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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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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/" target="_blank" rel="noopener">Take 2 mins to learn more</a>.

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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

We have now successfully deployed all of the £10m raised in the 2016 Thrive Renewables plc bond offer into four renewable energy projects. In the case of three of these projects we have invested into existing sites to provide local communities with the opportunity to take direct ownership of the projects in their area. This includes Brockholes, a 2.4 MW wind farm in the Scottish Borders which we’ve invested in since the enclosed report has gone to print.
As we adapt to market conditions, our flexible and award-winning investment model is delivering impact and connecting more individuals to clean energy projects.
<a href="/documents/2017-half-year-report/" target="_blank" rel="noopener">View the full report here</a>.

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TIDE &amp; ISE 2018

We are pleased to present the 2017 Half Year Results with an update on the Company’s operational and financial performance to 30 June 2017.

2017 half year results

Its marginal cost is basically zero, its supply is infinite and contrary to some opinion, reliable, when used in conjunction with other renewable sources (if you have hydro, solar, wind and tidal – you have no reason to worry about black outs).
Sure, the transition takes a bit of effort, but once it’s done, it’s done. And it really will be done.
Last week, the amazing news broke that offshore wind has become the lowest cost option for large-scale, low-carbon power in the UK, after the price paid for electricity from the turbines fell by more than 50 per cent in two years.
If common sense were the only factor behind energy policy, this news should mean curtains for projects such as Hinkley Point C. However, policy decisions never seems as straightforward as: “this is lower cost and lower carbon, let’s make it happen”.
Another example of energy policy failing to make sense came in 2015, when, just as small scale wind and solar were really cranking up, with the costs and subsidies meeting at just the right place for mainstream investors and developers to see real appeal, the Government swiped away the bulk of the subsidies. Just like that. The move put the brakes on a rapidly accelerating sector over night.
Many developers put the last few projects in the ground, then shut up shop. Homeowners who had been in two minds about getting panels suddenly saw their sums didn’t add up.
It looked like a victory for the anti-wind turbine lobby (which also contains a fair few climate change sceptics). The message from the Government was that it was time for the sector to stand on its own two feet – which had, to be fair, always been the goal. But the sector wasn’t quite ready.
At the time, that decision felt like game over. But Matthew Clayton, managing director of <a href="/?utm_source=Good%20With%20Money&amp;utm_campaign=MC%20interview">Thrive Renewables,</a> offers a long term perspective, seeing it as a lull from which the sector will soon recover.
Read the full story at the <a href="https://good-with-money.com/2017/09/18/interview-watch-out-for-the-renewables-comeback/" target="_blank" rel="noopener noreferrer">Good With Money </a>website.

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Good With Money interviews Matthew Clayton, MD at Thrive: The thing about renewable energy is: it makes total sense. So much so that it’s hard to understand why any energy would not be renewable, now we have the technology to harness it.

Interview: Watch out for the renewables come back

The wind farm comprises of three 2.3 MW Enercon turbines across the valley from the existing High Winds two turbines at Harlock Hill in south Cumbria. Through co-operation, the Energy4All family of Co-ops has been able to acquire an existing wind farm from a commercial operator.
This purchase demonstrates the ability of the community sector to operate in the business world, and reflects the appetite for greater community ownership of renewable energy as an end in itself, especially important since most of the government subsidies for new build have been substantially reduced.

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MEANMOOR

Three renewable energy co-operatives, High Winds Community Energy Society, together with Baywind Energy and Energy Prospects, and with the support of the ethical investment company Thrive Renewables, have acquired the Mean Moor wind farm in Cumbria.

The power of co-operation in the community owned renewable energy sector

Here’s one potentially gargantuan implication: as a result of the cost decline, it’s now possible to develop new offshore wind farms for a guaranteed price of £57.50<a class="js-scroll-done" href="https://good-with-money.com/2017/10/09/why-wind-could-become-the-uks-no-1-energy-source/#_ftn1" name="_ftnref1">[1]</a> per megawatt hour. This compares with the Government’s commitment to pay £92.50<a class="js-scroll-done" href="https://good-with-money.com/2017/10/09/why-wind-could-become-the-uks-no-1-energy-source/#_ftn2" name="_ftnref2">[2]</a> per megawatt hour to the planned Hinkley Point.
Matthew Clayton, managing director of Thrive Renewables, a <a href="http://goodegg.good-with-money.com/">Good With Money Good Egg company</a> that allows people to invest directly in UK renewable projects, said: “The results of the <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/643560/CFD_allocation_round_2_outcome_FINAL.pdf">offshore auction</a> price is a great success for the sector and a milestone for the transition to a cleaner energy system. The UK is playing to its physical strength, we are exposed to a powerful wind regime and as an island, we have a long coastline.
&#8220;The Government can on one hand be pleased with the cost reduction, but on the other hand, this does make the cost of Hinkley Point C nuclear plant now seem way out of the market.”
<h3>The renewables revolution</h3>
The UK’s renewable energy capacity has been steadily gaining pace, <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/647752/Energy_Trends_Sep_17.pdf">BEIS</a> Energy Trends report for Sept 2017 shows renewable electricity generation capacity grew to <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/647752/Energy_Trends_Sep_17.pdf">37 gigawatts</a> in 2017, having installed 4.4 gigawatts of new renewable generation over the course of 2017. Renewables are now generating more than a quarter of the UK’s electricity.

UK offshore wind power has just become materially cheaper than nuclear. This is a major step forward for UK renewable energy and we hear from Matthew Clayton, MD of sustainable investment company, Thrive Renewables about what this means for the industry. Written by Rebecca O'Connor - Good With Money

Why wind could become the UK's number one energy source

We develop, construct and operate small to medium scale renewable energy projects, and offer accessible opportunities to directly invest in these clean energy projects. The company has more than 6,300 UK investors and more than 90MW of renewable generation capacity under management. We were awarded a Good Egg for our renewable generation capacity and CO2e avoidance impacts, as well as our community engagement.
The mark, launched in May 2017, is designed to make it easier for people to find financial providers that have a positive impact on the environment and society, as well as offering a good deal financially. To find our more about the Good Egg logo click <a class="js-scroll-done" href="http://goodegg.good-with-money.com/#5" target="_blank" rel="noopener noreferrer">here</a>.
To read the full article click <a href="http://good-with-money.com/" target="_blank" rel="noopener noreferrer">here.</a>

The third responsible business to be awarded a Good Egg mark from Good With Money.

Thrive Renewables awarded Good Egg Mark

<h3>Peter, what inspires you to make a difference?</h3>
I have two children aged 14 and 11 and they’re very important to me. I want them to grow up in a clean energy world and renewables are a big part of that. I also want to broaden their minds and encourage them to pursue what matters to them.
My son likes all things related to gadgets and science and told me when he was 9 that that he was going to create a solution for perpetual energy. It is good to dream big! Last year I brought him a small solar lantern and charging unit from Kenya which he now uses to do his homework and charge his phone. Hopefully this can be the first step on his sustainable energy ladder.
My family recently travelled with me to Tanzania where I work with local companies to provide off grid community energy. During the trip we visited a social business assembling and distributing solar lanterns to show my children how some local women live and work and to get them engaged. They have now decided to raise funds for charitable causes of their own. While they did not opt for renewables &#8211; my son went for Water Aid and my daughter chose to protect chimpanzees – I am pleased they too are trying to make a difference.
<h3>How did you come to work in renewables?</h3>
I followed a pretty unconventional career path. I started in financial journalism, followed by market research, electricity trading and energy banking. Energy financing and investment was a constant theme throughout. In the early days, I worked for GE Capital and others, acting as the principal investor and lender in renewable and other energy projects. Later on, I switched to the energy manufacturing side, working for the likes of Siemens Wind Power to increase sales of wind turbines by sourcing financing for their customers.
While I really enjoyed working for these large energy companies, I have always had a soft spot for smaller organisations. Joining Thrive Renewables (Thrive) as a non-executive director in 2011 exposed me to smaller, more localised renewable projects. Becoming a trustee of the NGO Renewable World provided me with insight into even smaller, micro-scale projects, this time in developing countries. And then last year, I joined the management team of Energy 4 Impact where I get paid to do something I love: working with small entrepreneurs on renewable energy in the challenging markets of Africa.
<h3>Tell us more about your work in the renewables sector?</h3>
In my day job, I am Investment Advisory Director for <a href="http://www.energy4impact.org/">Energy 4 Impact. </a>We are a non-profit organisation that seeks to alleviate poverty in Sub Saharan Africa by increasing access to energy for under-served rural communities. Currently around 6 out of 10 people in Africa lack access to electricity &#8211; that is nearly 650 million people. Well over half of the businesses there say access to reliable power is a major constraint on their growth. And there is a big urban-rural divide, with access in urban areas being nearly 70% compared to just 15% in the countryside.
We provide advice to small and micro off-grid renewable enterprises, including start-ups and more mature growth businesses. My role is to advise them on business plans and capital raising and to work with local financial and industrial partners to provide financing for their end customers. Our business clients include suppliers of solar lighting and energy products, solar irrigation pumps, cold storage units, biogas digesters and clean cooking solutions. We also support providers of ancillary services such as remote metering and payment systems, which are critical for the sustainability of renewable businesses in remote areas.
Like Thrive, we do a lot of work with small renewable project developers. However, the challenges involved are very different from the developers supported by Thrive. Most of the “mini-grids” Energy 4 Impact supports are very small (I.e. a few kilowatts in size versus the megawatt projects of Thrive) and serve only a few hundred or thousands of people. Because most of the projects are not connected to the national grid, they supply energy directly to local communities where demand for electricity is often uncertain. In the case of Thrive’s projects, we already have a good idea how much and to whom we are selling power.
In my part time, I am a trustee for Renewable World which develops community micro renewable projects in South Asia and East Africa. These include hydraulic and solar water pumping projects in the hillside communities of Nepal and solar mini-grids in remote fishing villages in Kenya. My role is to oversee and support programme management and fund-raising. Like Thrive, Renewable World works closely with local communities to ensure the projects are sustainable from a social, business, financial and environmental perspective.
<h3>What else are you doing?</h3>
A few years ago I became an (unpaid) advisor to Pearlstone Energy, a UK electricity demand response aggregator start-up. They face many of the same challenges in terms of market development and funding that my clients in Africa face, albeit in a very different market context.
Demand response is an emerging market that allows commercial industrial consumers such as data centers and medical facilities to support the National Grid by reducing their electricity usage during peak periods and getting paid for doing so. While the market is currently more risky than traditional generation, the opportunities for investors and potential benefits for consumers in terms of lower cost electricity and reduced CO2 emissions are clear.
<h3>How do you see the future?</h3>
The cost of key components such as solar panels and batteries has fallen dramatically in recent years, creating new opportunities for investors. In developed markets such as UK, we are seeing the emergence of new businesses in energy storage and demand response, which dramatically improve electrical system efficiency. In some developing markets such as East Africa, we are witnessing a solar revolution facilitated by remote metering and pay-as-you-go technologies which allow those unable to afford the high upfront cost of electrical services to pay in small instalments. All in all, it is a very exciting time to be in renewables.
<h3>About Peter Weston</h3>
<ul>
<li>Board Member of Thrive Renewables (formerly Triodos Renewables) since 2011. Chair of Operations and Health &amp; Safety Committee.</li>
<li>Director of Investment Advisory at Energy 4 Impact (formerly GVEP International)</li>
<li>Trustee of Renewable World</li>
<li>Visiting lecturer at ESCP, a European business school</li>
<li>Previous management roles with GE Capital, Siemens Wind Power, MAN Diesel &amp; Turbo, Westdeutsche Landesbank, Aquila Energy and Osaka Gas</li>
<li>Journalist with Euromoney Publications and freelancer for Financial Times</li>
</ul>

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Empowering communities, connecting people to power and inspiring the next generation.

Team profile: Peter Weston

This passion extends to everyone around him, from his family and friends, to the UK renewable investment community, and to the small off-grid entrepreneurs he works with in Africa.
With a 20-year career as an investor, lender and strategic adviser to different organisations in the renewable energy sector, we are interested to find out what makes Peter tick and where the next chapter of his renewables adventure will take him.
<h3>Peter, what inspires you to make a difference?</h3>
I have two children aged 14 and 11 and they’re very important to me. I want them to grow up in a clean energy world and renewables are a big part of that. I also want to broaden their minds and encourage them to pursue what matters to them.
My son likes all things related to gadgets and science and told me when he was 9 that that he was going to create a solution for perpetual energy. It is good to dream big! Last year I brought him a small solar lantern and charging unit from Kenya which he now uses to do his homework and charge his phone. Hopefully this can be the first step on his sustainable energy ladder.
My family recently travelled with me to Tanzania where I work with local companies to provide off grid community energy. During the trip we visited a social business assembling and distributing solar lanterns to show my children how some local women live and work and to get them engaged. They have now decided to raise funds for charitable causes of their own. While they did not opt for renewables &#8211; my son went for Water Aid and my daughter chose to protect chimpanzees – I am pleased they too are trying to make a difference.
<h3>How did you come to work in renewables?</h3>
I followed a pretty unconventional career path. I started in financial journalism, followed by market research, electricity trading and energy banking. Energy financing and investment was a constant theme throughout. In the early days, I worked for GE Capital and others, acting as the principal investor and lender in renewable and other energy projects. Later on, I switched to the energy manufacturing side, working for the likes of Siemens Wind Power to increase sales of wind turbines by sourcing financing for their customers.
While I really enjoyed working for these large energy companies, I have always had a soft spot for smaller organisations. Joining Thrive Renewables (Thrive) as a non-executive director in 2011 exposed me to smaller, more localised renewable projects. Becoming a trustee of the NGO Renewable World provided me with insight into even smaller, micro-scale projects, this time in developing countries. And then last year, I joined the management team of Energy 4 Impact where I get paid to do something I love: working with small entrepreneurs on renewable energy in the challenging markets of Africa.
<h3>Tell us more about your work in the renewable sector?</h3>
In my day job, I am Investment Advisory Director for <a href="http://www.energy4impact.org/">Energy 4 Impact. </a>We are a non-profit organisation that seeks to alleviate poverty in Sub Saharan Africa by increasing access to energy for under-served rural communities. Currently around 6 out of 10 people in Africa lack access to electricity &#8211; that is nearly 650 million people. Well over half of the businesses there say access to reliable power is a major constraint on their growth. And there is a big urban-rural divide, with access in urban areas being nearly 70% compared to just 15% in the countryside.
We provide advice to small and micro off-grid renewable enterprises, including start-ups and more mature growth businesses. My role is to advise them on business plans and capital raising and to work with local financial and industrial partners to provide financing for their end customers. Our business clients include suppliers of solar lighting and energy products, solar irrigation pumps, cold storage units, biogas digesters and clean cooking solutions. We also support providers of ancillary services such as remote metering and payment systems, which are critical for the sustainability of renewable businesses in remote areas.
Like Thrive, we do a lot of work with small renewable project developers. However, the challenges involved are very different from the developers supported by Thrive. Most of the “mini-grids” Energy 4 Impact supports are very small (I.e. a few kilowatts in size versus the megawatt projects of Thrive) and serve only a few hundred or thousands of people. Because most of the projects are not connected to the national grid, they supply energy directly to local communities where demand for electricity is often uncertain. In the case of Thrive’s projects, we already have a good idea how much and to whom we are selling power.
In my part time, I am a trustee for Renewable World which develops community micro renewable projects in South Asia and East Africa. These include hydraulic and solar water pumping projects in the hillside communities of Nepal and solar mini-grids in remote fishing villages in Kenya. My role is to oversee and support programme management and fund-raising. Like Thrive, Renewable World works closely with local communities to ensure the projects are sustainable from a social, business, financial and environmental perspective.
<h3>What else are you doing?</h3>
A few years ago I became an (unpaid) advisor to Pearlstone Energy, a UK electricity demand response aggregator start-up. They face many of the same challenges in terms of market development and funding that my clients in Africa face, albeit in a very different market context.
Demand response is an emerging market that allows commercial industrial consumers such as data centers and medical facilities to support the National Grid by reducing their electricity usage during peak periods and getting paid for doing so. While the market is currently more risky than traditional generation, the opportunities for investors and potential benefits for consumers in terms of lower cost electricity and reduced CO2 emissions are clear.
<h3>How do you see the future?</h3>
The cost of key components such as solar panels and batteries has fallen dramatically in recent years, creating new opportunities for investors. In developed markets such as UK, we are seeing the emergence of new businesses in energy storage and demand response, which dramatically improve electrical system efficiency. In some developing markets such as East Africa, we are witnessing a solar revolution facilitated by remote metering and pay-as-you-go technologies which allow those unable to afford the high upfront cost of electrical services to pay in small instalments. All in all, it is a very exciting time to be in renewables.
<h3>About Peter Weston</h3>
<ul>
<li>Board Member of Thrive Renewables (formerly Triodos Renewables) since 2011. Chair of Operations and Health &amp; Safety Committee.</li>
<li>Director of Investment Advisory at Energy 4 Impact (formerly GVEP International)</li>
<li>Trustee of Renewable World</li>
<li>Visiting lecturer at ESCP, a European business school</li>
<li>Previous management roles with GE Capital, Siemens Wind Power, MAN Diesel &amp; Turbo, Westdeutsche Landesbank, Aquila Energy and Osaka Gas</li>
<li>Journalist with Euromoney Publications and freelancer for Financial Times</li>
</ul>

After lunch, Thrive’s MD, Matthew Clayton covered the company’s outlook and how investors had made a direct impact, finished off with an inspiring talk from Felicity Jones of Everoze about the evolving electricity system and the growth of ‘storage’ as a means of delivering the flexibility required for an increasingly renewables powered system.
For more information on Thrive’s performance, projects and market outlook read the 2016 <a href="/documents/2016-annual-report/" target="_blank" rel="noopener">Annual Report.</a> To see how we’re making a difference, visit our ‘<a href="/impact/" target="_blank" rel="noopener">Impact</a>’ section.
<h3>2016 at a glance</h3>
It was a mixed year with particularly low average wind speeds, the autumn being the least windy for 15 years and major flooding creating challenges for the electricity networks. This resulted in profits being down for 2016, to some extent being balanced by improving power prices and two very successful, award-winning, bond offers raising over £13 million fuelling growth. The funds went straight into more onshore wind projects, and for the first time a ground mounted solar farm. Over the last 18 months the project portfolio has grown by over 16% to 19 UK sites in total, the majority being onshore wind with hydro and now solar.
The shareholders agreed an annual dividend at 4 pence, as per the previous two years, demonstrating the underlying health of Thrive Renewables.
The Thrive team were on hand to discuss a number of topics including the share price and latest investments as well as answer any questions. It was wonderful again to see our committed shareholders and bondholders to talk about the future of renewables.

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Around 90 investors, both shareholders and bondholders, connected for one day in London for Thrive’s AGM at the prestigious Royal Institution - a fitting venue given its scientific legacy and the adjoining Faraday museum for shareholders to enjoy as part of the day.

Thrive investors connect in London to affirm renewables mission

Renewables generated 26.6% our electricity from January to March, an increase of 1% on last year, while coal’s output dropped from 15.8% to 11.3%. In Q1 2015, coal was providing 30.8% of our power, so the UK’s clean energy transition is continuing to accelerate rapidly.
All low-carbon sources, including nuclear, generated 45.6% of the UK’s electricity, up from 44.4% at the same three-month period last year.

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Renewable energy generated more than 25% of the UK’s electricity in the first quarter of this year reports RenewableUK.

Onshore wind leads UK renewable power generation in 2017

With over 6,300 investors in Thrive, the company funds sustainable projects all over the UK to create genuine, long-term, positive impact – financially, environmentally and socially.
Thrive has worked with REV to support the timely procurement and construction of the Gevens project with three turbines in Kirkcaldy, Fife all being delivered by boat. It is now focusing on delivering Brotherton, a two-turbine project near Johnshaven, Aberdeenshire and on schedule to start generating green electricity to the grid in summer 2017.

Banks typically lend 75%-80% of project capital costs with developers still needing to find the remaining 20%-25%. Thrive Renewables provided a mezzanine loan to compliment the senior loan provided by Santander on both the projects.
The Gevens project is located 5km from Kirkcaldy close to the open water of Loch Camilla. The three 2.3MW Enercon E82 turbines are just under 100 metres tall.
The Brotherton project is located within the Brotherton Estate near Johnshaven in Scotland. The two 2.3MW Enercon E82 turbines are just under 100 metres tall.
For the Gevens site, the civil engineering works were delivered by contractor RJ McLeod; and on the Brotherton site by AE Yates. The construction process has been managed by firms Green Cat Renewables and Greenbank Accountants.

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In partnership with developers, Renewable Energy Ventures (REV), this type of funding marks an additional way for Thrive Renewables to contribute to the growth of renewable generation in the UK.

Thrive Renewables delivers mezzanine funded wind farms in Scotland

<h3>Financial leadership category and submission</h3>
In 2016/2017 Thrive raised a total of £13M for renewable energy projects through innovative online crowdfunding and was the first bond offer to be available through the Innovative Finance ISA (IFISA).
Thrive highlights:
<ul>
<li>The Thrive Plc bond offer raised £9.97m for new sustainable energy projects in the UK exceeding its target of £7.5m by 33 per cent.</li>
<li>It was one of the first crowdfunded bonds eligible for an Innovative Finance ISA.</li>
<li>The funds are now being deployed into onshore wind and solar projects with the aim of generating a further 36,000 UK homes with clean electricity in 2018.</li>
<li>933 individuals invested their money in Thrive Renewable’s bond from just £5 online.</li>
<li>Whilst the 5% interest rate and IFISA benefits provided a healthy incentive to investors, Thrive’s bond demonstrates strong investor appetite and support for UK renewable energy.</li>
<li>Working with Triodos Bank’s corporate finance specialists and Abundance Investment, Thrive was able to offer Bondholders the opportunity to include their investment in their IF-ISA.</li>
</ul>
With a 20-year history and trusted ethos, Thrive unites a growing movement of investors who are wanting to see investment with direct impact. The Bristol based, sustainable company has contributed to the construction of 95 MW of renewable energy projects, across 19 sites around the UK with a total of £105M assets under management.
The IFISA was introduced on 6 April 2016 and from 1 November 2016 crowdfunded debt securities, such as the Thrive Bond, were eligible for inclusion.
Thrive Renewables continues to invest in and operate renewable energy projects, uniting a community of over 6,300 investors.

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We are pleased to announce that Thrive has won the Financial Leadership category as part of the British Renewable Energy Association (REA) Awards 2017.

Thrive wins 'Financial Leadership' award at the British Renewable Energy Awards 2-17

Banks typically lend 70%-80% of project capital costs with developers or communities still needing to find the remaining 20%-30%. Thrive Renewables has provided the essential £1.7M to enable the community group managed by Mongoose Energy to acquire a solar project in Sheriffhales in Shropshire. Over the coming months, the community will be invited to get involved and invest in the 3.1MWp solar farm and establish a rewarding connection with the site.
With over 6,300 investors in Thrive, the company funds sustainable projects all over the UK to create genuine, long-term, positive impact – financially, environmentally and socially.

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Thrive Renewables supports a Mongoose Energy initiative.

Thrive bridges £1.7 million funding gap to support community solar ownership

Its recent tests have shown that fluid within the deep geothermal wells at United Downs in Cornwall contained around 340 parts per million (ppm) of lithium &#8211; the highest concentration of lithium found in any commercial geothermal lithium project in Europe. Having provided the first commercial funding for United Downs in 2020 and further investment for the power plant construction in 2023, we’re thrilled to hear the project’s latest development which could see GEL fulfil a significant portion of the UK’s lithium demand.      
GEL was recently awarded £1.8m by the Automotive Transformation Fund (ATF) Scale up Readiness programme.  They aim to produce around 100 tonnes per annum (tpa) of Lithium Carbonate Equivalent (LCE) in late 2024 which they say will be ramped up to at least 1,000 tpa from United Downs as early as 2026.  Planning permission has been secured for two other geothermal projects in Cornwall and GEL aims to rapidly expand production to over 12,000 tpa in the UK by 2030. They report this is enough to produce around 250,000 electric vehicle batteries for an average sized car [1], or 94% of the LCE needed to supply the <a class="js-scroll-done" href="https://www.gov.uk/government/statistics/vehicle-licensing-statistics-2022/vehicle-licensing-statistics-2022#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)" target="_blank" rel="noopener" data-anchor="#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)">267,000</a> new Battery Electric Vehicles (BEVs) registered in the UK in 2022 [2]. 
Lithium can be sustainably extracted from geothermal fluid, avoiding the energy-intensive production processes currently used such as mining.

After providing the first commercial funding for the United Downs geothermal power plant in 2020, Thrive invested an additional £3 million in the project in 2023 to fund construction.  
[1] The average amount of lithium carbonate equivalent (LCE) per car is 47.4kg.  Sources IEA, World Economic Forum, Reuters, Goldman Sachs. GEL production target is 12,000 tonnes of LCE per year. Therefore, number of cars per year is circa 250,000. 
[2] <a class="js-scroll-done" href="https://www.gov.uk/government/statistics/vehicle-licensing-statistics-2022/vehicle-licensing-statistics-2022#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)" target="_blank" rel="noopener" data-anchor="#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)">According to the UK Government</a>, 267,000 Battery Electric Vehicles (BEVs) were registered in 2022.

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High concentration of lithium found at United Downs geothermal project could support growing UK electric vehicle industry.

United Downs geothermal generation plant set to deliver UK's first commercial quantities of lithium for car batteries

This year the event was hosted at the Lowry Theatre in Manchester, and we were thrilled to be attending as a finalist in the Collaboration in Community Energy category alongside our friends Aura Power, Bristol Energy Cooperative (BEC) and RADE (Residents Against Dirty Energy). 
The award recognised “the most commendable collaboration between a community energy organisation and its partners”, with entrants required to “demonstrate outstanding efforts in supporting and advancing community energy through partnerships, investments, policy advocacy, or various forms of assistance, which have increased community energy activity or impact”.  
We were nominated for our 20 MW Feeder Road battery project in Bristol, which we acquired from Aura in 2020. It was down to great campaigning work by RADE and BEC that stopped the site being home to a polluting diesel STOR generator, which neither contributes to the UK’s net zero journey nor benefits the local community, instead of a battery storage project which is a cleaner technology and enables more renewables to be connected to the grid. Currently in the latter stages of commissioning, we’ve now offered BEC an opportunity for shared ownership, giving local people the opportunity to take a stake.    
We’re particularly proud of the project’s backstory, which shows how business can work together with the local community to develop solutions that will have a positive impact; environmentally, socially and financially. It was great to also have this recognised by Community Energy England on the night, especially against some tough competition in BHESCo, Sustainable Hayfield and Community Energy Together. A big congratulations again to all the other winners and finalists – we look forward to celebrating another year of progress at the 2024 awards! 
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Members of the Thrive team travelled to Manchester for the Community Energy Awards last week – and we were thrilled to take home the award for ‘Collaboration in Community Energy’ alongside Aura Power, Bristol Energy Cooperative and RADE.

Celebrating our collaborative (and award winning!) funding approach at the Community Energy Awards

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Below we summarise the updates relating to green policies and share our thoughts on where we would like to see more clarity and commitment as we look forward to COP28 and the government’s next significant update: the Autumn Budget.  
<h3>What were the measures relating to clean energy?</h3>
As part of the speech, the government announced that it is aiming to attract record levels of investment into renewables, but very little detail around how this would be achieved. What investors need is certainty – not just a line in a speech. <a href="https://www.energy-uk.org.uk/news/uk-falling-behind-in-race-for-clean-energy-investment/" target="_blank" rel="noopener">Research by Energy UK</a> has found that between now and 2050, an additional £500 billion will need to be invested into the UK power sector in order for us to meet our net zero goals. This represents a big growth opportunity but also makes stability and certainty absolutely crucial for the sector.  
In addition to investment, the announcement noted plans to reform grid connections, which is one of the major barriers developers are currently facing and is keeping hundreds of gigawatts of wind, solar and battery storage locked in a years-long queue. Again, it’s great to see this issue recognised but the devil is in the detail, and we await further clarity on how this challenge will actually be overcome.   
It’s fair to say that these positives were largely overshadowed by the announcement that the government plans to legislate annual North Sea oil and gas licensing rounds, based on the argument that it would help the “country to transition to net zero by 2050, without adding undue burden on households”. This is something that Thrive absolutely disputes. There is no net zero future that includes oil and gas. Are we not seeing the proof of that on a near daily basis? We know that burning fossil fuels to generate energy releases huge amounts of polluting CO2 into the atmosphere, leading to global heating which is causing dangerous freak weather events around the world. There is also no proof that oil and gas will have a positive impact on energy security – especially as these resources will be sold and consumed on the global market – or that it will help the thousands of households dealing with fuel poverty as a result of the ongoing energy and cost of living crises.  
This comes after prime minister Rishi Sunak recently back pedalled on other green policies. In September, he announced that he was delaying the ban on petrol cars, extending the deadline to replace gas boilers and even cancelling new energy efficiency regulations for private landlords which could cost their tenants almost £8bn in higher bills <a href="https://www.bbc.co.uk/news/business-66864122" target="_blank" rel="noopener">over the next decade</a>. 
<h3>How should we be moving forward?</h3>
We believe that the best way to boost energy security, reduce household bills for consumers and achieve net zero is to accelerate our transition to a homegrown, renewables-based energy system. Onshore wind and solar are amongst the cheapest ways to generate electricity today, however these naturally replenished energy sources are massively underutilised. What we need to see is the government back up its commitment to achieving record levels of renewable investment through solid policies that not only allow these projects to be built but actively encourage them. And we’re not alone in this thinking.  
As Conservative MP Chris Skidmore outlined in his independent Mission Zero report, net zero is the economic opportunity of the 21st century – giving the impression that it’s an expensive luxury, rather than a necessity, is dangerous. In fact, consultancy Cambridge Econometrics, on behalf of the Climate Change Committee, found that the UK will see around 2% additional GDP growth due to new jobs, increased economic activity, lower fossil fuel imports and cost savings such as reduced household bills because of the transition. 
We also know that the window for avoiding the worst effects of the climate emergency is getting rapidly smaller. A recent study by Imperial College London estimates that the world will exhaust its remaining carbon budget for limiting global warming to 1.5°C by the end of this decade if emissions continue at current levels. Now is not the time to be slowing down. Instead, the UK should be seizing the opportunity and setting an example for developing economies to follow suit. Unfortunately, the issuing of new oil and gas licences is another setback and directly contradicts this need for acceleration.  
As always, Thrive’s response is action. We will continue to invest in and build new onshore wind, solar and geothermal energy as we know that these projects are what will allow generations to come to enjoy a fairer, cleaner world.  
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We were pleased to see the government seeking ‘record levels’ of renewable investment, as well as promising an acceleration in grid connection times, but its decision to issue new oil and gas licences is a big disappointment.

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