Strong performance from the portfolio with an increase in operating profits - Half Year Results 2023

  • Posted: 20 Sep 2023

Significant progress with diversification strategy, including our biggest single investment to date.

We’re pleased to share that our portfolio of onshore wind, solar and hydro projects generated 63,635 MWh of clean electricity [1] in the first half of the year – enough to power over 36,000 average UK homes [2] – and delivered emissions reductions equivalent to 27,967 tonnes. Read the full report here.

Half year operating profits were £5.9 million on a turnover of £12.3 million, with shareholders receiving a final dividend of 12p per share for 2022, which was paid in July.

With many people still feeling the consequences of the UK’s reliance on dirty, expensive fossil fuels, we’re continuing to fund and build new clean energy projects that not only contribute to the country’s decarbonisation goals but deliver cleaner, cheaper power for people today.

Strong performance across the portfolio

We were pleased to report the successful construction of England’s largest onshore wind turbine during the first half of the year, which we helped fund with a £4 million investment. The 4.2 MW turbine in Bristol is the only onshore wind turbine to be built this year in England and is now generating clean electricity, with profits being reinvested back into the local community.

In addition, we’re proud to say that we’re the first commercial battery owner in the UK to offer a local community group an opportunity for shared ownership of a standalone battery storage project. Bristol Energy Cooperative (BEC) will be able to make a co-investment of up to 20% in our 20 MW battery project on Feeder Road in Bristol. The addition of this project alongside the ACE turbine and our existing 8.2 MW Avonmouth wind farm means that we’ve now funded more than a third of Bristol’s total renewable electricity generation and storage capacity (37%).

Growing pipeline of clean energy projects 

Entering the second half of the year in a strong position, we have a range of new projects in the pipeline to continue growing our portfolio of wind, solar, geothermal, hydro and battery projects. This includes our biggest single investment to date, which has seen us provide a £20 million loan to Ethical Power to help fund 192 MW of new solar PV and battery storage projects across the UK.

“With many people still feeling the consequences of the ongoing energy and cost of living crises, we are continuing to take action - funding and building new projects that protect the planet at the same time as helping to lower bills for households across the UK. We believe that people should be at the heart of the energy transition and the completion of England’s largest onshore wind turbine, that is 100% community owned, is testament to the power we can have when we come together." - Matthew Clayton, Managing Director, Thrive Renewables.

[1] Refers to Thrive’s impact portfolio – total electricity generation of the portfolio adjusted for Thrive’s proportion of ownership, 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 (1,755 kWh for a half year)