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

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

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Thrive Renewables

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

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

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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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THRIVE FRportraits-92

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>

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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

Thrive is pleased to support Babbasa in their important work by providing a £1,000 grant that will help them to continue offering their Support Programme. One of their core services, the Support Programme works with young people who are at risk or have dropped out of education or employment, who may be facing multiple barriers or challenges, or who are disadvantaged by their background (e.g. Black and minority ethnic, disability, in care or care leavers).The programme supports young people to overcome the challenges they are facing in education or employment by providing intensive 1:1 support, targeted group activities, and aspirational or career-focused activities. It also helps young people to identify their aspirations and personal challenges, understand their rights and choices and develop the skills and confidence to pursue their ambitions.
In addition to the funding, we’re looking forward to providing opportunities for Babbasa’s young people to learn more about careers within the renewables sector. This includes plans for a site visit to one of our renewable energy projects.

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Babbasa group shot

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

Supporting under-represented young people in Bristol

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According to the Intergovernmental Panel on Climate Change (IPCC), this 1.5°C target is critical if we’re to avoid the very worst impacts of climate change and was agreed by 196 parties at the COP21 conference in France in 2015, subsequently known as the ‘Paris Agreement’.
But under current policies, the government would only achieve just over half (54%) of the emissions cuts needed between now and 2030 to hit the target. This is made worse by the fact that the emissions gap – the difference between the target and projected emissions in 2030 – has <a href="https://friendsoftheearth.uk/climate/track-uk-breaking-its-2030-climate-promise" target="_blank" rel="noopener">grown by more than half (55%) over the last year</a>, thanks to a scaling back on climate action – including the decision to hold annual oil &amp; gas licencing rounds.
And its not just the UK that is falling behind. A new report from the UN Environment Programme (UNEP) confirmed that urgent action is needed, with the world currently on track for 2.5 to 2.9°C of heating this century. With temperatures soaring and episodes of extreme weather becoming more and more frequent, the UN’s secretary general, Antonio Guterres, has said that the world is heading for a “hellish” future if we don’t act now.
<h3>What do we want to see as a result of COP28?</h3>
<h4>1. A commitment to fully phase out fossil fuels</h4>
In 2016, parties attending COP26 in Glasgow agreed to “accelerate the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies”. A year later at COP27, 80 countries called to have this language updated so that it included not only coal, but all fossil fuels. This was ultimately unsuccessful.
We’re now seeing this conversation continue to unfold, with countries allegedly considering calling for a formal phase-out of fossil fuels as part of the <a href="https://www.reuters.com/business/environment/fossil-fuel-phase-out-put-table-cop28-climate-talks-2023-12-05/" target="_blank" rel="noopener">summit&#8217;s final deal to tackle global heating</a>. The topic is certainly causing debate, however, with four times the number of oil and gas producing countries attending COP28 compared to last year’s conference. It perhaps doesn’t come as a surprise that we’re also hearing some extremely worrying statements being made about fossil fuels and their impact on climate change. It has been reported that COP President, Sultan Al Jaber, stated that there is “no science” backing up the need to phase out fossil fuels and that doing so would not allow for sustainable development, <a href="https://www.theguardian.com/environment/2023/dec/03/back-into-caves-cop28-president-dismisses-phase-out-of-fossil-fuels" target="_blank" rel="noopener">“unless you want to take the world back into caves”</a>. This comes as the latest <a href="https://productiongap.org/">Production Gap report</a> has revealed that governments, in aggregate, still plan to produce more than double the amount of fossil fuels in 2030 than would be consistent with limiting warming to 1.5°C.
Put simply, there is no net zero future that includes oil and gas. What we need from our government and other world leaders is a final and binding commitment to phase out all fossil fuels, as well as faster action to reduce emissions today. We will be keeping a close eye on the negotiations and hope to see this addressed as talks come to a close next week.
<h4>2. Investment incentives for clean technologies</h4>
Ahead of the conference, the United Arab Emirates’ COP28 presidency, International Renewables Energy Agency (IRENA) and the Global Renewables Alliance issued a joint report claiming that renewable energy capacity needs to “reach more than 11,000 GW” by 2030. Following this, we’ve seen leaders from more than 110 countries commit to a collective effort to <a href="https://renews.biz/89878/global-leaders-agree-to-triple-renewables-capacity-by-2030/" target="_blank" rel="noopener">triple global renewable energy capacity by 2030</a>.
This will require a massive scaling up of public and private sector investment, which presents a huge opportunity &#8211; especially in contrast to the investment which continues to flow into finite fossil fuel reserves. Here in the UK, we need to see the government urgently address the investment landscape which has not only been impacted by inflation and interest rates, but by policy uncertainty and infrastructure issues like grid connection times, amongst other things.
We know that COP28 can be a huge platform for climate action, but we need the government to recognise this and be more ambitious so that we can reassert the UK’s leadership position when it comes to clean investment. In fact, <a href="https://www.energy-uk.org.uk/news/uk-falling-behind-in-race-for-clean-energy-investment/">analysis by Energy UK</a> has revealed that, without taking action to address these factors, the UK economy could lose out on £62 billion of investment between now and 2030. This would lead to a shortfall of 54 GW of potential wind and solar capacity, which represents enough generation to power every home in the UK.
<h4>3. Greater support for countries bearing the brunt of climate change</h4>
The sad truth about climate change is that it’s not a tomorrow problem, countries around the world are already facing the very real consequences of our reliance on fossil fuels, from droughts and wildfires to catastrophic flooding impacting every part of our lives, not least food production.
And a report published during COP28 has revealed that the amount of money needed for the energy transition, including climate adaptation and disaster relief, is monumental. According to the report, emerging markets and developing countries will <a href="https://www.reuters.com/business/environment/climate-finance-takes-centre-stage-cop28-climate-talks-2023-12-04/#:~:text=The%20amount%20of%20cash%20needed,challenges%20posed%20by%20climate%20change" target="_blank" rel="noopener">need $2.4 trillion a year in investment to cap emissions</a> and adapt to the challenges posed by climate change.
We were pleased to see the UK taking a step in the right direction, announcing a £1.6 billion climate aid package on COP28’s ‘Finance Day’, which it says has been structured to help mobilise private investment into emerging economies as a means of tackling climate change. <a href="https://www.gov.uk/government/news/pm-to-call-for-era-of-action-at-cop28-climate-summit" target="_blank" rel="noopener">The package includes £500 million in funding</a> to tackle the causes of deforestation, £316 million for energy innovation projects around the world and up to £60 million for loss and damage.
While there are rightly questions of whether this is to distract from the scaling down of green policies at home in the UK, we agree that an ‘era of action’ is required. And it’s not just about investing in climate risk mitigation, we must keep sight of addressing the cause of climate change itself. This will cost far less and be far more efficient than having to defend ourselves against an ever increasing tide of catastrophic climate events.
As usual, COP28 has seen a number of pledges and commitments made but it will be interesting to see how these progress in the next 12 months. Instead of just talking, we’re committed to taking action: funding and building new clean energy projects that provide cleaner, cheaper power to homes across the country, while also contributing towards the UK’s net zero targets.
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Thrive renewables open day in Avonmouth. September 2022.

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

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

Its recent tests have shown that fluid within the deep geothermal wells at United Downs in Cornwall contained around 340 parts per million (ppm) of lithium &#8211; the highest concentration of lithium found in any commercial geothermal lithium project in Europe. Having provided the first commercial funding for United Downs in 2020 and further investment for the power plant construction in 2023, we’re thrilled to hear the project’s latest development which could see GEL fulfil a significant portion of the UK’s lithium demand.      
GEL was recently awarded £1.8m by the Automotive Transformation Fund (ATF) Scale up Readiness programme.  They aim to produce around 100 tonnes per annum (tpa) of Lithium Carbonate Equivalent (LCE) in late 2024 which they say will be ramped up to at least 1,000 tpa from United Downs as early as 2026.  Planning permission has been secured for two other geothermal projects in Cornwall and GEL aims to rapidly expand production to over 12,000 tpa in the UK by 2030. They report this is enough to produce around 250,000 electric vehicle batteries for an average sized car [1], or 94% of the LCE needed to supply the <a class="js-scroll-done" href="https://www.gov.uk/government/statistics/vehicle-licensing-statistics-2022/vehicle-licensing-statistics-2022#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)" target="_blank" rel="noopener" data-anchor="#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)">267,000</a> new Battery Electric Vehicles (BEVs) registered in the UK in 2022 [2]. 
Lithium can be sustainably extracted from geothermal fluid, avoiding the energy-intensive production processes currently used such as mining.

After providing the first commercial funding for the United Downs geothermal power plant in 2020, Thrive invested an additional £3 million in the project in 2023 to fund construction.  
[1] The average amount of lithium carbonate equivalent (LCE) per car is 47.4kg.  Sources IEA, World Economic Forum, Reuters, Goldman Sachs. GEL production target is 12,000 tonnes of LCE per year. Therefore, number of cars per year is circa 250,000. 
[2] <a class="js-scroll-done" href="https://www.gov.uk/government/statistics/vehicle-licensing-statistics-2022/vehicle-licensing-statistics-2022#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)" target="_blank" rel="noopener" data-anchor="#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)">According to the UK Government</a>, 267,000 Battery Electric Vehicles (BEVs) were registered in 2022.

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UD geothermal 2 1400

High concentration of lithium found at United Downs geothermal project could support growing UK electric vehicle industry.

United Downs geothermal generation plant set to deliver UK's first commercial quantities of lithium for car batteries

This year the event was hosted at the Lowry Theatre in Manchester, and we were thrilled to be attending as a finalist in the Collaboration in Community Energy category alongside our friends Aura Power, Bristol Energy Cooperative (BEC) and RADE (Residents Against Dirty Energy). 
The award recognised “the most commendable collaboration between a community energy organisation and its partners”, with entrants required to “demonstrate outstanding efforts in supporting and advancing community energy through partnerships, investments, policy advocacy, or various forms of assistance, which have increased community energy activity or impact”.  
We were nominated for our 20 MW Feeder Road battery project in Bristol, which we acquired from Aura in 2020. It was down to great campaigning work by RADE and BEC that stopped the site being home to a polluting diesel STOR generator, which neither contributes to the UK’s net zero journey nor benefits the local community, instead of a battery storage project which is a cleaner technology and enables more renewables to be connected to the grid. Currently in the latter stages of commissioning, we’ve now offered BEC an opportunity for shared ownership, giving local people the opportunity to take a stake.    
We’re particularly proud of the project’s backstory, which shows how business can work together with the local community to develop solutions that will have a positive impact; environmentally, socially and financially. It was great to also have this recognised by Community Energy England on the night, especially against some tough competition in BHESCo, Sustainable Hayfield and Community Energy Together. A big congratulations again to all the other winners and finalists – we look forward to celebrating another year of progress at the 2024 awards! 
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CE awards collab winner 23 banner

Members of the Thrive team travelled to Manchester for the Community Energy Awards last week – and we were thrilled to take home the award for ‘Collaboration in Community Energy’ alongside Aura Power, Bristol Energy Cooperative and RADE.

Celebrating our collaborative (and award winning!) funding approach at the Community Energy Awards

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Below we summarise the updates relating to green policies and share our thoughts on where we would like to see more clarity and commitment as we look forward to COP28 and the government’s next significant update: the Autumn Budget.  
<h3>What were the measures relating to clean energy?</h3>
As part of the speech, the government announced that it is aiming to attract record levels of investment into renewables, but very little detail around how this would be achieved. What investors need is certainty – not just a line in a speech. <a href="https://www.energy-uk.org.uk/news/uk-falling-behind-in-race-for-clean-energy-investment/" target="_blank" rel="noopener">Research by Energy UK</a> has found that between now and 2050, an additional £500 billion will need to be invested into the UK power sector in order for us to meet our net zero goals. This represents a big growth opportunity but also makes stability and certainty absolutely crucial for the sector.  
In addition to investment, the announcement noted plans to reform grid connections, which is one of the major barriers developers are currently facing and is keeping hundreds of gigawatts of wind, solar and battery storage locked in a years-long queue. Again, it’s great to see this issue recognised but the devil is in the detail, and we await further clarity on how this challenge will actually be overcome.   
It’s fair to say that these positives were largely overshadowed by the announcement that the government plans to legislate annual North Sea oil and gas licensing rounds, based on the argument that it would help the “country to transition to net zero by 2050, without adding undue burden on households”. This is something that Thrive absolutely disputes. There is no net zero future that includes oil and gas. Are we not seeing the proof of that on a near daily basis? We know that burning fossil fuels to generate energy releases huge amounts of polluting CO2 into the atmosphere, leading to global heating which is causing dangerous freak weather events around the world. There is also no proof that oil and gas will have a positive impact on energy security – especially as these resources will be sold and consumed on the global market – or that it will help the thousands of households dealing with fuel poverty as a result of the ongoing energy and cost of living crises.  
This comes after prime minister Rishi Sunak recently back pedalled on other green policies. In September, he announced that he was delaying the ban on petrol cars, extending the deadline to replace gas boilers and even cancelling new energy efficiency regulations for private landlords which could cost their tenants almost £8bn in higher bills <a href="https://www.bbc.co.uk/news/business-66864122" target="_blank" rel="noopener">over the next decade</a>. 
<h3>How should we be moving forward?</h3>
We believe that the best way to boost energy security, reduce household bills for consumers and achieve net zero is to accelerate our transition to a homegrown, renewables-based energy system. Onshore wind and solar are amongst the cheapest ways to generate electricity today, however these naturally replenished energy sources are massively underutilised. What we need to see is the government back up its commitment to achieving record levels of renewable investment through solid policies that not only allow these projects to be built but actively encourage them. And we’re not alone in this thinking.  
As Conservative MP Chris Skidmore outlined in his independent Mission Zero report, net zero is the economic opportunity of the 21st century – giving the impression that it’s an expensive luxury, rather than a necessity, is dangerous. In fact, consultancy Cambridge Econometrics, on behalf of the Climate Change Committee, found that the UK will see around 2% additional GDP growth due to new jobs, increased economic activity, lower fossil fuel imports and cost savings such as reduced household bills because of the transition. 
We also know that the window for avoiding the worst effects of the climate emergency is getting rapidly smaller. A recent study by Imperial College London estimates that the world will exhaust its remaining carbon budget for limiting global warming to 1.5°C by the end of this decade if emissions continue at current levels. Now is not the time to be slowing down. Instead, the UK should be seizing the opportunity and setting an example for developing economies to follow suit. Unfortunately, the issuing of new oil and gas licences is another setback and directly contradicts this need for acceleration.  
As always, Thrive’s response is action. We will continue to invest in and build new onshore wind, solar and geothermal energy as we know that these projects are what will allow generations to come to enjoy a fairer, cleaner world.  
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We were pleased to see the government seeking ‘record levels’ of renewable investment, as well as promising an acceleration in grid connection times, but its decision to issue new oil and gas licences is a big disappointment.

There is no such thing as 'net zero oil and gas': We respond to the King's speech

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

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

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20230214ThriveRenewablesEastonCommunityCentre -106

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

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

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.
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.
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.

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.
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.

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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.
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.
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.
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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

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.
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).

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.
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.
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.
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.

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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

Before heading to site, local people could meet the Thrive team and get to know the 30-year history of the project at the nearby Victoria Institute, where there were lots of family activities including face painting, crafts and more.
The day before, we visited local schools in Caton to deliver an interactive learning session all about renewable energy, before heading onto site for the children to see the wind turbines in person &#8211; bringing what they had just learnt to life.

We’d like to say a massive thank you to everyone who came to our open day and all the local organisations involved in making the day a success, with special thanks to the Victoria Institute and Caton WI for their involvement. Below are just some of the brilliant moments captured from the event.

Member of Thrive team showing visitors round the Caton Moor site

Local residents at The Victoria Institute

Member of Thrive team engaging local child in wind-themed arts and crafts

Two visitors with Caton Moor wind turbines in the background

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Chris Watt Photography_318

We invited local school children and residents to see up close how a wind farm helps power our everyday lives. 

Bringing wind power to life at Caton Moor open day

Half year operating profits including investments were £7.4 million on a turnover of £14.6 million, with shareholders receiving a final dividend of 12p per share for 2023, which was paid in July this year. Please note, past performance is not a reliable indicator of future performance.
The increase in turnover is the result of raised electricity prices and the addition of the Feeder Road battery to our portfolio, which has now been operational since December 2023.

<img loading="lazy" decoding="async" class="aligncenter wp-image-7434 size-large" src="/wp-content/uploads/2024/10/Updated_ThriveHalfYear_Infographics_2024-13-683x1024.png" alt="" width="683" height="1024" srcset="https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/10/Updated_ThriveHalfYear_Infographics_2024-13-683x1024.png 683w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/10/Updated_ThriveHalfYear_Infographics_2024-13-200x300.png 200w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/10/Updated_ThriveHalfYear_Infographics_2024-13-768x1152.png 768w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/10/Updated_ThriveHalfYear_Infographics_2024-13-1024x1536.png 1024w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/10/Updated_ThriveHalfYear_Infographics_2024-13-1366x2048.png 1366w" sizes="auto, (max-width: 683px) 100vw, 683px" />
Funding our growth ambitions
We were pleased to announce a new joint venture with TopCashback Sustainability Ltd that will unlock up to £40 million in additional capital. Deployed collaboratively alongside Thrive’s own capital over four years, this partnership will help us contribute to the next phase of the UK’s transition and supports our own ambitious growth strategy. We are  finalising debt arrangements which will inject a further £17 million of funding into the business and, to help us with our goal of doubling our generation capacity within the next five years, we’re also looking to raise capital in early 2025.
The Thrive PLC bond was repaid in March as planned after the conclusion of its seven-year term. The bond offer, which was the first to be available as an Innovative Finance ISA (IFISA), helped fund new projects including a milestone community wind project in Cumbria in 2017.
New diverse projects
<img loading="lazy" decoding="async" class="aligncenter wp-image-7435 size-large" src="/wp-content/uploads/2024/10/Updated_ThriveHalfYear_Infographics_2024-14-683x1024.png" alt="" width="683" height="1024" srcset="https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/10/Updated_ThriveHalfYear_Infographics_2024-14-683x1024.png 683w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/10/Updated_ThriveHalfYear_Infographics_2024-14-200x300.png 200w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/10/Updated_ThriveHalfYear_Infographics_2024-14-768x1152.png 768w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/10/Updated_ThriveHalfYear_Infographics_2024-14-1024x1536.png 1024w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/10/Updated_ThriveHalfYear_Infographics_2024-14-1366x2048.png 1366w" sizes="auto, (max-width: 683px) 100vw, 683px" />
We continue to deploy capital into projects that are consistent with our long-term growth strategy, focusing on further diversifying the pipeline so that we can grow our impact and resilience.
So far this year, we have secured a 25-year life extension of our 1MW Beochlich hydro project in the Scottish Highlands and had planning consent granted for an extension of our Drumduff wind farm, which we co-own with local partner GreenPower. The extension will add three turbines with an expected generation capacity of 12-15MW, bringing the overall Drumduff wind farm to six turbines and potentially tripling the combined onsite generation capacity.
We made a £1 million investment in two community owned wind turbines in Gloucestershire and are providing Eden Sustainable with up to £75 million in funding to accelerate the roll out of private wire solar PPA projects for schools, businesses, and other organisations across the UK.
Good progress has been made with construction of the ATTIX CIC wind turbine in Kilbirnie, as well as two ground mount solar projects as part of our partnership with Ethical Power. With generation expected to start in early 2025, significant progress has also been made at the UK’s first deep geothermal production plant in Cornwall, with the turbine that will convert geothermal heat into renewable electricity now successfully installed.
Supporting communities 
The final projects from round seven of our voluntary Community Benefit Programme, which provides energy efficiency grants to important shared buildings close to our sites, have now been completed. Nominations for round eight have just closed, with £30,000 in grants to be allocated for local energy saving initiatives across the UK.
We’ve also supported a number of community focused initiatives, including the Centre for Sustainable Energy (CSE)’s Green Match Fund, which aims to provide more communities with the tools and resources they need to create sustainable, resilient places to live – from improving the energy efficiency of houses and community buildings to preserving natural spaces and setting up social enterprises for community energy. Thrive pledged £5,000 match funding to the appeal, with the final total standing at over £16,000.
It has been great to meet more of our communities in the first half of the year, recently arranging for a local nursery school to visit our Feeder Road battery project in Bristol. The event gave them an opportunity to learn about renewable energy, as well as take part in some themed arts and crafts and nature spotting.
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New funding secured and good progress on wind, solar and hydro assets

Half year results 2024: 10% increase in generation and strong operating profits

Abergorki was one of 21 onshore wind projects to secure a Contract for Difference in Auction Round 6 (AR6) of the UK Government’s main mechanism for providing price stability to low carbon electricity generation.  
The site lies on Mynydd Maerdy, above the Rhondda Valleys, and is located within an area of significant wind farm development with both operational and consented wind farms in close proximity.

The Abergorki wind project was originally owned by developer, REG Power Management (RPM), and was granted planning permission by the local council in July 2015.

*Based on an annual generation of 40GWh and calculated using the most recent statistics from the Department for Energy Security and Net Zero (DESNZ) showing that UK average domestic household consumption is 3,239kWh per annum <a href="https://www.renewableuk.com/page/UKWEDExplained">https://www.renewableuk.com/page/UKWEDExplained</a>

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