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kessingland

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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ACE_June_2024-6

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

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

Featured

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

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Ethical Power project

In our biggest single investment to date, we’ve provided a £20 million loan to Ethical Power to fund their share of a pipeline of projects.

New deal with Ethical Power will help double Thrive's impact as developer constructs 192MW of new solar and battery storage projects

The contract awarded to Exergy will include the design and engineering of the Organic Rankine Cycle (ORC) system for converting heat to electricity. As innovators in the global ORC industry, Exergy will use their Radical Outflow Turbine, a highly efficient technology which will produce electricity from the heat of the geothermal fluid. The use of a closed loop cycle will ensure the environmental and visual impact of the system is minimal.  
The site is due to start producing renewable electricity by late 2024 as well as zero carbon heat which could be used to power a nearby housing development at Langarth Garden Village. Once operational, GEL estimates this project will save more than 6,500 tonnes of CO2 emissions per year compared to fossil fuel power generation.

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UD 10

The United Downs site is due to start producing up to 3MWe of renewable energy by late 2024.

Contract signed for construction of UK's first deep geothermal power plant

According to the report, UK greenhouse gas emissions have fallen 46 per cent from 1990 levels, but we still have a long way to go – especially after former prime minister Boris Johnson’s COP26 commitment to reduce emissions by 68 per cent by 2030. The CCC has stated that, to hit that target, the current rate of annual emissions reductions (outside of the electricity supply sector) would need to quadruple.  
<h3>What else did the report say? </h3>
The CCC includes various recommendations for how the government could get back on track with net zero. In addition to taking the necessary action to regain its green leadership, it included the need to make important changes to planning policy. It says: “Planning policy needs radical reform to support Net Zero. The planning system must have an overarching requirement that all planning decisions must be taken giving full regard to the imperative of Net Zero.” 
To us, this should include significant planning reform for proven technologies that are cheap, clean and we know will deliver – like onshore wind. <a href="https://twitter.com/DrSimEvans/status/1675853160999448578" target="_blank" rel="noopener">Recent analysis from Carbon Brief</a> found that the UK’s net gas imports would have been 8% lower in Q1 2023 if onshore wind farms had been built at previous rates, instead of grinding to a halt.
<h3>What&#8217;s going on with onshore wind?  </h3>
In 2015, the government made significant changes to onshore wind planning policy in England, making it almost impossible to build new wind farms and resulting in just a small handful of projects being commissioned in the years that followed. For example, the Ambition Community Energy turbine in Bristol (which Thrive funded the construction of) is the only onshore wind project built so far in England in 2023. In fact, <a href="https://www.theguardian.com/environment/2023/may/28/ukraine-built-more-onshore-wind-turbines-last-year-than-england" target="_blank" rel="noopener">Ukraine has built more onshore wind turbine</a><a href="https://www.theguardian.com/environment/2023/may/28/ukraine-built-more-onshore-wind-turbines-last-year-than-england" target="_blank" rel="noopener">s</a> in the past year than England has.  
With energy prices skyrocketing over the past 18 months, the issues surrounding onshore wind planning policy have been brought to the forefront, with MPs and the industry recognising the role it could have in reducing bills and accelerating the transition. Following various campaigns, the government launched a technical consultation on changes to the National Planning Policy Framework in December 2022, closing in March 2023. While we were hoping for clarification as part of the government’s “green day” announcements, it instead announced that it would be consulting on how to improve community engagement in relation to building new onshore wind sites.  
We have now formally responded to the consultation and expressed our concerns that changing policy pertaining to community engagement will have minimal impact without a change to the current planning rules in England. We have therefore urged the government in both consultations to remove footnote 54 of the National Planning Policy Framework so onshore wind is treated the same as other infrastructure projects in planning decisions. 
The consultation was based on the premise that developers should have to proactively demonstrate local support – but according to the government’s own figures, only 12% oppose a wind farm in their community. Defining in policy what local support is will be challenging, expensive, subjective and, based on polling, unnecessary. What we need to see is a level playing field in planning policy where onshore wind is treated exactly the same as other local developments like retail, housing or industrial premises.  
<h3>How are we moving forwards? </h3>
We already have the technology we need to decarbonise electricity generation – it’s just about making the most of it. <a href="https://www.businessgreen.com/news-analysis/4119769/national-grid-eso-action-uk-track-net-zero-2046" target="_blank" rel="noopener">According to National Grid ESO’s recent Future Energy Scenarios assessment</a>, the UK could achieve net zero by 2050, or even 2046, if fresh policy measures are adopted to accelerate the roll out of these technologies.  
Although a wakeup call for the government, the CCC’s report also makes it clear that the UK can regain its climate leadership if the right action is taken. This includes continued investment into clean technologies, which is currently reaching record levels. A <a href="https://about.bnef.com/blog/global-low-carbon-energy-technology-investment-surges-past-1-trillion-for-the-first-time/" target="_blank" rel="noopener">report from BloombergNEF</a> found that global investment in the energy transition totalled $1.1 trillion in 2022 – a huge increase on the year before – and renewables received a new record of $495 billion in investment, up 17% on 2021. 
We’re proud to have funded the construction of England’s only new onshore wind turbine in 2023 so far, and we’re investing in other critical technologies like solar, battery storage and renewable heat. This will not only support the UK’s transition to net zero but ensure people can enjoy the benefits of clean energy – including cheaper bills – in the years to come.

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Thrive Renewables

Following a recent report from the Climate Change Committee, we give our thoughts on the state of the energy transition in the UK, including the government’s consultation into ‘community engagement’ around onshore wind.

The UK has lost its net zero leadership - So why are we still stalling on proven technologies like onshore wind?

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Now aptly named the ‘UK Green Business Awards’, several new categories have been introduced to celebrate the changing face of British business. Hosted in the Leonardo Royal Hotel in St Paul’s, London, opening speeches from BusinessGreen editor-in-chief, James Murray, and Shadow Climate Change and Net Zero Secretary, Ed Miliband, were followed by announcement of the winners and highly commended businesses… 
And we’re extremely proud to confirm that we won – and against some very tough competition! Also shortlisted in our category were Coutts, EQ Investors, Foresight Group, Gresham House BSIF strategy, Tribe Impact Capital, Triodos Investment Management, WHEB Asset Management and Church Commissioners for England. Big congratulations to these brilliant businesses for all their work building a fairer and more sustainable future for the generations to come, and to BusinessGreen for an inspirational evening!
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For more information on the awards and the lucky winners on the night, read <a href="https://www.businessgreen.com/news/4119130/uk-green-business-awards-winners-announced">BusinessGreen’s article here.</a>  
 
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MP Green Business Awards

We joined over 400 people in London to celebrate progress within the green economy.

Taking home the gold at the inaugural UK Green Business Awards

Topics covered will include fuel poverty awareness and basic energy advice, community approaches to tackling fuel poverty and energy efficiency in community buildings. 
This will be offered alongside energy efficiency grants of up to £4,500 so that important shared buildings, including village halls, community centres and church halls, can make improvements such as insulation, draught-proofing, LED lighting or improved heating controls ahead of winter.  
Launched today, applicants will be asked to complete a full energy survey of the shared building using guidance supplied by the charity. This will help to identify potential improvements, including zero-cost measures, and calculate carbon and cost savings for different options. Applications will remain open until 21st September 2023.

Now in the seventh round of funding, our Community Benefit Programme has awarded 51 grants to 43 buildings since 2016, totalling over £150,000 nationally and saving 75 tonnes of carbon dioxide each year. 
In 2022, this included funding for Easton Community Centre, part of the Eastside Community Trust, which was used to install loft and pipe installation that would help reduce the building’s energy bills and allow its team to continue providing community advice and acting as a base for a number of local charities and grassroot groups. Read more in our <a href="/latest-news/blog/we-like-to-call-it-the-neighbourhood-s-living-room-shining-a-light-on-our-community-benefit-programme-with-easton-community-centre/">case study here</a>.

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Round seven of the scheme, which provides energy efficiency grants to community buildings close to our sites, is open to applicants!

Fighting fuel poverty: Energy efficiency training for local communities added to Community Benefit Programme

Below we outline just some of the ways we are working towards net zero – from our own 2030 pledge to supporting UK businesses with their decarbonisation goals through on-site renewables.
<h3>1. Funding and building clean energy projects</h3>
Thrive invests in a mix of sustainable energy projects that reflect the changes the UK must make to decarbonise the electricity system. To date we’ve funded a total of 32 clean energy projects including onshore wind, hydro, solar, battery storage, geothermal and renewable heat. In 2022, our projects generated 133,858 MWh of clean electricity, enough to power 38,000 homes, and delivered 58,314 tonnes in carbon emissions reductions [1]. In 2022, we allocated £11.4 million to develop new renewable energy projects that will help lower bills, improve the UK’s energy security and power the transition to a net zero electricity system. 
<h3>2. Joining the race to zero</h3>
As a business we are committed to reaching net zero by 2030. In 2022, we made significant progress, publishing our <a href="/our-impact/business-ethics/net-zero/" target="_blank" rel="noopener">net zero strategy</a> with the SME Climate Hub, a global initiative that empowers small to medium sized companies to take climate action and build resilient businesses for the future. We are pleased to report our Scope 1 and 2 emissions are now at zero &#8211; this refers to our direct emissions, such as electricity consumption at our renewable generation sites and in our office. Moving forward, we are focusing on how we measure and reduce our Scope 3 emissions (indirect emissions, including emissions from our supply chain and employee commuting). 
<h3>3. Engaging communities in renewables</h3>
We’re big believers in the role that communities have to play in the energy transition. Not only do local, community-owned projects ensure the benefits of clean energy are open to all, but they also help inform and drive the wider behavioural change. Thrive is proud to support communities with building their own clean energy projects through our multi award-winning funding offer. To date, we’ve invested £16 million in community-owned onshore wind and solar projects, including funding the construction of England’s largest onshore wind turbine.
Through our voluntary community benefit programme – which offers annual energy efficiency grants of up to £30,000 to community buildings close to our sites – we’re helping to ensure the benefits of clean energy are being felt by those who need it most. Additionally, we hold annual community open days and school visits, which give local people the chance to learn more about how renewables work.
<h3>4. Supporting businesses in their journey to net zero</h3>
Businesses have a huge role to play in supporting the UK’s net zero target. As well as working to reduce our own emissions, we work closely with businesses to help fund and build ‘direct wire’ projects. Thrive enables businesses to decarbonise by providing the funding and skills to install and operate renewable energy projects on their commercial premises. For example, we’re proud to have worked with Greenvale AP, one of the UK’s largest potato suppliers, to install a single wind turbine next to their factory – supplying up to 75% of their total electricity.
<h3>5. Incentivising green initiatives for staff</h3>
We take our carbon footprint incredibly seriously in all areas of our business. Our head office is a certified BREEAM Green Building (one of the greenest in Bristol) and has solar panels located on the roof. Any printed documents, including our Annual Report, are zero carbon. We also look for ways to support our staff in making more environmentally-conscious decisions, this includes offering a bike to work scheme alongside signing up to <a href="https://www.wearepossible.org/climate-perks" target="_blank" rel="noopener">Possible’s Climate Perks</a> initiative, which allows team members to take two paid ‘travel days’ per year when they choose to travel sustainably rather than by plane.
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[1] Average residents per household 2.4 (<a href="https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/families/bulletins/familiesandhouseholds/2020">https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/families/bulletins/familiesandhouseholds/2020</a>)
RenewableUK uses BEIS’s “all non-renewable fuels” emissions statistic of 432 tonnes of carbon dioxide per GWh of electricity supplied in the Digest of UK Energy Statistics (July 2022) Table 5.14 (“Estimated carbon dioxide emissions from electricity supplied”). Carbon reduction 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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march 2

It’s UK Net Zero Week! We share some of the ways we’re helping to reduce carbon emissions and support the country’s transition to a cleaner, fairer energy system.

Building a net zero future - What's our role in the UK's energy transition?

For me personally, photography has played an important role in my appreciation of the natural world and therefore my ambition to protect it. I believe that people will want to look after what they care about and have found that photography can be a powerful tool to engage others. I love experimenting with different photographic techniques, finding new ways to view the incredible wildlife our planet has to offer. Whether it’s capturing birds in flight, snapping a beautiful sunset, or getting up close with a tiny insect, I enjoy the challenge!
Nature is all around us and so it’s exciting that wherever I take my camera out, there will be an opportunity to discover things I’ve not seen before or a chance to capture more familiar species in a different light. Even from my flat in Bristol without a garden, I have spotted foxes, jays, and swifts from my window! Here are just a few of my favourite shots…
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Photo 1: Things you can do to help nature – Why not consider building a pond in your garden? Itdoesn’t need to be big! Healthy garden ponds can support a wide array of species including amphibians and invertebrates.
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<div>Photo 2: Things you can do to help nature – have you heard of #NoMowMay? By delaying mowing your lawn you can help give nature a helping hand. Plants such as dandelions are vital early in the year as sources of food for pollinators including bees, butterflies and moths.</div>
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<div>Photo 3: Things you can do to help nature – why not consider putting up a bird feeder in your garden? RSPB recommends year-round feeding, but it is most beneficial in the winter when food shortages are most likely. Just be careful to regularly clean your feeders to avoid risk of spreading diseases.</div>
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Photo 4: Did you know that red kites, with their characteristic forked tails,were actually extinct in England until relatively recently, due to persecution from humans amongst other factors? Following official reintroduction efforts in the 1980s, the population of red kites has been steadily increasing to the numbers you see today. A good example of a conservation success story!
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Photo 5: Just a nice photo of sunset by the coast – coastal walks are a favourite hobby of mine and I enjoy spending time in Wales and Cornwall. 
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<h3>Renewable energy and protecting nature</h3>
My role at Thrive incorporates my passion for nature and enables me to make a tangible difference in the climate emergency. In 2022, Thrive published our Biodiversity Policy, outlining our approach to nature. As Sustainability Analyst, I manage this strategy, considering biodiversity during the different project stages – whether it be our operational sites, projects in construction or those we’re considering investing in. For example, we’ve recently established a detailed landscape plan for our battery storage site in Bristol that focusses on establishing and maintaining habitats such as species-rich grassland and native trees and hedgerows, which will encourage biodiversity on site. It also includes more places for wildlife to nest and shelter including bird and bat boxes, invertebrate boxes and a hedgehog house.
I enjoy making regular visits to the battery site to check in on the progress of delivering this plan, and of course couldn’t miss the opportunity to capture some pictures of our new wildlife boxes during a recent visit…
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It’s clear that climate change and biodiversity must be addressed together as they are inherently related. I’m passionate about the role that businesses have to play in this. It’s been inspiring connecting with other B Corps and sustainability professionals, who like us are working towards net zero and reducing their environmental impacts. It’s incredibly motivating to know that my job is making a tangible difference.
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To see more of David’s photos you can visit his website at <a href="https://www.davidmatheson.co.uk/" target="_blank" rel="noopener">David Matheson &#8211; Wildlife Photographer.</a>
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THRIVE FRportraits-77

In support of Great Big Green Week, find out what motivates David, our sustainability analyst, to protect our planet and the key role that wildlife photography plays for him.

“Photography has played an important role in my appreciation of the natural world"

Taking place from 10-23 June, Community Energy Fortnight – organised by Community Energy England (CEE) – aims to raise the profile of community-led and owned energy, connect determined and dynamic practitioners in the sector, and inspire new people, businesses, and other organisations to get involved in creating a people-powered, sustainable, and resilient energy system. The Fortnight will feature a series of activities, workshops and initiatives designed to engage and connect the sector, share skills and successes across the country, and educate local people and stakeholders about the importance of community energy. To find out more, you can visit CEE’s website <a href="https://communityenergyengland.org/pages/community-energy-fortnight">here</a>.
<h3>Download our new resource for communities</h3>
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As a renewable energy investment company, one way in which we can support community energy groups is by providing the funding and expertise needed to get projects off the ground and delivering sustainable energy. In fact, since we first created our community energy funding bridge in 2016, we’ve invested over £16 million into local wind and solar projects in the UK.
With the theme of this year&#8217;s CEF focused around &#8216;skills sharing&#8217;, we’ve collated our decades-long experience working within the renewables sector into a new guide for community energy groups. It includes information on Thrive’s multi award-winning community funding model, local case studies and considerations for those looking to start their journey.
<a href="https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2024/05/Power-for-the-people-How-to-get-your-clean-energy-project-funded_FINAL.pdf" target="_blank" rel="noopener">Download it here</a>
<h3>Funding England&#8217;s largest onshore wind turbine with Ambition Community Energy</h3>
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Last year, we used our award-winning community energy funding bridge to help a group of Bristol residents in building England’s largest onshore wind turbine. We provided a £4 million loan to <a href="https://www.ambitioncommunityenergy.org/">Ambition Community Energy</a> so that it could move this brilliant community initiative into construction after years of planning issues. It was added to loans from Bristol and Bath Regional Capital (BBRC) City Funds and members of the Society of Merchant Venturers, as well as a grant from the West of England Combined Authority Low Carbon Challenge Fund (part of the European Regional Development Fund).
The newly constructed turbine is capable of generating enough power for close to 3,000 homes – the equivalent to Lawrence Weston’s domestic use – and will save almost 48,345 tonnes of carbon emissions over its lifetime. Profits from electricity sales will be reinvested back into local good causes, while the group also plan to build an Energy Learning Zone to inspire and upskill residents for zero carbon careers.
Hear more from the people who worked tirelessly to make this project happen in our video below.

Constructing England's largest onshore wind turbine

Power to the people

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Thrive renewables open day in Avonmouth. September 2022.

As well as being the main sponsor for this year’s event, we’ve developed a new resource for community energy groups looking to build their own local energy project.

This year's Community Energy Fortnight is all about skills sharing - And we're sharing our decades long experience in funding and building projects

As well as exhibiting at the show, Thrive took part in several panels and presentations. My colleagues Otis (Investment Manager) and Chris (Development Manager) presented at the Community and Local Energy Show Floor Theatre, discussing Thrive’s funding offer for local energy projects – including the benefits to shared ownership and our role in the funding of England’s largest onshore wind turbine.  
I also shared my thoughts on community ownership of offshore wind, following <a href="https://www.regen.co.uk/publications/delivering-local-benefit-from-offshore-renewables-working-towards-a-new-model-for-community-benefit-and-local-ownership/" target="_blank" rel="noopener">a great paper from Regen on the same topic,</a> and moderated a panel on Power Purchase Agreements (PPAs) &#8211; an agreement which is used to sell electricity generated by clean energy projects like wind farms or solar arrays. Joined by Kristina Rabecaite, CEO of PPAYA Limited, Tom Abbott, Head of PPA at EDF (UK), Leigh Brown, Senior Business Development Manager at SmartestEnergy and Rhys Thomson, Commercial Director at Community Windpower Limited, it was great to hear their thoughts on the latest and future trends in PPA routes and how they can support renewable developers and generators in selling their power. A big thank you to the speakers who joined me and the fabulous audience for a very engaged session.  
Alongside Thrive’s sessions, it was great to hear from others working within the industry and get their insights on how the market is developing. Below I share my key observations from across the two days. 
<h3>1. Communities are ready to scale up and share ownership </h3>
It’s great to see an increasing number of people engaging with community energy initiatives and an appetite to take on larger size projects. Shared ownership models are mutually beneficial – allowing communities to access working capital, experience, and exposure, while developers can benefit from shared infrastructure, local support and collaboration.   
At Thrive, our flexible approach to finance could help facilitate shared ownership. Our 20MW battery in Bristol is proof of this – we’re giving Bristol Energy Cooperative an opportunity to own a share in the project so that local good causes can benefit from some of the revenues.   
<h3>2. Finance is changing </h3>
Until a longer-term picture emerges in terms of interest rates and inflation, many developers have shared that they are now looking for short term finance solutions, as well as one funding partner that they can work with across a portfolio of projects.   
When it comes to finding a route to market, the conference confirmed that Power Purchase Agreements are also getting more complex and will increasingly involve multiple parties as they purchase different parts of a project’s offtake. We’ve also seen shorter term PPA structures emerge, while corporate PPAs are becoming increasingly attractive as they give projects more security around electricity prices.  
<h3>3. Direct wire is becoming more popular </h3>
Many UK businesses are looking to on-site renewables as a solution to manage energy costs in a volatile market and to improve their environmental credentials as they work towards net zero. Many don’t necessarily have the capital – or skill set – to install those renewables themselves and therefore need support with funding and expertise. It was positive to see many businesses, developers and EPC contractors using the conference as a way to meet and take project opportunities forward.   
<h3>4. Community crowdfunding for offshore wind </h3>
At Thrive, we’re big believers in community ownership and the importance of keeping the economic, social and environmental benefits of clean energy projects local. This is a topic I’m really excited about and would certainly deliver a multitude of benefits for the local community, as well as helping to facilitate a just transition in the offshore wind industry. It will be interesting to see how community ownership models for offshore wind evolve in the years to come. 
<h3>5. Renewable heat is taking off!</h3>
According to the International Energy Agency (IEA), heating is the world’s largest energy end use, accounting for almost half of global final energy consumption. As the world continues to grapple with the ongoing energy crisis, the IEA also predicts that modern renewable heat consumption will increase by almost one-third between 2022-2027.  
It was interesting to hear more about the future of renewable heat at the conference and the technologies, policies and track record showcased by other countries. While there are still some challenges to overcome – including the need for a clearer revenue model – it’s been suggested that some kind of grant programme will need to be developed in order to accelerate this technology at the scale required.  
<h3>6. Growing green careers </h3>
Finally, it was a huge pleasure to see so many students who are looking at this industry as a future career path. We had discussions with students whose interests ranged from sustainable concrete to impact financing and digitalisation. It’s really positive to see fresh young talent entering the sector and the passion they have for making the world a better place. At Thrive, we aim to support students as much as we can and currently offer a summer internship to university undergraduates looking to understand more about the clean energy sector, whether it be in engineering, financial modelling or community benefit.
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Bringing together 250+ exhibitors from 15 countries, Thrive’s investment director, Monika Paplaczyk, shares her key observations from the event as well as the technologies and projects she thinks will dominate over the next 12 months.

Our key takeaways from the All Energy conference in Glasgow

The project aims to connect up to 4,000 homes with the sustainable heat from the granite rocks almost 5,300 metres below the United Downs industrial site. The heat used to power electricity turbines generating clean energy for the grid will also keep the local community warm once the Langarth Network is operational.
The latest funding is part of the government’s £288 million Green Heat Network Fund that is intended to help new and existing heat networks move to low and zero carbon technologies. The new funding will support the Langarth Heat Network in building crucial infrastructure to connect heat from United Downs to local housing, hospital, schools and college.  
Thrive provided the first commercial funding for United Downs, and in 2023, invested a further £3 million to fund completion of the project by 2024. We look forward to seeing how new government funding will help maximise the benefits of this pioneering project, with excess heat from the site being used to provide cleaner, cheaper heating in the local area.

The site operator – Geothermal Engineering Limited (GEL)– predicts United Downs will deliver 2MWe of baseload electricity once operational, and up to 10MWth of zero carbon heat to benefit thousands of local residents and businesses.  
GEL have also found a high concentration of lithium in the geothermal fluids at United Downs. Research is currently being conducted into how this could be used for local, low-carbon lithium production which could then be used to support the rollout of electric cars in the UK.  
Geothermal plays a crucial role in the UK’s transition to net zero and it’s encouraging to see Cornwall’s significant geothermal resources harnessed, with plans for two new sites already in place.

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£22 million awarded to UK’s first deep geothermal heat network at United Downs.

First steps for United Downs to heat local homes thanks to new government funding

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In what was a record-breaking year for wind power in the UK, we saw strong operational performance across our portfolio – generating 133,858 MWh of clean electricity, enough to power 38,000 homes, the equivalent to a town the size of Halifax.[3] Our clean energy projects also delivered 58,314 tonnes in carbon emissions reductions. [5]
Shareholders received a dividend of 7 pence per share in 2022*. Reflecting positive financial results, a 12 pence per share annual dividend is recommended to be paid in July 2023.
2022 showed us once again that we need to accelerate the UK’s transition to a renewables-based energy system, not only to tackle the climate emergency but to reduce soaring energy bills and end the UK’s reliance on expensive fossil fuels. In total, Thrive installed 6MW of new clean energy capacity during the year with a further 25MW in construction.
Over the past 12 months, we’re proud to have succeeded in our mission to connect more people with clean energy, welcoming over 900 new shareholders to the Thrive community as part of a successful crowdfund with Triodos Bank. A total of £6.8 million was raised which, alongside the additional profits generated from our existing portfolio, is being used to fund new clean energy projects.
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In terms of delivering our mission, another one of our 2022 highlights was funding the construction of England’s largest onshore wind turbine, a community-owned project in our home city of Bristol. The turbine will generate a new revenue stream for the local community in Lawrence Weston, with all profits from electricity sales reinvested locally, acting as a driver for regeneration in a deprived area.
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In 2023, we expect to see new ‘direct wire’ on-site commercial solar rooftop arrays installed, construction of the ground-breaking United Downs geothermal electricity generating project in Cornwall and our second battery storage site – a 20MW project in Bristol will be fully operational. There are also a number of new investments which are currently in the pipeline.

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As a certified B Corporation, we were recognised as a ‘Best for the World’ B Corp for the second year running, scoring in the top 5% globally for our positive impact on the environment. Thrive’s commitment to building a cleaner, more sustainable world also saw us publish our net zero strategy in 2022, committing to achieving net zero emissions by 2030, as well as our biodiversity policy which outlines our plans to protect and enhance nature close to our clean energy sites.
We are also pleased that our voluntary Community Benefit Programme, which provides grants for energy efficiency improvements in community centres and village halls close to our sites, helped provide warm spaces for vulnerable people last winter. Working with the Centre for Sustainable Energy, we provided over £30,000 worth of funding to ten community buildings in 2022.  This included awarding £4,000 to Eastside Community Trust, who run the Easton Community Centre in Bristol, so that it could install essential pipe and loft insulation. Addressing heat loss in the building as well as high energy bills, the improvements have helped the team reduce their operational costs and create a warmer, cosier and more inviting space for residents to enjoy.
Fuel poverty is a massive issue so we were also pleased to be given the opportunity to support the Centre for Sustainable Energy’s Warm Homes campaign, which will help them continue providing essential advice and support for those who are struggling.
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* Please remember that past performance cannot be relied on as a guide to future returns
[1] Impact Portfolio describing Thrive’s share of projects owned plus the projects Thrive is funding.
[2] Calculated using the most recent statistics from the Department of Business, Energy and Industrial Strategy (BEIS) showing that UK average domestic household consumption is 3,509 kWh per annum <a href="https://www.renewableuk.com/page/UKWEDExplained" target="_blank" rel="noopener">https://www.renewableuk.com/page/UKWEDExplained</a>
[3] 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 Halifax is 91,338 (<a href="https://www.thegeographist.com/uk-cities-population-1000/" target="_blank" rel="noopener">https://www.thegeographist.com/uk-cities-population-1000/</a>)
[4] The average electricity consumption of an electric vehicle is 270Wh/mile (<a href="https://ev-database.org/uk/cheatsheet/energy-consumption-electric-car" target="_blank" rel="noopener">https://ev-database.uk/cheatsheet/energy-consumption-electric-car</a>) and vehicle licensing statistics: 2021 &#8211; (<a class="js-scroll-done" href="https://www.gov.uk/government/statistics/vehicle-licensing-statistics-2021/vehicle-licensing-statistics-2021#licensed-electric-vehicles" target="_blank" rel="noopener" data-anchor="#licensed-electric-vehicles">https://www.gov.uk/government/statistics/vehicle-licensing-statistics-2021/vehicle-licensing-statistics-2021#licensed-electric-vehicles</a>), average annual car mileage is 5,300 miles (<a class="js-scroll-done" href="https://www.gov.uk/government/statistical-data-sets/nts09-vehicle-mileage-and-occupancy#car-mileage" target="_blank" rel="noopener" data-anchor="#car-mileage">https://www.gov.uk/government/statistical-data-sets/nts09-vehicle-mileage-and-occupancy#car-mileage</a>), reported UK electric car fleet as of May 2022 is 421,230 (<a class="js-scroll-done" href="https://www.gov.uk/government/statistics/vehicle-licensing-statistics-2021/vehicle-licensing-statistics-2021#licensed-electric-vehicles" target="_blank" rel="noopener" data-anchor="#licensed-electric-vehicles">https://www.</a><a class="js-scroll-done" href="https://www.gov.uk/government/statistics/vehicle-licensing-statistics-2021/vehicle-licensing-statistics-2021#licensed-electric-vehicles" target="_blank" rel="noopener" data-anchor="#licensed-electric-vehicles">gov.uk/government/statistics/vehicle-licensing-statistics-2021/vehicle-licensing-statistics-2021#licensed-electric-vehicles</a>), and average annual mileage of 93,562 Electric Vehicles, (22.2% of the UK’s Electric Car Fleet)
[5] RenewableUK uses BEIS’s “all non-renewable fuels” emissions statistic of 432 tonnes of carbon dioxide per GWh of electricity supplied in the Digest of UK Energy Statistics (July 2022) Table 5.14 (“Estimated carbon dioxide emissions from electricity supplied”). Carbon reduction 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.
[6] We are not able to source a nationally recognised means of calculating the water saving generated by generating electricity using wind and solar. The power sector consumes over 40% of Europe’s water, mainly for cooling purposes. Nuclear consumes approximately 2.7m3/MWh, gas plants 0.7m3/MWh and coal plants 1.9m3/MWh (<a href="https://www.ewea.org/fileadmin/files/library/publications/reports/Saving_water_with_wind_energy.pdf" target="_blank" rel="noopener">https://www.ewea.org/fileadmin/files/library/publications/ reports/Saving_water_with_wind_energy.pdf</a>). Our crude, but intentionally conservative analysis, using the UKs 2021 generation mix (<a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1064800/Energy_Trends_March_2022.pdf" target="_blank" rel="noopener">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1064800/Energy_Trends_March_2022.pdf</a>), provides a conservative average water consumption per MWh figure which attributes no water consumption to other thermal sources such as oil and bioenergy, or hydro. We have multiplied Thrive’s generation by this factor, assuming that if our renewable projects had not generated this electricity, the UK grid mix would have.
[7] Includes Community Benefit Programme donations, CSE winter campaign donation, a number of individual site related donations and our community open day hosted at Avonmouth wind farm.
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From funding England’s largest, community-owned onshore wind turbine to a £6.8 million crowdfund – connecting more people to clean energy.

Thrive announces £6.7 million operating profit for 2022 – Plus £11.4 million cash allocated to build new clean energy projects

We were pleased to be shortlisted for the Green Finance award, based on our innovative approach to finance which last year saw us fund new clean energy projects including onshore wind, solar and battery storage, as well as community-based assets like England’s largest onshore wind turbine.
The team had a great time attending the ceremony at the London Marriott Hotel Grosvenor Square and were thrilled to be called up on stage to collect the award on the night!

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A fantastic evening spent with lots of inspirational businesses making a genuine impact.

Green finance award win! Celebrating the businesses making a difference at the Better Society Awards

According to the Grantham Research Institute on Climate Change and the Environment, a “just transition seeks to centre the interests of those that are most affected by the low-carbon transition, including workers, vulnerable communities, suppliers of goods and services, specifically small and medium-sized enterprises (SMEs), and consumers.”  
We truly believe in the need for climate action to be fair and inclusive and have been balancing the needs of people with those of the planet for 30 years. Here are just some of the ways Thrive is working to ensure we achieve a just energy transition in the UK. 
Helping ordinary people to take a stake in the transition 
We believe in the power of together. A world where everyone can be part of the clean energy generation. Putting money to work building new sustainable energy projects, we empower people to take action to address the climate emergency. To help us directly fund and build new clean energy projects, we raise the majority of our capital through crowdfunding – making the UK energy transition more accessible by allowing large numbers of people to be part of the solution.  
Facilitating community ownership 
Recognising the appetite of local communities to build and own their own renewable projects, we created our award-winning community energy funding bridge in 2017 to provide funding certainty and expertise. The first project we facilitated was at Mean Moor in Cumbria, enabling the local community group to purchase the 6.9 MW wind farm, which was repaid in 2019. It meant that Mean Moor became the first commercial scale wind farm in the country to transfer to 100% community ownership.  
Since then, we’ve invested over £21 million into six community-led wind and solar projects including England’s largest onshore wind project based in our home city of Bristol. The Ambition Community Energy turbine provides a deprived community with a source of revenue, while preparing local people to take their place in the changing green economy through community-based advice, support and upskilling. 
Supporting businesses to decarbonise  
We help businesses to decarbonise by funding direct wire renewable projects e.g. installing a wind turbine or solar array on their commercial premises. Providing them with a direct supply of clean power, we empower businesses to take their place in the UK’s energy transition, while cutting costs and reducing the carbon consumption of their operations.  
We first invested in direct wire back in 2010, building projects including a 5MW wind farm on the Airfield Industrial Estate in Mid-Suffolk, which to this day provides clean electricity to a big local employer. As well as helping the company to better manage its energy costs, the project also makes an annual contribution to Mid-Suffolk District Council which is then distributed to worthwhile community initiatives. Fast forward 14 years and we’ve invested in three direct wire wind projects, as well as a portfolio of solar rooftops for schools and businesses across the UK. 
Working collaboratively as a force for good 
We believe in looking beyond profit, putting as much emphasis on environmental and social impact as we do on financial. We are a multi award-winning certified B Corp and member of Bristol Climate and Nature Partnership, Better Business Act and the SME Climate Hub, collaborating to improve business ethics and accountability.  
We recognise that as human beings we will not always get it right, but we are transparent about the challenges we face, actions we take and how decisions are made. We will continue learning, improving and working together with like-minded businesses and organisations to serve our communities and bring about positive change.

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As we celebrate 30 years generating clean energy, we share how we’re helping to accelerate a just transition so that no one is left behind in the move to a green economy.   

Vision for the future: Facilitating a just transition

Prioritising people and planet, we’ve invested in wind, solar and hydro, plus breakthrough projects like the UK’s first geothermal power plant and commercial scale tidal generation. We’ve empowered communities to take control of their energy and helped fund England’s largest onshore wind turbine that’s 100% community owned. Plus, helped businesses across the UK to decarbonise through on-site wind and solar. In total, the portfolio has generated over 2 million MWh of clean electricity and avoided the emission of more than 1 million tonnes of carbon dioxide.
Having been founded as one of the UK’s first mission driven businesses in 1994, 30 years later we’re proud to be in the top 3% of all UK B Corps for our ongoing commitment to environmental and social justice.
Thank you to everyone who’s worked with us to tackle the climate emergency together. We look forward to the next 30 years, collaborating with partners, friends and individuals to create a cleaner, fairer world for future generations.

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Since building some of the UK’s first wind turbines in the 90s, we’ve helped get a range of wind, solar and hydro projects off the ground, working together to build a cleaner, fairer world for generations to come. 

It’s our birthday! 30 years Thriving

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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