and blades have been replaced to secure the turbine’s long term future.  

Ness Point wind turbine back in action following successful overhaul

We are committed to reaching net zero emissions by 2030 via the SME climate hub &#8211; a non-profit global initiative that empowers small to medium sized companies to take climate action and build resilient businesses for the future. By reporting on our emissions, we’re able to better understand the sources of them, whilst demonstrating transparency on our journey to net zero.
<a href="https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/12/Thrive-Climate-Report-2023-FINAL.pdf" target="_blank" rel="noopener">Thrive’s latest climate report</a> for 2023 highlights key updates on our path to net zero by the end of the decade:
<ul>
<li>Maintained scope 1 and 2 emissions at zero (down from a baseline of 2.9 tCO2e in 2019). *</li>
<li>For the second year running, we reported comprehensive emissions estimates across our seven relevant scope 3 categories, which include all areas relating to the construction and operation of our clean energy projects.</li>
<li>Reduced carbon intensity of business travel by 17% in 2023 compared to 2022.</li>
<li>Calculated avoided emissions (sometimes referred to as scope 4) to illustrate the wider carbon impact of the business.</li>
</ul>
Emission reductions are the emissions ‘avoided’ from the operation of our portfolio of clean energy projects. These serve as a key metric to illustrate the wider positive carbon impact of the business.
<img loading="lazy" decoding="async" class="alignnone size-full wp-image-8005" src="/wp-content/uploads/2024/12/NZ-report-24-graph.png" alt="" width="903" height="405" srcset="https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/12/NZ-report-24-graph.png 903w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/12/NZ-report-24-graph-300x135.png 300w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/12/NZ-report-24-graph-768x344.png 768w" sizes="auto, (max-width: 903px) 100vw, 903px" />
It is important to note that 2022 was a very successful year for project construction and that our reported emissions include the full construction footprint of three new projects. By comparison in 2023, our reported emissions only include the construction of one small rooftop project. Despite this yearly variation in our highest emissions area, it is useful to see how much greater our avoided emissions are in both years.
Our eyes are now fixed on the 2024 reporting year as we continue rolling out more clean energy projects and helping businesses to decarbonise. We are committed to continually reporting our emissions and reviewing our strategy on an annual basis.
*Thrive’s emissions are reported using The Greenhouse Gas protocol framework that splits emissions into three categories:
Scope 1 – Direct emissions from sources that a company owns or controls directly e.g. the gas used for our heating.
Scope 2 – Indirect emissions coming from the energy it purchases and uses e.g. the electricity powering our office.
Scope 3 – Indirect emissions resulting from sources that are not controlled or owned by the company. For example, the resulting emissions from our supply chain or employee commuting and business travel.

avonmouth-yellow-flowers

Avonmouth yellow flowers

Our positive contribution to reducing UK emissions far outweighs our carbon footprint. But we take responsibility for the emissions we make in the course of our operations.

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