Please note the share offer closed on 10 October 2022 and is no longer available.
We are pleased to report a significant increase in generation and associated emissions savings as wind speeds returned to expected levels in the first half of 2022 and new clean energy projects came into operation.
A 38% increase on the same period last year, our clean energy projects generated 73,625 MWh of clean electricity[1] – enough to power the equivalent of almost 40,000 average UK homes[2] – and delivered emissions reductions equivalent to 32,653 tonnes of CO2 during January to June 2022.
Half year operating profits were £3.4m on a turnover of £8.4m, with shareholders receiving a final dividend of 7p per share for 2021, which was paid in July 2022.
Good progress has been made with our diversification strategy, which includes the construction of three commercial solar rooftop sites as part of our work with Olympus Power. We’ve also begun works on our 20MW battery storage site at Feeder Road in Bristol, with the project expected to be connected to the grid later this year.
In April, we finalised our investment in Ambition Community Energy, with our unique collaborative funding model helping to get England’s biggest onshore wind turbine into construction after years of planning work. With a capacity of 4.2MW, the turbine will be capable of generating enough power for close to 3,000 homes – the equivalent of Lawrence Weston’s domestic use. The project will also save almost 120,000 tonnes of carbon emissions over its lifetime. Groundwork is now underway, and commissioning is expected in Spring next year.
“We are facing extremely challenging times, economically, socially and environmentally. As our investors expect, our response is ambitious growth and continued investment in creating a cleaner, fairer future for the next generation. We’ve focused on delivering a strong, diverse pipeline of projects and it’s been great to see the progress that has been made across the technology mix – from battery storage to solar rooftop arrays that provide UK businesses with renewable power. As energy prices continue to soar because of volatile wholesale gas prices, ending the UK’s reliance on fossil fuels has never been more critical. We will continue to fund projects that help increase our energy security at the same time as addressing the climate crisis.
“Through our new share offer, we’re also giving more people an opportunity to take a meaningful stake in energy transition by helping us build new clean energy projects. We believe that, by working together, we can make a difference.” – Matthew Clayton, Managing Director, Thrive Renewables
Our mission to decarbonise the energy system and tackle climate change also saw us named as a Best for the World B Corp for the second year running, putting us in the top 5% of global B Corps for our positive impact on the environment, and highly commended for financial leadership at the British Renewable Energy Awards.
We are currently crowdfunding for £7 million to further increase our impact by building new clean energy projects across the UK. To find out more and register, visit Triodos Bank’s crowdfunding platform here. Remember, investing comes with risk. Returns are not guaranteed, and you may not get back all, or any, of your original investment.
[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 3,748 kWh per annum (1874 kWh for a half year) www.renewableuk.com/page/UKWEDExplained
