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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22 May 2025

Highlights from our annual results.

Article written by anna.cooper

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In 2024 Thrive’s clean energy projects generated 132,489Mwh of clean electricity. That’s enough to power over 40,000 average UK homes, equivalent to a town the size of Hastings. Total emissions reductions were 61,810 tCO₂e. Additionally, 2024 was one of our most profitable years ever. Operating profit was £11.3 million on a turnover of £25.9 million. £20.6 million of cash has been allocated to building new clean energy projects across the UK.

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 Triodos Bank crowdfunding platform.

“2024 was a milestone year for Thrive. As we celebrated our 30^th birthday, we continued to deliver strong environmental, social and financial performance across the portfolio – ending the year by acquiring the rights to our biggest wind farm yet. There were some real wins for the sector too, as we said goodbye to the UK’s last coal fired power station and saw wind become our largest source of electricity generation for the first year ever. There were also a number of positive policy announcements from the new government which we hope to see more of as we continue working to accelerate the rollout of renewables. But in the meantime, we remain resolutely focussed on achieving our mission – a world where everyone can be part of the clean energy generation.”

Matthew Clayton, CEO, Thrive Renewables

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 30^th birthday with many of you at our open day at Caton Moor wind farm in September.

You can read our annual report in full here.