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In the year we celebrated 30 years building and funding clean energy projects, it was special to acquire the rights to our biggest project yet. Construction has started on a 57MW wind farm in the Scottish Borders, which will generate enough power to meet the needs of over 45,000 average UK homes a year once operational.
The project was acquired with the support of our new match funding partner, TopCashback Sustainability Ltd. Fair Play Clean Energy, Thrive’s joint venture with TopCashback Sustainability brings together a combined £80 million in capital to fund new clean energy projects in the UK. An additional £20 million in match funding has also been secured to fund community owned wind and solar via our partnership with social impact investor, Better Society Capital, ensuring ordinary people can own and benefit from their local projects.  The two funding relationships allow Thrive to accelerate the scale of impact deliverable.
Last year we also acquired the rights to the 12.6MW Abergorki wind farm in South Wales which is due to start construction this summer.
With 40MW of new capacity added to our development pipeline in 2024, plus a further 35MW of match funded development capacity, we are well on track to achieve our goal to double generation capacity by 2028.
We recently launched a new share offer to help fund these new projects. More details are available on the <a href="https://www.triodoscrowdfunding.co.uk/invest/thrive-renewables" target="_blank" rel="noopener">Triodos Bank crowdfunding platform</a>.

Supporting communities near our sites remains a crucial part of our social impact work. Through our annual Community Benefit Programme, last year we awarded £33,000 in energy efficiency grants to community centres close to our clean energy projects. The grants have enabled important community hubs to make energy efficiency improvements, such as insulation and draught proofing that help cut carbon and costs.
We were also pleased to celebrate our 30th birthday with many of you at our open day at Caton Moor wind farm in September.
You can read our annual report in full <a href="https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2025/05/Thrive_Annual-report_2025_Web_Final.pdf" target="_blank" rel="noopener">here</a>.

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Chris Watt Photography_87

Highlights from our annual results.

Thrive announces £11.3 million operating profit for 2024 – with £20.6 million cash allocated to build new clean energy projects

Featured

Thrive was honoured to be awarded Net Zero Developer at the awards for a second time. And it’s particularly special to be recognised by the judges as “a true exemplar of the energy transition” in our milestone 30th birthday year. Hear our reflections on three decades in the sector in<a href="https://www.regen.co.uk/insights/thrive-renewables-regens-net-zero-developer-2025" target="_blank" rel="noopener"> our blog with Regen.</a>

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Caton multiple turbines

After being awarded Net Zero Developer at Regen’s Green Energy Awards, we reflect on 30 years of bringing together people, proven technology and a pioneering approach to accelerate the rollout of renewables.

Thrive Renewables: Regen’s Net Zero Developer 2025

In recent months, the leader of the opposition, Kemi Badenoch, has claimed that net zero cannot be achieved by 2050 &#8220;without a serious drop in our living standards or by bankrupting us&#8221;. And now we’re watching on as newly elected Reform councils promise to block any net zero and renewable infrastructure plans, with little thought to the <a href="https://www.theguardian.com/politics/2025/may/07/reform-uk-green-energy-assault-lincolnshire-jobs-risk">£1 billion in local investment and more than 12,000 jobs that will be put at risk</a>.
It&#8217;s something that – over our thirty years working in renewables – we’ve seen time and time again. The clean energy movement has always been targeted by a very noisy minority, but it doesn’t mean that progress has not been made. To the contrary, 2024 was the first full year in which renewables generated over 50% of the UK’s electricity and we’re now <a href="https://www.gov.uk/government/news/uk-half-way-to-net-zero">halfway to net zero as emissions have been cut by over 50% compared to 1990 levels</a>. That is something to be celebrated. We also know that most people are in favour of net zero, with 82% of the population on board with using renewables such as wind and solar to provide electricity, fuel and heat.
Despite some political parties suggesting that action on climate change is not possible without harming ordinary people, what’s abundantly clear is that inaction is already causing us harm. Instead, a just transition will ensure that the move to a decarbonised energy system happens with people, and not to people.

On a political level, we want to see people put at the heart of net zero plans, from energy efficient housing and support for local projects to upskilling and training for oil and gas workers navigating the transition. In fact, <a href="https://www.theguardian.com/environment/2025/may/12/uk-windfall-tax-fund-switch-green-jobs-north-sea-oil">new research has found</a> the making UK’s windfall tax on oil and gas producers permanent would generate vital funds for the shift to a low carbon economy, including a training fund for oil and gas workers.
On a business level, there’s several ways we’re contributing. For starters, we’ve invested over £21 million in community energy projects – like England’s largest, 100% community-owned wind turbine in our home city of Bristol. Not only do community energy projects generate clean power and contribute to our wider net zero targets, but they also provide community groups with income that can be used to fund other important initiatives. As well as supporting communities to own and operate their own projects, we recently announced our commitment to offering the local community an opportunity to own a stake in our future projects. Shared ownership arrangements like this are a real example of communities and businesses working together to achieve a common goal.
Our community benefit programme also provides energy efficiency grants to the communities living close to our sites, helping important shared buildings stay warmer and cheaper to run during the winter. Since 2016, we’ve awarded 70 grants to 58 community buildings, totalling over £225,000 nationally.

We share our thoughts on why there's still power in uniting to tackle the climate emergency.

Net zero: The power of together in a time of division

Once commissioned, the project will be capable of generating up to 14,500 MWh of clean electricity per year, the equivalent of powering over 4,390 average UK homes [1], and delivering emissions reductions of 6,337 tCO2e [2]. We will also be offering an opportunity for shared ownership, with the local community able to own up to a 10% stake.
Acquired from the original developer, PS Renewables, Dunmow is the third project to be funded by Fair Play Clean Energy Ltd, our joint venture with TopCashback Sustainability, which brings together a combined £80 million in capital to fund new clean energy projects in the UK.
It is also Thrive’s first, wholly owned ground mount solar project and forms part of our ambitious growth plans to double the generation capacity of our portfolio by 2028. We recently announced that we have already made significant progress with this goal, securing new project development rights that will take our total capacity from 91.5 to 170.1MW by 2027.
The project already has a biodiversity management plan in place, with measures such as wildflower grassland creation and hedgerow enhancement expected to result in a significant ‘biodiversity net gain’ (+65% for habitat units and +19% for hedgerow units), exceeding the typical minimum 10% threshold set by planning authorities in England. We will also be investigating what additional voluntary actions we could implement to further enhance these existing habitat management commitments.<a href="#_ftnref1" name="_ftn1"></a>

[1] Based on a P50 of 14,500 MWh and calculated using the most recent statistics from the Department for Energy Security and Net Zero showing that UK average domestic household consumption is 3,301 kWh per annum (<a href="https://assets.publishing.service.gov.uk/media/6763dd7ebe7b2c675de30820/Subnational-electricity-and-gas-consumption-summary-report-2023.pdf" target="_blank" rel="noopener">https://assets.publishing.service.gov.uk/media/6763dd7ebe7b2c675de30820/Subnational-electricity-and-gas-consumption-summary-report-2023.pdf</a>)
[1] Based on a P50 of 14,500 MWh and calculated using DESNZ’s “all non-renewable fuels” emissions statistic of 437 tonnes of carbon dioxide per GWh of electricity supplied in the Digest of UK Energy Statistics (July 2024) <a href="https://www.renewableuk.com/energypulse/ukwed/">https://www.renewableuk.com/energypulse/ukwed/</a>

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The site will contribute to the 47GW of new solar needed by 2030 as outlined in the Government’s Clean Power 2030 Action Plan. 

Let the sun shine…We’ve acquired a 14MW ground mount solar farm!

To help fund this exciting period of growth, today we have launched a new share offer on the Triodos Bank Crowdfunding platform, aiming to raise £5 million to build new clean energy projects that will cut carbon emissions, help reduce household bills and benefit communities.
<a href="https://www.triodoscrowdfunding.co.uk/invest/thrive-renewables" target="_blank" rel="noopener">Read the offer document and invest</a>.
You will need to register for Triodos Bank’s crowdfunding platform to access the offer document. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. <a href="/risk-summary/">Take 2 mins to learn more</a>. 
Our co-investment partnership with TopCashback Sustainability, will enable us to deploy an additional £40 million of capital by match funding what we invest. We’ve also recently announced a new joint venture with leading social impact investor, Better Society Capital, bringing together £40 million for community-owned wind and solar projects across the UK. Fair Play Clean Energy, Thrive’s joint venture with TopCashback Sustainability, will provide £20 million of the investment, with Better Society Capital providing matched funding.

Strong financial performance 
Last year saw us make significant progress with our growth strategy, securing the rights to build a 12.6MW wind farm in Wales and 57MW wind farm in the Scottish Borders, which is now under construction.
These new deals complement our existing operational portfolio of 24 projects which generated £11.3 million in operating profit (£9.3 million in profit after tax and minority interests) on a revenue of £26 million in 2024. In 2024, 20.6 million was reinvested back into building new renewable projects, while our existing wind, solar and hydro projects generated over 132,000 MWh of clean electricity and delivered emissions reductions equivalent to 61,810 tCO₂e.
A dividend of 12 pence per share has been recommended by the board for shareholder approval at the AGM in June. If approved, the dividend will be paid in July 2025.
Other recent developments include the construction of the ATTIX CIC community-owned wind turbine in Kilbirnie and the installation of the generation turbine at United Downs in Cornwall, with both sites expected to be operational in the coming months.

Now open, the minimum investment in the crowdfunding offer is £247 (100 shares) and shares can be held in a self-invested personal pension (SIPP). The company is targeting 5-8% return per year through a combination of dividends and increasing share value. This should be seen as a long-term investment. As with all investments, returns are not guaranteed, and investors may not get back all, or any, of their original investment.
<a href="https://www.triodoscrowdfunding.co.uk/invest/thrive-renewables" target="_blank" rel="noopener">Read the offer document</a>.
You should read the offer document in full before deciding whether to invest. Investing in the shares of a company involves risks, including potential for loss of capital and future dilution, lack of dividends and lack of liquidity, and should only be considered as part of a diversified investment portfolio. If you are unsure as to the suitability of the investment, you should contact an independent financial advisor.
This financial promotion was approved on 7 May 2025 by Triodos Bank UK Limited, registered in England and Wales with no. 11379025. Registered Office: Deanery Road, Bristol BS1 5AS, United Kingdom. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008.

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We’re looking to raise £5 million to help fund our project pipeline, including two ready to build onshore wind farms totalling over 69MW. 

Thrive launches new share offer following record year of capacity growth

<a href="/news/2024/12/weve-acquired-the-development-rights-for-our-biggest-project-to-date-a-57mw-onshore-wind-farm-in-scotland" target="_blank" rel="noopener">Whitelaw Brae, a 57MW wind farm project in Scotland</a>, is wholly owned by Thrive Renewables. We bought it from the original developer at the end of last year after a competitive tender. Ripple was not part of that transaction and Thrive has not received any funds from Ripple Energy or Coop 4.   
We have been exploring ways to integrate Coop 4 into the project, so we need to await the outcome of the administration process. As owner of Whitelaw Brae, we will continue with construction and we hope to include an opportunity for shared ownership if possible.   
Thrive Renewables was established in 1994 and has an operational portfolio of 24 clean energy projects, with further projects in development. We have a long track record of supporting community and shared ownership, both at the sites we own and by providing finance for community-owned energy projects. You can find out more here  <a href="/project-funding/community-energy-groups" target="_blank" rel="noopener">Community energy groups – Thrive Renewables</a>

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Thrive Renewables

Whitelaw Brae wind farm update

Last year the UK energy transition reached new milestones, as the last coal fired power station closed its doors and the UK’s wind fleet set new records &#8211; becoming the largest source of electricity generation for the first year ever. 
Plus, there were a number of positive actions from government, culminating in the publication of their <a href="/news/2025/01/lets-not-forget-smaller-local-projects-in-the-new-era-of-clean-electricity" target="_blank" rel="noopener">Clean Power 2030 Action Plan</a> at the end of the year. Whilst we push for further action from government to accelerate the energy transition, we’re busy as ever building more renewables to lower emissions and create a fairer, more secure energy system.

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Chris Watt Photography_427

In our 30th year rolling out renewables, we generated enough clean power for over 40,000 average UK homes.  

Good generation across the portfolio in a historic year for UK energy

As long-term advocates of community ownership, we were proud to represent the sector in parliament this month, giving evidence to the Energy Security and Net Zero committee inquiry ‘Unlocking community energy at scale’. From community energy groups to facilitators, charities and funders like Thrive, it brought together leaders from across the industry to have an insightful discussion on the potential of locally owned projects and the barriers to progress.
One of the questions asked was whether a public awareness campaign would be helpful and, if the above stat is anything to go by, our response is yes! Community energy is a climate solution that could be accessible to thousands of people across the country, yet many are unsure of what it is and how to access it.
<h4>What is community energy?</h4>
According to Community Energy England, “community energy is about people and communities taking democratic control over their energy future, by understanding, generating, using, owning and saving energy in their communities”.
In many cases, this would be when a community takes control and owns, or has a share, in a project producing clean energy – for example, the Ambition Community Energy turbine in Bristol which has been operational since 2023. The clean electricity generated helps power homes and businesses, while revenues are used to fund other local initiatives.
What change do we need to see for community energy to flourish?
Although community energy has been gaining momentum for a number of years, the new government has shone a light on the sector – with specific reference to supporting community projects in both its Local Power Plan and Great British Energy Bill.
However, there are various challenges community energy groups face when developing their own projects, in particular a lack of funding, sometimes skills and expertise and access to appropriate sites. As part of the committee inquiry, Thrive suggested that we need to see a positive change in at least one of these areas:
Revenue / power price – Revenues are driven by the underlying productivity of the project (MWh) and the route to market (power prices). One key change the government could make is enabling community energy projects to participate in its Contracts for Difference auctions, which provides more revenue certainty. This is not currently accessible to community groups as most projects are too small to participate.
Development and capital expenditure – Government funding currently tends to flow more to feasibility studies than developing projects, prioritising innovation over typical developer skills (land agents, property lawyers, developers). We propose GB Energy to offer a revolving fund of low interest, long-term construction loans designed to complement private sector investors and development loans with write off ability.
Grid connections – Another way to bring down upfront costs would be for GB Energy to fund the grid infrastructure and then charge the community an annual fee over the project’s lifetime. At the end of its life, the project could be repowered in which the new project would continue payments to GB Energy. The investment case into grid by GB Energy could be long term and given the lower risk profile could attract lower cost of capital.
It is vitally important that support is provided by Great British Energy to make projects viable, but great care should be taken to ensure that finance is carefully blended, so public money seeds and facilitates private and community investment rather than replacing it.
How is Thrive helping to unlock local investment?
We believe that there is huge opportunity for community energy to scale up, with the potential to transform people’s attitudes to renewables locally. This can be achieved with a blend of finance from the private and public sector.
Thrive has committed to offering local Community Benefit Societies up to a 10% stake in all future projects. This builds on our track record of facilitating shared ownership, from the first wind farm we built in Cumbria to becoming the first commercial developer in the UK to offer the local community a stake in a battery storage project.
We’re also helping to facilitate projects through <a href="/news/2025/03/were-partnering-with-the-uks-leading-social-impact-investor-to-mobilise-40-million-for-community-owned-energy-projects">our new partnership with social impact investor, Better Society Capital</a>. The joint venture, Community Energy Catalyst, will bring together £40 million to support local communities to build their own clean energy infrastructure or secure stakes in larger regional renewable energy schemes.
Community Energy Catalyst will make investments ranging between £0.5 million to £30 million in individual projects which are at least 1MW in size and employ proven technologies such as onshore and offshore wind, solar PV and hydro-electric. The joint venture will target late-stage development projects that have already secured planning consent, enabling them to advance through to construction, commissioning and operation while aligning with local objectives.

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Blawhorn moss nature reserve (1)

We've been busy flying the flag for community-owned projects in parliament - here's our key takeaways. 

Government seeking to unlock community energy at scale

The new joint venture, Burgar Hill Energy Ltd, will manage the proposed development, with a proposed turbine tip height of up to 200 metres and combined capacity of up to 30MW. The wind farm will also provide an estimated £150k in community benefit each year (based on the proposed capacity of 30MW), which will be used to support local projects and developments.
Proposals for the repowering project are currently in the early stages. Work has begun on planning studies and Burgar Hill Energy will soon launch a public consultation into the plans, with two community events planned to take place in the coming months, which will be advertised locally. More information can be found on the <a href="https://burgarhillenergy.co.uk/" target="_blank" rel="noopener">Burgar Hill Energy website here</a>.
Burgar Hill was home to some of the world’s first multi-megawatt wind turbines and acted as a crucial testbed for onshore wind in the 1980s. Both Burgar Hill Renewables, which also represents the local landowner, and Thrive own a turbine on the site. The additional three turbines currently in place are owned by other third parties.

In 2023 we replaced Sigurd’s blades, which had reached the end of their life, working with ReBlade to repurpose them into useful items like bike shelters and EV charging stations. This saw us become one of the first UK companies to decommission wind turbine blades using circular economy principles.

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sigurd 2

The companies will shortly be consulting on the repowering of Burgar Hill wind farm. 

Thrive is partnering with Burgar Hill Renewables to give a new lease of life to one of the UK’s pioneering wind farm sites 

The new initiative, Community Energy Catalyst, will support local communities to build their own clean energy infrastructure or secure stakes in larger regional renewable energy schemes. Fair Play Clean Energy, Thrive’s existing joint venture with Top Cashback Sustainability Ltd, will provide £20 million of the investment, with Better Society Capital providing matched funding.
Community Energy Catalyst will make investments ranging between £0.5 million to £30 million in individual projects which are at least 1MW in size and employ proven technologies such as onshore and offshore wind, solar PV and hydro-electric. The joint venture will target late-stage development projects that have already secured planning consent, enabling them to advance through to construction, commissioning and operation while aligning with local objectives.
As well as funding, Thrive brings 30 years of experience financing, building and operating clean energy projects in the UK, and will provide support to community energy groups during key milestones such as procurement and grid connection.
When we created our award-winning community funding bridge in 2017, it was the first of its kind. Eight years later we’ve invested over £21 million into seven community energy projects, including £4 million to build England’s largest onshore wind turbine, which is 100% owned by the community in our home city of Bristol.

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ACE_June_2024-6

Funding partnership with Better Society Capital will help more communities to own their own projects or take a stake in a larger project in their local area.

We’re partnering with the UK’s leading social impact investor to mobilise £40 million for community-owned energy projects

Start with communities
We put people at the heart of the energy transition, ensuring the benefits of clean energy are kept local. The Ambition Community Energy wind turbine in Bristol – which we provided £4 million of investment into &#8211; is a great example of how local clean energy projects are already benefitting communities every day. As well as providing a new revenue stream to drive regeneration in Lawrence Weston, plans for an Energy Learning Zone will inspire young people and upskill residents to pursue green careers. Making the benefits of climate action directly relatable to our everyday lives also helps unite and inspire action.

Harness the power of together
We won’t tackle the climate emergency if we don’t work together. So we collaborate with individuals, businesses and communities to build the renewable assets that the UK needs, faster. As well as providing community funding bridges, we enter into co-investments and joint ventures with industry peers and help businesses decarbonise through on-site renewables. Today we unite a community of over 6,000 individuals, businesses, social enterprises and institutions all committed to making the switch from fossil fuels to renewables. Together we’ve generated over 2 million MWh of clean electricity and avoided the emission of more than 1 million tonnes of CO2e.
And let’s not forget the facts!
Against the noise, we remain focussed on action – last year acquiring the rights to our biggest project yet. UK fossil fuel generation reached its lowest quarterly share in a century in Q3 2024, while renewable energy hit record growth. Let’s not forget how far we’ve come from when renewables were the pursuits of a humble few in the 90s to becoming mainstream today – generating over 50% of Britain’s electricity last year. In 2024 we also said goodbye to the UK’s last coal fired power station – a huge milestone in the energy transition and poignant reminder that together we are making significant progress. So let’s keep it up, and support each other as we keep our eyes fixed on a cleaner, fairer future.

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Chris Watt Photography_302

Staying positive and powerful against the new wave of climate denialism. 

(Climate) actions speak louder than words

It’s less “drill, baby, drill” and more mill, baby, mill! In fact, it’s got us thinking about how getting to net zero is not only about delivering new projects but making the most of those that already exist.
<h3>What is repowering?</h3>
Repowering is when an existing project – like an onshore wind turbine – is upgraded to make it more efficient and productive. It normally takes place once the turbine or wind farm has reached the end of its original design life (usually after 25-30 years) and, because of innovations in technology, often sees multiple smaller turbines replaced with fewer, larger – but more modern and powerful – machines.
This normally increases the site capacity, for example when Caton Moor wind farm was repowered back in 2006, we were able to increase the annual power yield seven-fold. Importantly, it also means that asset owners can streamline the process that comes with developing a new project as the existing site has already been proven to be suitable for wind, will continue to be used for the same activity and has been granted planning permission previously.
<h3>What are the benefits of repowering? </h3>
1. Makes the most of our available onshore wind and land resources and reduces waste
One of the first things we saw the new Government introduce last summer was updated targets for renewable energy development in the UK, including a goal of 30GW of onshore wind by 2030. While it’s important to recognise that yes, we do need to add new capacity – including onshore wind – to the grid, we can’t forget that there are a finite number of sites that will be suitable for these technologies. It makes exercises like repowering a vital part of the journey as the land has already been allocated and in a prime location that makes the most of the country’s abundant natural resources.
It&#8217;s also worth noting that repowering can be done in a conscious way to reduce waste as parts can be recycled or reused – like with Caton Moor, the turbines which were removed from the site were re-erected in Poland within weeks of their removal.
2. Continued access to clean, homegrown power 
Onshore wind is currently one of the cleanest, cheapest and quickest ways to generate electricity and is vital to improving our energy security – making sure the country is less exposed to the price volatility that comes with using fossil fuels. However, in its 2024 manifesto, RenewableUK estimated that by 2040 we are in danger of losing almost 9GW of onshore wind (compared to the current total capacity of 15GW) as it reaches the end of its life. By repowering these sites, we won’t lose important generating capacity at a critical time for both the UK and planet, helping to accelerate the transition at the pace and scale required for net zero.
3. Community benefit 
We know that the majority of communities are supportive of onshore wind. In fact, according to the government’s latest polling, 7 in 10 (78%) are supportive of the technology and recognise its role in lowering bills, improving energy security and tackling climate change.
Repowering gives host communities the opportunity to continue benefitting from onshore wind, whether it be through the creation of local green jobs or support for local initiatives via community benefit funds. For example, Thrive’s voluntary Community Benefit Programme makes energy efficiency grants available to community buildings close to our sites. Since 2016, we’ve awarded 70 grants totalling over £225,000, helping to make important local spaces warmer and cheaper to run.
<h3>What are the barriers we need to overcome?</h3>
It was positive to see that the Government will include UK repowering projects in the next round of its annual Contracts for Difference scheme, creating the opportunity for onshore wind farms to utilise finance when funding repowering.  Access to the CfD should accelerate the repowering process, making the investment decision to seamlessly progress from the maturing site to the repowered opportunity more straight forward.
But we still need to see continued support and even a clear planning presumption or incentive in favour of repowering – not just for onshore wind but other renewable technologies too. This will then help engage local authorities around what we do with aging infrastructure and empower them to deal with applications appropriately as part of their wider transition plans.
The other challenge is grid connection. Even if a project can be successfully repowered, due to the current grid constraints asset owners may not be able to access additional grid capacity that would allow them to increase the generation capability of the wind farm. It means that they’ll be capped at the original generating capacity whilst waiting for the queues for grid capacity to subside, meaning the UK may not be able to realise the full benefits of repowering until these issues have been solved.
Grid reform recently featured in the Government’s Clean Power Action Plan, citing that NESO and Ofgem will provide a framework through which NESO can work with Transmission Owners (TOs) and Distribution Network Operators (DNOs) to prioritise the projects needed for 2030, as well as maintain a robust pipeline beyond 2030. As with other ongoing policy reform, we’ll be keeping an eye on how this unfolds and contribute to the appropriate public consultations what will hopefully help to accelerate our transition to a cleaner, fairer energy system in the UK.

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Thrive announces £11.3 million operating profit for 2024 – with £20.6 million cash allocated to build new clean energy projects

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