First commercial rooftop solar initiative for Thrive

  • Posted: 24 Nov 2020

Deal will help businesses generate their own clean electricity

Thrive Renewables has joined forces with Olympus Power to enable businesses to install solar panels and use the renewable power they generate. We have developed a new financing framework which provides the funding for Olympus Power to install hundreds of commercial solar arrays. Olympus is looking to fund up to £75m of commercial solar installations. This is Thrive’s first solar roof initiative, building on our ‘direct wire’ approach where businesses benefit financially and environmentally from the electricity they generate on site.

Matthew Clayton, managing director at Thrive Renewables, said:

“Thrive is very pleased to provide funding to enable businesses to reduce their energy costs and carbon footprint using onsite solar power. We hope this will be the first of many such agreements with project developers.”

“By installing solar PV off balance sheet and providing a long term zero carbon power supply contract, we can help businesses transition to cleaner operations and potentially take significant steps on their journey to net zero.”

Olympus is seeking businesses with suitable adjoining land or roof tops who wish to install solar panels on their property. The electricity will then power the host businesses through a direct wire with any excess exported to the grid. They’ll provide each project with lifetime maintenance cover through their Operations & Maintenance business.

“We’re ready to start delivering these installations,” said Simon Nicholls, Managing Director of Olympus. “It’s a great opportunity for businesses to get closer to net zero with cheaper, greener power. We’ve already committed to over 100MW of projects and there are more to come.”

Matthew Clayton concludes:

"We’re looking forward to working with Olympus on this project. Small-scale decentralised energy generation is a key part of reaching net zero. It will help get more renewable capacity built in the UK and distribute the electricity generated locally, reducing losses. The funding framework we have developed is an efficient way of financing portfolios of projects. It can be adapted for other technologies and we would welcome the opportunity to do similar deals in the future.”