Uniting in a common goal to transform the way energy is owned, generated and sold in the UK, Thrive Renewables has invested, for the first time, in solar by way of supporting a Mongoose Energy initiative with a £1.7M mezzanine loan that will enable Shropshire residents to invest directly in local renewable energy.
Banks typically lend 70%-80% of project capital costs with developers or communities still needing to find the remaining 20%-30%. Thrive Renewables has provided the essential £1.7M to enable the community group managed by Mongoose Energy to acquire a solar project in Sheriffhales in Shropshire. Over the coming months, the community will be invited to get involved and invest in the 3.1MWp solar farm and establish a rewarding connection with the site.
Mark Kenber, Managing Director of Mongoose Energy said: “We empower community members to have a direct stake in a local project and the chance to access healthy financial returns, whilst helping to reduce greenhouse gas emissions and dependence on fossil fuels. Thrive stepped in at short notice to meet the funding gap – in the near future we will be raising a share issue on behalf of the local community and are thrilled to put renewable energy back in the hands of local ownership.”
With over 6,300 investors in Thrive, the company funds sustainable projects all over the UK to create genuine, long-term, positive impact – financially, environmentally and socially.
“This was the ideal project for Thrive to invest in as we believe in a clean, smart energy system that is powered by the investment of many. We invest in renewable energy through innovative financing and now broaden our scope from onshore wind and hydro to include solar and other sustainable solutions. This is a further example of how Thrive contributes to the democratisation of ownership of the UK’s energy future”, said Matthew Clayton, Thrive Renewables.
Thrive seeks other sustainable or community projects in a similar situation in the UK and this model could also be applied to other types of renewable technologies. Contact 0117 428 1580 or email info@thriverenewables if you have a renewable project seeking investment. Funding subject to Thrive’s investment criteria.
Notes to Editors
For more information, case studies, customer quotes, or to arrange an interview, please contact: Rachel Glendinning, Communications Manager on 0117 428 1858 / 0748 408 6404 and Rachel.glendinning@thriverenewables.co.uk
About Thrive Renewables
Now independent, Thrive Renewables was established over 20 years ago, by leading ethical bank Triodos Bank, and has more than 6,300 investors and more than 90MW of renewable generation capacity under management. In 2015 Thrive Renewables delivered enough clean energy to meet the energy demand of 41,187 UK homes’ equivalent and saved 72,876 tCO2e emissions.
Thrive Renewables provides an opportunity to invest directly in a portfolio of renewable energy projects, delivering financial returns and contributing to tangible greenhouse gas emission reductions. Thrive Renewables also works with developers to develop and build new sources of renewable energy to create a smart energy system fit for the future. www.thriverenewables.co.uk
About Mongoose Energy
Mongoose Energy was established in 2014 to work with community groups, commercial project developers and investors to identify, develop, finance, build and manage community-owned renewable energy installations. In this way, Mongoose Energy seeks to democratise the UK’s energy system while cutting greenhouse gas emissions and ensuring the economic, social and environmental benefits of clean energy are retained by the local community. Mongoose Energy is majority owned by the community groups it works with, has raised over £70 million for the community energy sector and now manages over 60MW of community generation assets. www.mongoose.energy
