We’re really pleased to have signed an agreement with Ethical Power, which means we will be providing the business with a loan of up to £20 million to help fund part of its renewable pipeline.
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.
“In the midst of the ongoing energy and climate crises, this partnership with Ethical Power will allow the company to build vital new renewable and storage capacity that will accelerate the UK’s transition to net zero. At £20 million, this is our largest single investment to date – and over the next three to five years will see us more than double our portfolio of clean energy projects that we have funded and/or built. We are committed to making a positive environmental and social impact and will continue investing in projects that we believe will deliver significant carbon emissions reductions, contribute to the UK’s decarbonisation targets, and ultimately help create a cleaner, more sustainable world for future generations. Through collaborations like this we are able to contribute at a larger scale, complementing our own developments and operations.” – Matthew Clayton, Managing Director, Thrive Renewables
“This agreement represents the beginning of a new relationship between Thrive Renewables and Ethical Power. It is a substantial level of support and we’re very excited about the opportunities this opens for us. This commitment demonstrates Thrive’s confidence in our strategy and abilities and provides a platform for future cooperation.” – Stephen Williams, CFO, Ethical Power
