Thrive Renewables Directors' Valuation increases to £2.35 per share

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Our mission is to connect as many people as possible with clean energy, which is why we are proud to have a large and diverse shareholder group. Because of this we also have a responsibility to disclose when a material event – or combination of events – impacts the value of Thrive as a company.

A combination of factors including a revaluation of our Feeder Road battery project, further increases in wholesale electricity prices and other operational factors have led us to update the valuation of the company. We are reporting an 11p increase in the Directors’ Valuation, up 5% from £2.24 to £2.35 per share. The updated valuation also takes into account any recommended dividend, to be voted on by shareholders at the AGM on the 28 June.

To reflect the growing value of battery storage to the UK’s clean energy sector, we have revalued the 20 MW battery project in Bristol, which is due to be commissioned later this year. This brings our portfolio of clean energy sites – either operational or in development – to 23, including onshore wind, solar, hydro, geothermal and renewable heat.

Our projects benefit from a range of power sales contracts which include price floors, fixed pricing and inflation linked elements, as well as government backed renewable electricity support mechanisms. To estimate the long-term dividend flow from our projects, we combine the prices we have agreed in power sales contracts, wholesale electricity market prices in the immediate and medium term and longer-term projections which are provided by market leading experts.

The Directors’ Valuation was last updated in February 2022, following the acquisition of Feeder Road and increases in wholesale electricity prices. The board will remain committed to reviewing the valuation of Thrive Renewables plc and communicate any material changes.