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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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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

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In the past month or so we have seen a plethora of separate, independent scientific reports detailing both the damaging effects we are already seeing and what’s to come. Our own Met Office produced the <a href="https://www.metoffice.gov.uk/research/collaboration/ukcp">‘UK Climate Projections 2018’</a> with dire warnings of flooding, sea level rises and heat waves. The World Meteorological Organisation (WMO) State of the Climate report says 2018 is set to be the fourth warmest on record. The WMO deputy secretary general was reported on CNN saying ‘these are more than just numbers. Every fraction of a degree of warming makes a difference to human health and access to food and fresh water.’
While this series of scientific reports makes for frightening, and for those who have been involved long-term, immensely frustrating reading, at least they are no longer being ignored. The National Climate Assessment, a team of more than 300 expert scientists in the US, released a report in November saying Climate Change ‘has moved firmly into the present’, listing numerous impacts that are already being felt in the US from Vermont to Florida. There was wall to wall media coverage in the US, allowing climate scientists to highlight consensus and certainty.
There is a common thread of hope running through the majority of this terrifying data. And that hope is based on the response of the private sector – individuals and businesses. The <a href="https://www.unenvironment.org/resources/emissions-gap-report-2018">UN Emissions Gap</a> report, launched at the end of November, said “Global emissions are on the rise as national commitments to combat climate change come up short. But surging momentum from the private sector and untapped potential from innovation and green-financing offer pathways to bridge the emissions gap.”
The message from the IPCC and WMO too is if we act quickly, we can keep climate change under control. As the WMO secretary general said: “We do face a really large challenge but it is not impossible to limit warming to 1.5 degrees.” And there is consensus about what we actually need to do. The IPCC report was clear we need to cut emissions by 45% by 2030, getting almost all of our electricity from renewables by the middle of the century.
In response our own government wrote to the Climate Change Committee asking whether further action is required in the UK to meet the goals of the Paris agreement. Importantly it is asking for advice about setting a date for achieving net zero greenhouse gas emissions across the economy and how emissions reductions might be achieved. In a separate move, the Bank of England is to start stress testing UK banks for climate change risk.
As consumers and investors, we have a choice in our response to these reports; wring our hands and complain that not enough is being done by government, or roll up our sleeves and make it happen in our personal and professional lives. Positive solutions, like renewables, enable us to use the anxiety caused by these reports to galvanise, not paralyse.
At Thrive we’re determined, with your support, to play our part in transforming the UK’s energy system to become cleaner and smarter. In 2019 we will continue to be absolutely focused on delivering new sustainable energy capacity for the UK. We’ll be working with communities and businesses to install renewable generation, energy storage and even demand management systems – changing the relationship between electricity demand and supply, lowering the cost of energy and making more green electricity available to everyone on the grid.
</div>

boardinghouse

The UN’s Intergovernmental Panel on Climate Change (IPCC) report warns that we have just 12 years to turn the climate change ‘supertanker’ around. Crucially, it places responsibility for action, not just with Governments and international companies, but with us, individuals. 

Climate change - Too little, too late or a tipping point in consciousness?

Drumduff wind farm was officially opened by local MSP Alison Johnstone at a community open day in September 2018 where we welcomed over 400 visitors from the surrounding towns and further afield. Three new 2.85MW wind turbines are forecast to generate enough electricity to power the equivalent of 5,500 average UK homes each year, more than enough to satisfy the needs of the local community.
The brownfield site has already started to rewild itself as native trees and plants grow and wildlife begins to return. We are hoping to work with the community to help them develop a network of footpaths and cycle tracks; something they have identified as a priority locally.
Drumduff is one of nine renewable energy projects in Scotland that we’re invested in, with an overall generating capacity of 25MW.

dc25

DC25

Our iconic Drumduff wind farm near Edinburgh, built on the site of a former open cast coalmine, has won an award for Sustainable Development at this year’s Scottish Renewables Green Energy Awards.

Drumduff wind farm wins sustainable development award

The acquisition was complex and fast moving. Our role was to provide the speed and certainty required by the commercial vendor to get the deal done. We supplied the finance required almost immediately via our <a href="/project-funding/community-energy-groups/" target="_blank" rel="noopener">Community Energy Funding Bridge</a>, plus expertise and advice for the communities involved in partnership with Energy for All. This gave the three groups the time and support they needed to undertake two rounds of successful fundraising, raising £4 million in a matter of weeks.
Last Friday this epic collaborative effort was recognised at the Community Energy England awards in Bristol. The culmination of Green Great Britain week, the event celebrated the vibrant world of Community Energy, where people gather together to fundraise for and build solar parks, wind farms and water wheels in their area, reach out to support people locally with energy efficiency and work together to tackle fuel poverty.
At Thrive Renewables we believe that ordinary people should be given the chance to own renewable generating capacity, providing them with direct social, financial and environmental benefit. So far, we have deployed over £12 million of investment in community projects via our Community Energy Funding Bridge, giving local communities the time they need to raise their own funds via crowdfunding once they have taken ownership.
Mean Moor is now being operated with the community-owned High Winds wind farm, comprising five turbines running at a combined capacity of 11.5MW. Its one of the largest community-owned renewable energy projects in the country. We are immensely proud to have played such a crucial part in this groundbreaking collaborative project, and look forward to continuing to support the Community Energy sector as it grows and flourishes.

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mean moor

Mean Moor Wind Farm,  in partnership with Thrive Renewables, has won the Finance Award at the Community Energy England Awards 2018.

Community energy finance award for Mean Moor wind farm

As part of a series of events during the week our MD, Matthew Clayton, reflected on projects in Bristol that we are part of which demonstrate the growth potential of renewables and highlight what is around the corner for pioneering businesses who choose to get involved.
Read the full story at the <a href="http://bristolgreencapital.org/green-great-britain-week-blog-series-financing-low-carbon-economy-bristol-thrive-renewables/" target="_blank" rel="noopener">Bristol Green Capital Partnership </a>website.

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sigurd 2

We celebrate the UK's first ever Green Great Britain Week.

Financing the low carbon economy

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We evaluate the <a href="http://www.thriverenewables.co.uk/for-investors/buy-and-sell-shares/directors-recommended-share-price/" target="_blank" rel="noopener">Directors’ Recommended Share Price</a> when material events occur. In this context a material event is an occurrence (or combination of events) which has an impact on the value of Thrive Renewables. In February 2017 we provided an update on a number of factors which had had both positive and negative impacts on the value of Thrive Renewables. In our most recent review of the Company’s value, we have identified a range of factors which combined have a positive impact.
<h3>Life extension at Haverigg II</h3>
We have agreed extended lease terms with the landlord at Haverigg II in Cumbria. Haverigg II is a pioneering wind farm, built as part of the first wave of wind power in the UK, and in conjunction with a local community energy group. This is our oldest site, which this month enters its third decade of generation. Having extended the lease duration, we can now include an additional 5 years of operation and therefore financial contribution from the site.
<h3>An increase in UK wholesale electricity prices</h3>
<h3><img decoding="async" style="font-size: 16px;" src="https://www.thriverenewables.co.uk/media/1901/drsp18.png?width=620&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" alt="" /></h3>
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<figure class=""><figcaption>Source: www.smartestenergy.com</figcaption></figure>
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The chart above illustrates the movement of UK wholesale electricity prices. The negative impact on the Company’s value of the reduction in electricity prices experienced since 2014 has been offset by the growth in our portfolio. Since early 2016, electricity prices have been steadily increasing, with rapid uplift throughout the summer months. Whilst there are a vast range of factors which influence energy prices, the following combination of factors have had a material impact over the course of 2018:
<ul>
<li>oil prices (and consequently natural gas prices) increasing,</li>
<li>£ weakening in the currency markets relative to € and $, making imported fossil fuels and electricity (via the interconnectors) more expensive,</li>
<li>Following shortages in the availability of natural gas earlier this year, questions remain about the adequacy of supply for the coming winter months.</li>
</ul>
Despite the long term projections of energy prices stabilising (helped by a growing contribution of renewables) electricity prices in the immediate years ahead are expected to increase. This provides Thrive with the opportunity to benefit from higher prices for the electricity it generates. Approximately 50% of Thrive revenue comprises government backed and inflation linked support. The other 50% is generated via the wholesale energy market. We manage our exposure to market price volatility by putting in place a mixture of short and long term price agreements with our customers for months, seasons and years ahead.
<h3>Embedded benefits</h3>
To date our operational projects have been able to access a range of minor revenue streams which in combination the industry refers to as ‘Embedded Benefits’. These revenue streams are site specific and can contribute up to 5% of a project’s revenues. The payments encompass a number of elements to support smaller, decentralised electricity producers, such as incentives for generating at peak times. As the mix of sources of generation changes, the national policies determining these benefits are being reviewed. Whilst the various consultations are ongoing, in our projection of future cashflows we have now taken a more conservative view of the future contribution of Embedded Benefits to reflect the changes widely expected by the industry. This change has had a marginally negative impact on the value of the company.
<h3>Mezzanine finance</h3>
We have been able to put the £10 million raised in the Thrive Renewables plc Bond issue to work faster than we had forecast. The majority of the money raised has been deployed as bridging loans to plug funding gaps, contributing to the construction of two new wind farms in Scotland and providing communities with access to capital to purchase renewable energy projects. The interest generated by the rapid deployment of the bond money has had a positive impact on Thrive’s financial performance.
<h3>Discount rate</h3>
The DRSP is calculated using projections of the cash our existing portfolio of renewable energy projects and investments will generate over the long term. To derive a value today for future cash flows, we apply a discount rate. You can find more information on the discount rate <a href="/for-investors/buy-and-sell-shares/directors-recommended-share-price/">here</a>. The appropriate discount rate to use is largely driven by the cost of our capital. This is calculated by combining the cost of the bank debt and bonds with our target shareholder returns.
We have successfully raised capital via the Thrive Renewables and Thrive Renewables (Buchan) bond issues, and renegotiated other debt terms (taking advantage of current competitive rates available) enabling us to lower our cost of debt. So the discount rate we apply has been reduced, resulting in a higher valuation for the Company.
In addition, we are observing a significant number of transactions where operational renewable energy projects are being acquired by both pension and infrastructure funds and funds set up with a view to delivering inflation linked yield. We have received valuations of some of our operational projects from leading infrastructure players. This provides us with a helpful benchmark of the value of our operational projects and consequently comfort in the value of the Company upon which the DRSP is calculated.
<h3>Impact on the Directors&#8217; recommended share price</h3>
The combination of the factors set out above result in a DRSP of £2.60, a 11% increase on the previous DRSP of £2.35.
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Directors’ Recommended Share Price increases by 11% to £2.60 following positive developments.

Directors' recommended share price review

We’ve also been recognised for our new Community Energy Funding Bridge by Community Energy England. The innovative financing solution has been shortlisted in the Community Energy Finance Award category. The Community Energy Funding Bridge provides temporary finance for communities wishing to purchase or build their own renewable energy projects. Our financial support gives community groups the extra time they need to fundraise themselves. So local people can 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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Onsite at Drumduff

Our iconic Drumduff wind farm near Edinburgh, built on the site of a former open cast coalmine, has been shortlisted for a Sustainable Development award at this year’s Scottish Renewables Green Energy Awards.

Two Thrive initiatives shortlisted for prestigious industry awards

In the first six months of this year the wind farms, solar panels and hydro turbines that we invest in have generated 125 million kWh, that’s enough electricity to power 66,534 average homes. If we look at it in terms of emissions, each shareholder has saved 8 tonnes of CO2 in the first 6 months of 2018.
Our investors want to see social impact too. Our voluntary Community Benefit Programme goes above and beyond planning requirements to support the communities who host our sites. They are eligible to apply for grants of up to £4,000 to improve energy efficiency in community buildings like schools and village halls, making them more warm and cosy for visitors.
This means real benefits to real people. Doddington, a rural community in Cambridgeshire is one of 17 projects so far that has been awarded a grant. They installed new LED lighting in their village hall.

People are intrigued and fascinated by how renewable energy works. So we run regular family open days at our sites. More than 300 people turned up recently to the family fun day to celebrate the official opening of Drumduff wind farm, which is built on the site of a former coal mine near Edinburgh. As always, visitors really appreciated the community feel of the day with free science shows, a bike track and of course the chance to peek inside the turbines. As one visitor said: “Thought we would stay for half an hour and have a look around – absolutely great, have been here all day!”
So we believe money invested by our shareholders in sustainable energy delivers several levels of ‘good’. Globally, clean, smart, renewable energy helps us tackle climate change. On a business level the electricity generated delivers profits – our operating profit was £2.9 million for the first half of the year. And local communities who host wind farms and solar parks see investment, education and support to save energy and money.

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TIDE &amp; ISE 2018

We exist to power the transition to a sustainable energy future.

The good we do with money

We have made new investments this year in renewable heat and battery storage projects, both new areas for Thrive. Space heating and hot water accounts for 80% of UK residential energy consumption; we are investing in Rendesco which specialises in implementing ground source heat pump systems in new-build retirement homes. In May, we entered into a joint venture with battery storage developer Aura Power. Our joint investment model offers UK businesses the chance to use battery energy storage systems to cut electricity bills and reduce energy use at the most polluting periods of peak demand, contributing to a cleaner electricity grid.
Going forward we intend to invest further in renewable heat projects, continue to provide financial support to community energy projects via our Community Energy Funding Bridge and  develop investment opportunities to demonstrate that subsidy free renewables can work.
<a href="/documents/2018-half-year-report/">View the full report here</a>.

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Thrive renewables open day in Avonmouth. September 2022.

We are pleased to announce another strong performance in the first half of 2018.

2018 half year results

Headquartered just a five-minute walk from one another – by College Green and the Harbourside respectively – the businesses share a commitment to driving renewable energy growth and making green energy more accessible to all.
Bristol Energy purchased the renewable electricity produced by Thrive’s <a title="Clayfords wind farm" href="/our-projects/clayfords-wind-farm/" data-udi="umb://document/51f24a16f388411396ccd258e7266a4b">Clayfords Wind Farm</a> near Strichen in Aberdeenshire, Scotland for 12 months from September 2018. The single-turbine site will deliver approximately 2.26GWh of clean energy to around 564 homes over the course of the contract .
Thrive owns the 0.8MW site as part of their nationwide renewable project portfolio of 21 sites. The project was built in 2015 and qualifies for the government’s renewable energy feed-in-tariff (FiT) subsidy. The project was funded by Thrive with a crowdfunded bond raise in 2016.
<a href="https://www.bristol-energy.co.uk/">Bristol Energy</a> supplies more than 76,000 homes across the UK and is actively growing the amount of renewable energy in its portfolio year on year. Renewables accounted for 40% of its energy supply after its first year in 2017, which it has increased to an estimated 60% this year. The company has achieved this substantial growth by working with renewable energy generators, like Thrive, through power purchase agreements (PPAs).
Providing accessible renewable energy is a key objective of both Thrive and Bristol Energy. They are encouraging people to get involved by investing in one of Thrive’s renewable energy schemes or by signing up Bristol Energy’s 100% green tariff.
The Clayfords project was developed in conjunction with the nearby Auchtygills turbine and both became operational in 2015.
The deal was completed on e-POWER, an online auction, which enables independent renewable energy generators to sell clean electricity to utilities.

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Thrive Renewables

The agreement between Thrive Renewables and Bristol Energy will provide over 550 homes with renewable wind energy.

Bristol companies sign clean energy deal

Space heating and hot water accounts for 80% of UK residential energy consumption.  Almost 40% of the UK’s energy requirement is for heat with 70% of our heating requirements met by burning natural gas, resulting in 20% of the UK’s CO2 emissions.
Ground source heat pumps significantly reduce this negative environmental impact and help to alleviate fuel poverty 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 – the typical ratio is 1:3.
The project Thrive is investing in will deliver a reduction of 4,000 tonnes of CO2 emissions per year. That is enough for 3,300 return flights from London to New York , to build 50 new homes  or to make 193 million cups of tea.
Thrive has a portfolio of 21 renewable energy projects across the UK, and this is the company’s first investment in heat pumps.

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.
Each heat pump costs around £150,000, but Rendesco is able to deliver low cost and low emissions energy to the host. It achieves a return on its investment through the government’s non-domestic Renewable Heat Incentive (RHI) payment, a 20-year inflation-linked subsidy. This model will allow Rendesco to repay the bond in full within seven years.
In 2015, Heat Roadmap Europe found that the UK has the fourth highest heating and cooling energy demand among 14 countries analysed, but heat pumps delivered just 1% of this requirement.  This is compared to an EU average of over 10%, with Sweden producing around half of its heat renewably.
Thrive invested in Rendesco through Triodos Bank’s crowdfunding platform. The funds will 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. The company’s aim is to reduce carbon emissions, last year its portfolio delivered a reduction of 79,570 tonnes greenhouse gas emissions, which it hopes to increase to 100,000 by 2020.

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Thrive makes its first investment in heat.

Heat pump investment to help save 4,000 tonnes of carbon emissions a year

They are 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.
Thrive has invested in, owns and operates a 104MW portfolio of wind, hydro and solar assets. The joint venture moves it into the rapidly emerging storage market, combining its own funding and behind the meter renewable expertise with Aura Power’s market-leading experience of developing utility scale batteries.
Aura Power has developed a wide range of projects including a 15MW battery at Lockleaze, near Bristol – the UK’s largest when it started operation in August 2017 – and a 10MW battery at Nevendon, Essex.
The joint venture is seeking businesses spending around £50,000 a month or more on electricity with steady consumption and spare import capacity. Potential customers could include manufacturers, water utilities, pharmaceuticals businesses, cold storage facilities, hotels and large office buildings.
Batteries will be installed behind the meter, offering a range of benefits. Businesses can:
<ul>
<li>avoid punitive Triad and red zone charges for using electricity at peak times;</li>
<li>save money by charging up when power is cheap;</li>
<li>earn money by providing services to the grid such as frequency response;</li>
<li>hedge against rising electricity costs;</li>
<li>maintain activities during power cuts;</li>
<li>correct power quality issues;</li>
<li>develop or increase on-site renewable generation;</li>
<li>support electric vehicle charging.</li>
</ul>
Before customers sign a contract, Aura Power will review their electricity usage and bills and carry out a site survey. Customers will then be recommended the appropriate size of battery, from 0.5MW up, and provided with forecast revenue and savings.
Batteries can be installed with minimal impact on site operations, either in existing buildings such as basements or in shipping containers outdoors. Installation takes as little as a few days and is timed to ensure minimum disruption. The process from signing a contract to installing the battery can be concluded within three to six months.

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Wicken

Thrive Renewables and Aura Power are launching a joint venture today that will offer thousands of UK businesses the chance to use battery energy storage systems to cut electricity bills at no cost to themselves.

Batteries offer businesses savings with no up-front cost

During 2017, Thrive Renewables:
<ul>
<li>Raised nearly £10 million from 940 investors via the Thrive Renewables plc bond.</li>
<li>Completed construction of two new onshore wind energy projects totalling 10.6MW.</li>
<li>Created the Thrive Community Energy Funding Bridge, investing £11.4m in three projects, enabling the communities to buy renewable energy projects from large infrastructure owners.</li>
</ul>

<h2>Delivering impact in 2017</h2>
<h3>Widening ownership of renewables</h3>
Thrive Renewables plc bond offer successfully closed in March 2017 having raised £9.96 million. Over 900 individuals invested in the bond in addition to impact investment institutions and foundations. A total of 669 new individuals joined Thrive’s community of investors via the bond.
<h3>Investing in new renewable capacity</h3>
Thrive Renewables contributed to construction and commissioning of 10.6MW of new onshore wind capacity in 2017. The company delivered 6MW through Drumduff wind farm in West Lothian, Scotland, through a joint venture with GreenPower (International) Ltd. It also provided a £1.48m mezzanine loan facility that contributed to the funding of Brotherton Wind Farm, a 4.6MW onshore wind project in Aberdeenshire, Scotland.
“One of our new wind projects, Drumduff, is particularly satisfying; it sits on the site of a ‘retired’ open cast coal mine. It’s difficult to think of a more appropriate and optimistic symbol of how we use investor’s money to directly transform the country’s energy system,” says Matthew.
<h3>Innovative community funding model</h3>
In 2017, Thrive supported three communities with a total £11.4 million investment: a £1.7m funding bridge to a Community Interest Company that owns the Sheriffhales 3.174MWp solar PV farm in Shropshire, a £7.4m funding bridge to Mean Moor Community Wind Farm Limited that owns a 6.9MW wind farm in Cumbria, and £2.3m funding bridge for the purchase of the 2.4MW Brockholes wind farm located in Scottish Borders.
Thrive has been able to use its capital flexibly to allow the migration of assets from commercial to community ownership. The new innovative funding model is designed to provide communities with the expertise, funding and certainty required to acquire operational renewable energy projects. It then provides the communities with the necessary time to raise the funds.
<h2>Future ambitions</h2>
By 2020, Thrive has pledged to:
<ol>
<li>Deliver renewable energy projects in a subsidy free world.</li>
<li>Grow the investor base to 10,000, combining direct investment and funds facilitated by the Community Energy Funding Bridge.</li>
<li>Invest into a portfolio of sustainable energy projects that deliver over 100,000 tCO2e of greenhouse gas emission reductions per annum.</li>
</ol>
<h3>Business strategy</h3>
Thrive will pursue a focused business strategy to deliver impact in the subsidy free context, focusing on three core areas:
<h3>Community energy funding bridge</h3>
Many commercial players are looking to sell operational renewable energy projects to market. Thrive will continue to work with communities that have the ambition of owning renewable energy assets and provide funding bridges and expertise to facilitate the ownership transition.
<h3>Private wire generation</h3>
Thrive is working on securing more sites for supporting private wire generation at industrially-sited generation sites, such as its existing projects in Dunfermline, Eye and March.
<h3>Repowering mature assets</h3>
Thrive operates projects such as <a title="Haverigg II wind farm" href="/our-projects/haverigg-ii-wind-farm/" data-udi="umb://document/bf81738a173c42ec81a425b15ba31763">Haverigg II </a>and <a title="Beochlich hydro electric site" href="/our-projects/beochlich-hydro-electric-site/" data-udi="umb://document/e3f0af5ecc5249d79b91852e59c0e1af">Beochlich</a> that are entering their third decade of generation. It will continue with the preparatory work on repowering (replacing the existing generation assets with new equipment) with a view to extending the life of the projects. The repowering of sites can help support the subsidy-free future, as cost savings can be achieved relative to a new site by utilising existing infrastructure, such as the grid connections.
“Thrive intends to be at the forefront of demonstrating that subsidy-free renewable electricity generation can work in the UK. We are focused on private wire opportunities and repowering of existing sites, as well as offering the Thrive Community Energy Funding Bridge to communities, so broadening ownership of renewable energy and making local assets more accessible for individuals,” says Matthew.
<h3>Subsidy-free</h3>
While Thrive’s existing portfolio delivers financial impact from Feed in Tariff and Renewables Obligation subsidies, the future for new projects looks very different. The near elimination of financial support and significant planning constraints imposed on new onshore developments in England have largely put paid to the standard business model of the last 20 years.
In the future, Thrive believes that new onshore renewable energy projects will only be viable if they are more actively part of the local electricity system, perhaps combining with low cost storage, smarter and more flexible demand management, private wire, and/or peer-to-peer trading.
Thrive intends to be at the forefront of UK renewables development by demonstrating that subsidy-free can work and exploring opportunities to invest in both battery storage and demand side management flexibility services.

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Record turnover of £15.6 million in 2017, up 15% on 2016, and a 28% growth in generation capacity to 104.9MW from 21 renewables projects across the UK.

Record year for Thrive Renewables in 2017

Having provided the first commercial funding for the project in 2020 and a further £3 million investment in 2023, we’re pleased to see the start of this exciting final phase. Geothermal Engineering Limited (GEL) expect construction work to be completed by summer this year, with the first power to be produced towards the end of 2024.  
We were delighted to be on site to see the start of construction at United Downs alongside other investors.
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The United Downs plant will be harnessing heat from hot granite rocks via two deep wells which were drilled and tested in 2019 and 2020. From this site and other proposed sites in Cornwall, GEL are hoping to produce enough power and heat for 70,000 homes by 2028. 
Recent testing at United Downs has shown that geothermal fluid within the wells has one of the highest concentrations of lithium in Europe at 340 parts per million (ppm). This sustainably produced UK lithium has the potential to fulfil a significant portion of the UK’s lithium, helping to support the growing EV industry.   
Last year GEL were awarded three Contracts for Difference, the first ever for geothermal in the UK. These contracts guarantee a set price for the sale of renewable electricity at United Downs and their other two sites at Manhay and Penhallow.

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Cornwall Time Lapse--4

The United Downs site is expected to start producing renewable electricity by late 2024.

Construction begins on UK's first geothermal power plant

In September 2023, we also agreed to fund 192MW of new solar PV and battery storage through a £20 million investment in a UK development portfolio. The first projects are expected to be constructed this year.

We are particularly proud that this project involved a collaborative effort between commercial and third sector organisations; Thrive, Aura Power, Bristol Energy Cooperative (BEC) and Residents Against Dirty Energy (RADE). Campaigning work by RADE and BEC originally prevented the site from becoming a polluting diesel STOR generator. Having successfully blocked planning permission for the dirty generator, they supported Aura Power’s proposal for a battery, a clean technology, storing excess electricity when it is abundant and ultimately enabling more renewables to be connected to the grid.  
In recognition of the community effort to support the project, we have been able to offer local residents the opportunity to own a stake in it through shared ownership with BEC. We are proud to be the first commercial owner to offer shared ownership in a standalone battery project in the UK.  
The project recently <a href="/latest-news/news/celebrating-our-collaborative-and-award-winning-funding-approach-at-the-community-energy-awards/" target="_blank" rel="noopener">won the Collaboration in Community Energy Award</a> with BEC, Aura and RADE at the 2023 Community Energy Awards. 
Our team has also developed a landscape plan for Feeder Road that will help to protect and enhance the biodiversity at the site. We’ve focused on providing the resident wildlife with more places to nest and shelter. This includes installing a number of bird, bat and invertebrate boxes, as well as planting trees, hedgerows, species rich grassland, shade scrub and native ferns that will strengthen local habitat corridors and provide wildlife with food, nectar and pollen.

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THRIVE FRportraits-92

20MW Bristol battery now delivering electricity to the grid.

Award-winning battery project enters operation

But there’s no denying it – the energy transition is happening (although not as quickly as we would like), and renewables are here to stay. Below we share some of the reasons we’re keeping positive as we look forward to another year of prioritising people and planet, funding and building new projects that deliver cheaper, cleaner power, lower household bills and support the UK’s transition to a fairer, net zero energy system.  
<h3>Renewables produced enough electricity in 2023 to power every UK home </h3>
According to The Energy &amp; Climate Intelligence Unit (ECIU)[1], the UK’s fleet of wind, solar and hydro projects generated enough clean electricity to power the country’s 28 million homes in 2023. The think tank has estimated that these assets produced over 90TWh of electricity, while power generation from gas-fired power plants fell by 20 to 30 per cent each quarter compared to four years ago. New data from Carbon Brief has also found that renewables provided the single largest source of power to the grid last year at a record 42%.  
<h3>World leaders agreed to triple renewables by 2030  </h3>
In one of the most widely supported pledges at the recent COP28 conference in Dubai, over 110 policymakers agreed to tripling the world’s renewable capacity by 2030. During the conference, the European Commission president, Ursula von der Leyen, stated that “With these goals, we […] send a clear message to industries and investors. We are providing them with clarity and predictability about the future – the direction of travel. They will know how much additional capacity we need by 2030 and this will help them plan their business and investments”[2]. 
The move supports the International Renewable Energy Agency’s ‘World Energy Transitions Outlook’ which looks at how we close the energy transition gap to stay on a 1.5°C pathway. It calls for a tripling of installed renewables capacity from around 3,400 GW today to over 11,000 GW by 2030, adding on average an ambitious 1,000 GW annually until the end of this century. 
<h3>Batteries are booming </h3>
According to Modo Energy, Britain’s battery pipeline saw a significant increase in operational capacity (over 60%) in 2023, growing from 2.1GW at the close of 2022 to 3.4GW. Total energy capacity has reportedly grown even quicker, up to 4.5 GWh from 2.3 GWh in 2022 – meaning that the average duration of battery energy capacity in Britain is now 1.27 hours, up from 1.1 hours in 2022. 
Battery storage is a critical technology for net zero, storing electricity when renewable sources are abundant and releasing at peak times when consumer demand is at its highest. We’re pleased to share that our 20 MW battery project in Bristol is now operational, with the capacity to store and deliver 1.5 hours or 30 MWh of electricity. 
<h3>The UK&#8217;s first geothermal power plant will be constructed this year </h3>
Construction of a new geothermal power plant system at United Downs in Cornwall has begun, with the site expected to start producing baseload renewable electricity by late 2024. Geothermal Engineering Limited (GEL) awarded the supply contract to Exergy International last year, with the deal marking a major milestone in the project which Thrive provided the first commercial funding for in 2020, followed by a further £3 million investment in 2023. Once operational, GEL believes United Downs will save more than 6,500 tonnes of CO2 emissions per year compared to fossil fuel power generation, while also producing zero carbon heat that could be used to heat a nearby housing development.  
<h3>We aim to double the amount of clean energy capacity we fund over the next five years</h3>
Reflecting our commitment to tackling climate change, we revealed our ambitions to double our generation capacity to 180 MW over the next five years. 2024 will see us deliver on our growing pipeline, which includes funding 192 MW of solar and battery storage through our £20 million deal with Ethical Power, as well investing in other onshore wind, solar, geothermal and battery storage projects across the UK.  
As we look forward to another exciting year ahead, we’d like to say a massive thank you to everyone who supported us in 2023. It’s because of you that Thrive can continue making an impact by building new renewable capacity, ensuring the benefits are felt by the people who need it most. 
[1] <a href="https://www.businessgreen.com/news/4159728/eciu-renewables-produced-electricity-2023-power-uk-home">ECIU: Renewables produced enough electricity in 2023 to power every UK home | BusinessGreen News</a>
[2] <a href="https://renews.biz/89878/global-leaders-agree-to-triple-renewables-capacity-by-2030/">COP28: Global leaders agree to triple renewables capacity by 2030 &#8211; reNews &#8211; Renewable Energy News</a>

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