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From South Cornwall to Orkney, from onshore wind and solar to geothermal, our diverse portfolio of clean energy projects spans the whole of the UK.

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kessingland

Latest news

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

The prize was awarded for our innovative Community Energy Funding Bridge financial model. We are proud to be recognised for our unique contribution to community energy ownership, uniting communities through a common movement to invest in and own clean energy. This award reflects our work towards achieving our vision of a clean, smart energy system that is powered by the investment of many.
The Community Energy Funding Bridge was set up in 2016 in response to a growing desire for community owned renewables. By providing temporary funding to purchase local renewable energy projects, we empower communities by giving them the time and breathing space to raise their own funds. Once the funding has been paid back, the community owns the project for the long run.
Mean Moor is a huge success story for the Community Energy Funding Bridge and the first wind farm in the country to be transferred from corporate to community ownership. Thrive provided £7.4million in funding to facilitate the acquisition of Mean Moor by three local energy cooperatives. This gave them the time and support they needed to successfully raise £4million in a matter of weeks, uniting over 700 investors, partially replacing the Community Energy Funding Bridge. The wind farm is now 100% community owned.
Onshore renewable energy projects will play a key role in achieving the Climate Change Committee’s target for net-zero emissions by 2050. Diversifying the ownership of renewable projects, such as Mean Moor, enables people to take action on climate change by owning their local clean energy at source.

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mean moor

Thrive Renewables wins prestigious Renewable Energy Association award for the second time.

Thrive wins 'financial leadership' award 2019

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We made new investments in renewable heat for retirement homes and battery storage solutions to improve flexibility on the grid and provide businesses with less carbon intensive power at lower prices.
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Our positive environmental impact also increased by over a third when measured in CO2 emission reductions – mitigating the entire annual carbon footprint of 7,760 people3 in total. Last year we produced enough clean electricity to power all the households in a city the size of Norwich.
The sale of two wind farms early in 2019 led to a 40p per share interim dividend for shareholders in April, as well as £11 million released to invest in new clean energy projects. The Directors are recommending a 7p per share final dividend this year, subject to shareholder approval, reflecting an increase in profitability with new windfarms and other investments coming on stream and a decrease in debt as other projects mature.
Renewable power also brings advantages to host communities. Last year Thrive contributed £1.3 million4 to local economies . Our Community Benefit Programme awarded grants of over £30,000 to improve warmth and comfort in shared buildings such as youth centres and village halls close to our sites.
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<div>References</div>
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<div>1 Calculated using the most recent statistics from the Department of Business, Energy and Industrial Strategy (BEIS) showing that annual UK average domestic household consumption is 3,781kWh, <a href="https://www.renewableuk.com/page/UKWEDExplained">https://www.renewableuk.com/page/UKWEDExplained</a></div>
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<div>2 RenewableUK uses BEIS’s “all fossil fuels” emissions statistic of 460 tonnes of carbon dioxide per GWh of electricity supplied in the Digest of UK Energy Statistics (July 2018) p125 Table 5D (“Estimated carbon dioxide emissions from electricity supplied 2015 to 2017”), <a href="https://www.renewableuk.com/page/UKWEDExplained">https://www.renewableuk.com/page/UKWEDExplained</a>. Average per capita greenhouse gas emissions.</div>
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<div>3 The average UK citizen produces 12.5 tonnes of carbon dioxide a year, <a href="https://www.carbonbrief.org/city-of-london-tops-uk-carbon-footprint-list">https://www.carbonbrief.org/city-of-london-tops-uk-carbon-footprint-list</a></div>
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<div>4 Includes business rates, land rental and community benefits</div>

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DC26

Another year of strong performance and record returns to shareholders.

Thrive Renewables annual results 2018

Drumduff wind farm was officially opened by local MSP Alison Johnstone at a community open day in September 2018 attended by 400 people. The opening celebrated years of hard work transforming a derelict former coal mine into a wind farm fit for the future, generating renewable electricity.
Thrive has also been shortlisted for the Financial Leadership Award for our Community Energy Funding Bridge, a funding model which provides temporary finance for communities wishing to purchase or build their own renewable energy projects. It allows local people to take ownership of renewable energy projects near them and reap the financial, social and environmental rewards.

The successful transition from coal to clean energy

Drumduff wind farm construction

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DC25

Drumduff, our iconic, award-winning wind farm built as a joint venture with GreenPower International, has been shortlisted for the prestigious Renewable Energy Association – Outstanding Project Award.

Thrive shortlisted for two prestigious awards with partner GreenPower International

Kirksanton Village Hall near our Haverigg II wind farm in Cumbria was underused due to poor lighting and heating. We awarded them just over £3,000 in 2018 to install LED lighting, energy efficient space and water heaters and insulation for water pipes. Now the Parish Council meets there, along with groups like the ‘stitchers’.
The Thrive Community Benefit Programme has awarded a total of 21 grants to 17 community groups, providing 40 tonnes per year of carbon savings in total.
The Centre for Sustainable Energy, an independent national charity that shares knowledge and experience to help people change the way they think and act on energy, runs the programme. The scheme will reopen in May.

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IMG_0316

Our fourth annual Community Benefit Programme, awarding grants to improve energy efficiency and comfort in village halls and other community buildings, will open on 10th May.

Warmth and light for chilly community buildings

Space heating and hot water accounts for 80% of final residential energy consumption in the UK.  70% of our heating requirements are met by burning natural gas, resulting in 20% of the UK’s CO2 emissions. Ground source heat pumps significantly reduce this negative environmental impact by using underground pipes to extract natural heat from the ground to heat radiators, underfloor or air systems and water.
Buildings like retirement homes, which need to be warm and cosy all day, can be particularly difficult to heat efficiently. Running a heat pump costs around 30% less than an equivalent gas boiler, 40% less than oil and 60% less than LPG, so as well as reducing carbon emissions, they can also lower energy bills. Heat pumps also have a longer life than combustion boilers and require less maintenance. The ground stays at a fairly constant temperature under the surface, so the heat pump system can be used throughout the year.
Our investment forms part of a £4.1 million seven-year bond, financing the rollout of 100 ground source heat pumps to retirement homes across England and Wales. Rendesco achieves a return on its investment through the government’s non-domestic Renewable Heat Incentive (RHI) scheme, a 20-year inflation-linked subsidy. This model will allow Rendesco to repay the bond in full within seven years. The funds have come from a £1 million investment allocation that Thrive has ringfenced for new sustainable energy technologies, such as heat, energy storage and other innovative solutions.

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Rendesco well on the way to meeting its target of 100 installations across the UK.

Over 45 ground source heat pumps installed in retirement homes

Following the successful sale of two wind farms in February 2019, a General Meeting was held for shareholders to consider two resolutions:
1.1 that the directors be authorised to offer shareholders the right to elect to receive shares instead of cash in respect of dividends declared by the Company;
1.2 to approve an interim dividend of £0.40 per ordinary share to be paid to the holders of ordinary shares on the register of members at the close of business on 15 February 2019.
Each of the resolutions were put to the meeting and passed on a show of hands. The interim dividends have now been paid to shareholders.
Thrive’s regular Annual General Meeting will be held in Bristol on 15 June. All shareholders are warmly invited. We will welcome a guest speaker and a light lunch will be provided.

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img_2820 (1)

Shareholders agree to proposed interim dividend of 40p per share

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We evaluate the DRSP when material events occur. On 15 February, two wind farms were sold, providing evidence of an increase in the value of our operational assets, leading to an increase in the DRSP to £2.65 per share. An interim dividend of 40p per share, representing 15% of the share price, was proposed, subject to approval by shareholders. An additional £11 million realised by the sale will be retained by the company to invest in more sustainable energy capacity for the UK.
Following a unanimous decision by shareholders at the General Meeting on 12 March to approve the payment of a 40p per share interim dividend, the revised DRSP will be £2.28. This takes account of the interim dividend payment, but also reflects positive developments including securing improved electricity prices at a number of renewable energy sites and the company’s performance in 2018.
The interim dividend payments will be made to shareholders in two equal instalments of 20p on 3 and 17 April. The Thrive Renewables Annual General Meeting (AGM) will be held as usual in June. Invitations and information on proposed annual dividends will be sent to shareholders in May.
Changes to the DRSP are always published on our website. Below you will find a graph which shows the movements in the DRSP since February 2018.
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<figure class=""><picture><source srcset="/media/1933/drsp-image.png?width=468&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" media="(min-width: 1080px)" /><source srcset="/media/1933/drsp-image.png?width=410&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" media="(min-width: 620px)" /><img decoding="async" src="https://www.thriverenewables.co.uk/media/1933/drsp-image.png?width=620&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" alt="" /></picture></figure>
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Directors Recommended Share Price updated following approval of interim dividend.

Directors' recommended share price review

We constructed both onshore wind sites between 2009 and 2011. Since then, the sites – in North Wales and Suffolk – have generated over 280 Gigawatt hours (GWh), enough clean electricity to power over 9,000 average UK homes annually**.
Following a competitive tender, we chose Equitix, an infrastructure investor, as the buyer of the two sites. Equitix was selected due to its attractive offer, long term commitment to keep the sites generating clean wind power and guarantee to maintain Thrive’s local community engagement work.
Through our community funds, the wind farms have delivered positive benefits for local people, including energy efficiency improvements to community buildings and children’s playground equipment. We have also installed potentially life-saving defibrillators in remote locations and raised awareness of climate change with local children.
Last year our portfolio delivered a reduction of 96,800 tonnes of greenhouse gas emissions. Deals such as this one help us to increase the UK’s overall renewable energy capacity as we use capital appreciation from these two operational wind farms to invest in new projects.
Shareholders will be invited to a General Meeting (GM) on 12 March to vote on the proposed dividend and other related resolutions.
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* <a href="/for-investors/buy-and-sell-shares/directors-recommended-share-price">Directors&#8217; Recommended Share price</a>
** Calculated using Thrive Renewables’ own generation multiplied by the impact figures published at www.renewableuk.com/page/UKWEDExplained

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IMG_4719

Two of our onshore wind farms with a total generation capacity of 13MW have been successfully sold, taking advantage of current high market valuations for operational projects. The multi-million deal will enable us to build new renewable energy capacity in the UK. The wind farms will continue to produce clean, green electricity under new ownership.

Sale of two wind farms to fund new sustainable energy projects

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We evaluate the DRSP when material events occur. In October 2018 , the Directors undertook a review of the valuation of the company, resulting in a 25p increase in the DRSP due to a combination of factors which had a positive effect. These included an extension of the lease duration at Haverigg II, an increase in wholesale electricity prices, lowering the cost of our debt and an increase in the value of operational renewable energy projects in the UK.
The sale of two wind farms, announced on 15 February , has provided evidence of an increase in the value of our operational assets, resulting in a 5p increase in the DRSP to £2.65 per share.
Also announced on that date was a proposed interim 40p dividend per share to be paid in April 2019. If the proposed dividend is agreed at the General Meeting on 12 March, we expect the DRSP to reduce to around £2.25 when it is paid out, assuming there are no other significant changes in the Company and marketplace. The Thrive Renewables Annual General Meeting (AGM) will be held as usual in June. Invitations and information on proposed annual dividends will be sent to shareholders in May.
Changes to the DRSP are always published on our website. Below you will find a graph which shows the movements in the DRSP since February 2018, including projected future changes illustrating the impact of the proposed interim dividend on the DRSP.
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Directors’ Recommended Share Price increases following positive developments.

Adrian Warman, our Operations Manager, went to the school to provide an overview of options for wind farms using our portfolio as an example, as well as industrial and commercial applications. They then visited the 8.2MW Avonmouth wind farm to see the four turbines in action and gain valuable first hand insight for their coursework.

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Thrive Renewables

Eleven sixth-form pupils and staff from Backwell School in North Somerset braved a freezing cold and breezy day at the end of January to visit our Avonmouth wind farm.

Students find the answer blowing in the wind

Driven by increasing public support, renewables are no longer ‘unconventional’. They are a vital part of our energy mix. A reassuring  85% of people said they support renewable energy technology in 2018.  The annual survey released in April by the Government’s Department for Business, Energy and Industry Strategy (BEIS) also found two thirds of people would support a large scale renewable energy development in their area.
This trend can also be seen across the globe. In Germany, renewables overtook coal as the main energy source.  In Denmark, renewables accounted for a whopping 68% of the country’s electricity needs.  While in December, the number of US cities committed to 100% clean or renewable energy surpassed 100.
Looking forward, the International Energy Agency (IEA) expects that renewables will enjoy the fastest growth in the electricity sector, providing almost 30% of power demand in 2023, up from 24% in 2017.
In this time, solar PV capacity is forecast to expand almost 600 GW – more than all other renewable power technologies combined. China is expected to maintain its position as the world’s solar leader with almost 40% of the globally installed capacity predicted in 2023.
In the UK, renewables are on course to overtake fossil fuels and become the energy industry’s ‘dominant force’ during 2020, according to EnAppSys.  This will hopefully be supported by a more progressive regulatory and policy environment, including a replacement for the government’s scrapped feed-in-tariff (FIT) subsidy scheme.
There is also a significant opportunity for UK renewables to meet the lion’s share of the capacity gap left by failed nuclear. More than 40% of the UK’s planned new nuclear capacity has in effect been cancelled due to economic viability – with Toshiba pulling out of developing a plant in Cumbria last year and Hitachi scrapping plans for two plants in Wylfa and Gloucester in January.
The cost of renewable technology, such as solar and onshore wind, has fallen precipitously in recent years, making it a much more economically sound and reliable investment decision. It’s so much faster to build too. In the UK it has taken less than two years to install renewable capacity capable of delivering more electricity than Hinkley Point C will generate, and it’s not scheduled to come online until 2025.  Perhaps the economic and technology landscape has progressed beyond the nuclear solution, presenting a positive opportunity for renewables to seize an even larger piece of the energy generation pie.
At Thrive, we’re looking forward to continuing to deliver this positive change. We’ll be using our 20 years’ experience to continue to help people meaningfully connect with clean energy projects across the UK and to ultimately power the transition to a clean energy future.

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fenpower field

The UK’s clean energy industry reached new highs in 2018. Renewables broke new records, delivering a third of all electricity generation, while power generated from fossil fuels was lower than ever before. 

Growth in Thrive's renewable electricity output reflects success of sector in 2018

As the energy sector evolves to include a growing volume of renewable electricity, the dynamic between demand and supply is changing. Historically, electricity suppliers have been slaves to demand. However, as the generation mix progresses towards lower carbon intensity, a more balanced relationship with increased flexibility is required.
Businesses offering increased independence from the grid via ‘behind the meter’ solutions to energy managers are on the rise. Energy cost volatility, flexibility opportunity and more transparent charging methodologies are driving businesses’ interest in taking greater control of energy supply. This trend is seeing companies install onsite renewable power generation, energy storage and other clean technologies to help them become either less reliant on the grid or completely self-sufficient.
The aims of behind-the-meter generation for businesses are threefold:
<ol>
<li>Cutting energy costs is undoubtedly the primary goal of all companies looking to go self-sufficient. Energy prices are reported to be on the rise again. So rather than relying on the markets to deliver affordable energy, many savvy businesses are beginning to take their electricity supply into their own hands, hedging their exposure to the wholesale electricity price volatility. Depending on the mix of solutions and energy efficiency measures chosen, companies can make substantial savings against today’s prices and provide confidence in future costs.</li>
<li>Reducing carbon emissions is also an extremely important motivator. Many companies have corporate social responsibility (CSR) imperatives that could be achieved by generating renewable power onsite or using energy in smarter ways. Going green can also contribute to customer retention and becoming more competitive; customers are becoming increasingly interested in the provenance of their suppliers.</li>
<li>Onsite generation can also unlock attractive new revenue streams. Depending on the mix of clean energy solutions a business goes for, onsite generation has the potential to add significant amounts to a company’s bottom line.</li>
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<h3>Three innovative business models to help drive benefits for energy managers:</h3>
<h4>Energy storage</h4>
A joint venture between Aura Power and Thrive Renewables is offering thousands of UK businesses the chance to use battery energy storage systems to cut electricity bills at no cost to themselves.
The joint venture will install and operate batteries for medium and large energy users free of charge in return for a share of revenues. Once the battery is installed, customers will achieve immediate cost savings by avoiding premium-cost peak energy charges and generating income through flexibility services to the grid.
The project is targeting thousands of businesses spending £500,000 a year or more on electricity. Over 8,000 businesses in the UK have annual electricity contracts of 10GWh or more and are likely to be spending at least £1 million a year, according to energy market analysts Cornwall Insight. The number with £500,000 annual bills is likely to be far larger.
Customers with a mid-range 2MW battery could save more than £1 million over a 15-year standard contract.
<h4>Off-grid renewables</h4>
The Greenvale AP potato processing facility joined forces with Thrive Renewables to install a 1.5MW wind turbine next to their buildings in 2014. Greenvale, located near March in Cambridgeshire, is committed to sustainability and opted for the new turbine to supplement their existing solar PV system. The wind power generated now provides up to 75% of Greenvale’s energy demand.
There is increasing pressure in modern supply chains to provide goods more cheaply and sustainably. Many UK businesses, like Greenvale, are looking to on-site, private wire renewables as a solution. These companies don’t necessarily have the right shaped capital, skill set or time to manage the installations and maintenance themselves, so they seek support from specialist renewable energy investment companies to provide access to the required capital, experience of dealing with renewable builds in developed areas, and understanding of technical renewable energy operations.
<h4>Ground source heat pumps</h4>
Rendesco, is an innovative ground source heat pump installer. Heat accounts for almost 40% of the UK’s energy demand, 70% of which is generated by burning natural gas, resulting in 20% of the UK’s CO2 emissions.
Ground source heat pumps significantly reduce this negative environmental impact by using underground pipes to extract heat from the ground to heat radiators, underfloor or air systems and water. The pump requires electricity to run but uses less power than it produces and therefore generates lower CO2 emissions overall – the typical ratio is 1:3.
Rendesco has a compelling offer whereby it designs, installs and maintains ground source heat pumps for clients, providing 20 years of low-cost energy. After the 20 years, Rendesco gives the heat pump to the client. Over the last three years, the company has successfully delivered 21 systems in new build developments.
Running a heat pump costs around 30% less than an equivalent gas boiler, 40% less than oil and 60% less than LPG, so as well as reducing carbon emissions, they can also lower energy bills. Heat pumps also have a longer life than combustion boilers and require less maintenance. The ground stays at a fairly constant temperature under the surface, so the heat pump can be used throughout the year.
Rendesco achieves a return on its investment through the government’s non-domestic Renewable Heat Incentive (RHI) payment, a 20-year inflation-linked subsidy.

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march 2

As the energy sector evolves to include a growing volume of renewable electricity, the dynamic between demand and supply is changing. Matthew Clayton, MD at Thrive Renewables, took a deeper look at this relationship for Tomorrow's Facilities Management magazine.

A self-sufficient supply

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The refinancing loan along with a loan from Energy Prospects Co-operative will enable community benefit society, Resilient Energy Forest of Dean (REFD), to retain ownership of the project. Energy4All, who currently manage 33 renewable energy co-operatives, will support REFD as the commercial manager of the project.
As well as providing clean electricity to the grid, funding from revenues generated will continue to support local community projects in the Forest of Dean. So far, a wide range of local community buildings and schools have benefitted as a result.
The addition of this project to Thrive’s portfolio brings the total we have invested in community projects to £17 million. It is the 6th community funding bridge we have facilitated, plugging funding gaps to enable community energy groups to build and operate their own clean energy projects. This includes providing a £4 million to fund the construction of England’s largest onshore wind turbine in Bristol, which is owned by a community group.
</div>

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Working alongside Energy4All, Thrive’s investment will enable the project to remain in community hands.

£1 million investment into 1MW community-owned wind project in the West Country

We kicked off the insight day with a visit to our Avonmouth wind farm where the group were able to view the turbines up close and learn how they work. Adrian, our Head of Operations led the tour, explaining the processes and jobs involved in the operation of a 8.2MW wind project like this – from planning through to construction and maintenance.  There were some brilliant questions and discussions as the turbines worked hard in the background.  
Next it was back to the Thrive office, where Louise our Head of External Affairs delivered a short presentation on the renewable energy industry, Thrive’s impact and the diverse range of roles that exist within the sector.  
Over lunch, members of the Thrive team enjoyed chatting with the group to provide insight on their job roles and answer any questions about the day-to-day of working in renewables.  
For the final activity of the day, the group split into teams for a fun learning activity.  Each group was tasked with planning a new wind farm in metaphorical ‘Thriveshire’, taking into account various social, economic and environmental factors that go into the planning of clean energy projects. The teams presented their ideas to the wider group with some very impressive proposals and learnings from the day.

Having provided a grant last year to support one of Babbasa’s core services, it’s been fantastic to continue our partnership with an opportunity for some of their Young People to learn about careers in renewables. Thrive’s £1,000 grant will help Babbasa to continue offering its Support Programme that works with young people who are at risk or have dropped out of education or employment, who may be facing multiple barriers or challenges, or who are disadvantaged by their background.  
We’d like to say a big thank you to everyone from Babbasa who attended our insight day – we hope you found it inspiring!

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20240130TRBabbasaDay-45 AR

We hosted an insight day for Babbasa’s Young People to learn about opportunities in renewables.

Shining a light on green careers for under-represented young people

This funding will help us deliver on our busy pipeline, which includes a portfolio of new clean energy developments through a £20 million investment in Ethical Power. We also plan to fund more ‘direct wire’ solar projects, giving UK businesses access to a direct supply of clean electricity, and support community energy groups in building their own clean energy projects locally – like our recent <a href="/latest-news/news/4-million-investment-into-community-group-attix-cic/">£4 million investment in Scottish community energy group</a>, ATTIX CIC.
Other recent development projects include providing £4 million funding to construct England’s largest onshore wind turbine, which is wholly community-owned, and a 20 MW battery in our home city of Bristol, plus a total of £6 million investment in United Downs – the UK’s first deep geothermal electricity generation plant in Cornwall, which is also set to provide commercial quantities of lithium for EV batteries.
This successful crowdfund comes as new Thrive research – conducted by Opinium, found that retail investors could unlock over £214 billion worth of investments needed to fund UK net zero infrastructure ambitions. Read more about the research <a href="/latest-news/news/the-214bn-impact-investment-opportunity-retail-investors-could-unlock-crucial-net-zero-funding/" target="_blank" rel="noopener">here</a>.

Latest news

Find out more about our new projects, events and industry insight.

Featured

22 May 2025

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

12 Jun 2019

23 May 2019

20 May 2019

25 Apr 2019

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28 Jan 2019