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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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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

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>

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TIDE &amp; ISE 2018

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

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Heat Networks are an energy efficient and cost efficient way to decarbonize heat, especially in areas of concentrated demand i.e. densely populated and mixed use areas (commercial, industrial, public and residential) such as urban centres.
In the UK, only 2% of heat is currently supplied by heat networks however the government, in its 2015 autumn review announced £320m capital allocation to the Heat Networks Investment Programme (HNIP) over the next 5 years. This is expected to support UK’s development of heat networks, to provide impetus to necessary innovation and to leverage an additional capital investment of around £2bn into the sector over the next 10 years.
<h3>Investment environment in the UK</h3>
The UK has a long way to go to fully exploit the potential of heat networks. The networks that have been built to date have been funded largely by public sector sponsors e.g. local authorities and private sector owner-operators trying to meet energy efficiency targets on new-builds. To achieve the desired scale and the build rates needed to realise heat network’s carbon reduction contribution, a greater diversity and breadth of investors is key.
<h3>Heat, energy decarbonisations and heat networks</h3>
Heating and hot water account for over 80% of domestic and just under 60% of non-domestic energy consumption, making heat decarbonsiation extremely important for UK to meet its legally binding carbon reduction target set in the Climate Change Act, as well as to deliver on the commitments made in the Paris Agreement.
Nearly 70% of current heating comes from natural gas and for UK to achieve its low carbon targets requires a dual focus on overall greater energy efficiency and the use of heat networks
This paper highlights the scope and potential of this opportunity and request for your feedback, your thoughts and questions that you may have on the ‘Heat Networks Opportunity’ after reading this paper. Please email <a href="mailto:news@thriverenewables.co.uk">news@thriverenewables.co.uk</a>
This information was taken from the Heat Networks report produced by ESC and supported by Thrive Renewables. <a title="2017-02 Heat Investment in the UK.pdf" href="https://www.thriverenewables.co.uk/media/1428/2017-02-heat-investment-in-the-uk.pdf" target="_blank" rel="noopener" data-id="1873">Read the full report here</a>.
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Thrive has been supporting Energy Systems Catapult (ESC) in a piece of research around the opportunity for UK investment in Heat Networks.

Should we be investing in heat networks?

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Despite this significant contribution, renewables are often criticised for being ‘intermittent’ as they don’t generate 24/7/365. Whilst renewable generation is reliant on natural resources (wind, sunlight, rainfall) I prefer to use the term variability &#8211; a more appropriate description as solar, wind and hydro output can be forecast accurately, providing the National Grid advance notice of how much will be generated by each wind, solar and hydro project. However, the lowest cost renewable energy sources are not able to provide the shape required to meet the significant swings in daily electricity demand, so flexible generation power stations are necessary as part of a transitional energy system.
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The market dictates that it is the most expensive and polluting generators (often, diesel or oil fired and less efficient coal and gas) which are responsible for meeting peaks of demand which occur daily between four and seven in the evening. Therefore the onus falls on us, the consumers, to step up and address the shape of our energy demand to both reduce the use of the most carbon intensive generators, to allow increased contribution of renewables and to reduce the cost of energy to consumers.
<h3>Shaping energy demand</h3>
There are three approaches that can be taken to tackle the shape of energy demand. Firstly, we can take it upon ourselves, as individuals and businesses, to reduce demand and use energy more consciously and efficiently. Another option would be for the energy companies to better match the shape of demand and supply to order to avoid the expensive and GHG emission intensive spikes. Renewables could also be the answer – by looking into ways to store electricity generated by renewable sources, we could develop ways to allow surplus in off peak generation to contribute to dealing with peak demand.
It’s time to look at both sides of this equation. At Thrive Renewables, we characterise these measures as the enabling environment, where not only electricity supply, but also demand will evolve to better utilise natural resources. This would see us build a system where renewables can contribute over 50 per cent of power to the grid, reserving use of precious fossil fuels for times they are needed the most. In other words, this system would maximise the utilisation of energy which is freely and infinitely available and minimise the consumption of finite and harmful resources.
<h3>Enabling environment in practice</h3>
To implement this, we need to all take active steps to shape energy demand. At home, work and recreation we can think about when we use power. Do we need to operate our most energy intensive appliances (immersion heaters, tumble dryers, washing machines) at peak demand periods, or can we set them to run at periods of lower demand, lowering the peak and smoothing demand?  We are already seeing industrial consumers managing their consumption to take the pressure off of the grid at peak times.  We’d hope that in time domestic appliances will be manufactured which are sensitive to peak demand, which automatically reduce their energy requirements when the network is stretched.  In the mean time we can consider energy efficiency measures, where we can contribute to lowering the overall demand of energy.
On a larger scale, there are industry level changes that can be made. At Thrive, we’re looking at ways to integrate storage into our renewable generation projects, where we store a proportion of the power generated, then release the stored electricity to the grid when demand peaks. This is a development in progress as storage options are growing and feasibility is on the horizon.
We’re also exploring demand side management tools, where industry and larger consumers of energy automatically trim their demand for power when peaks are forecast, taking the stress out of the grid and reducing the use of the most expensive and polluting sources of power.  Office buildings would not notice if the air conditioning or heating was switched off for ½ an hour to reduce a spike in demand, yet the aggregate impact of consumption dipping takes the top of the peak, requiring less fossil fuel to be burnt.
<h3>Shared responsibility for energy</h3>
The energy system will have to change from a demand-led, centralised system to one where we all take responsibility. In addition to us being mindful about energy use there is also the possibility of domestic and commercial systems and appliances which can respond to the availability (or lack of availability) of power becoming mainstream.
Electric vehicles, for example, can be charged using renewable sources and discharged not only for travel, but can also be plugged into homes and offices releasing power back to contribute to satisfying peak demand. Many of us already have an energy storage device in our homes, our hot water tank, which can play a role in balancing the system.  Additionally, domestic appliances will be able to tweak demand for heat, refrigeration, cooling and motors, which in aggregate across the country can have a material impact on the shape of consumption, allowing renewable resources utilised to a greater extent.  This will consciously (albeit automatically) shift both demand and supply to a shape which better matches our daily lives and natural resource availability.
<h3>The future of energy demand</h3>
The role for renewable generation is growing, and the establishment of the enabling environment will throw the door wide open to a cleaner, more sustainable system, where we can all play our part.  Let’s start by being conscious of when we use energy, is it day or night, sunny or cloudy, windy or still?
If we get this right, we can reduce and sculpt demand to provide the flexibility in the system, allowing the majority of power to be generated from infinite resources, rather than the current system which depends on finite resources and environmentally damaging technologies to achieve the flexibility.  By better matching demand and supply we can reduce both the environmental and financial cost of electricity.
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The growth of renewables in the past ten years has been the success story of energy in the UK.

The shape of things to come

The excerpt below (taken from page 15 of the report) focuses on the ‘mezzanine finance’ model that bridges the funding gap for community energy projects, as well as a potential investment model for the heating sector.
We are mentioned further in Section 3. Further models for investment on page 32 of the report under &#8216;Abundance&#8217; detailing the regulated online platform that lets people lend money to projects providing a social and/or environmental good. Abundance facilitated our renewable<a title="933 everyday investors unite in Thrive’s movement for a cleaner, smarter energy system" href="/latest-news/press-releases/933-everyday-investors-unite-in-thrive-s-movement-for-a-cleaner-smarter-energy-system/" data-id="1837"> energy bond offer </a>through an Innovative Finance ISA to attract everyday investors and now funds £10M worth of renewable projects.
<h3>Section 1. The big picture: The barriers to renewables energy investment in Wales</h3>
An example of a specialist form of finance, as referenced above, is ‘mezzanine finance’ which is a mix of debt and equity financing that gives the lender the rights to convert to an ownership or equity interest in the company/project in case of default. Monika Paplaczyk, Thrive Renewables, noted how they, for example, have started providing mezzanine loans to renewables projects, including community energy projects, in order to compliment senior loans provided by banks, so they are effectively providing mezzanine funding to plug the funding gap. This form of finance has helped community groups gain quicker access to finance, as opposed to raising finance through a community share offer for example.
Paplaczyk used the example of heat investment noting that there is significant interest from investors to consider investment in the heating sector, including for example, investment in district heat networks. However, Paplaczyk felt that further certainty and clarity on the revenues and contractual arrangements would be required when funding heat projects and initially, a joint venture approach or the mezzanine finance route would be the ideal investment vehicle for financial investors. Wales needs to exploit specialist forms of finance, including mezzanine finance, in order to drive investment in renewable energy projects and ensure adaptability and diversity within the energy market.
The experts interviewed for this paper made it clear that it is hard to get investment at a planning and development stage but – although the cost of capital can be enormous – returns can be very attractive. The communication of risk and returns of renewable energy schemes are also key in overcoming the barriers to investment. Helene Winch, an Investment Advisor, used the example of Scotland where communication alongside political will and clear visibility of renewable energy schemes across Scotland has been key to driving further investment.
To download the IWA’s report, ‘Funding renewable energy projects in Wales’, please click <a href="http://www.iwa.wales/wp-content/uploads/2017/04/IWA_ReEnergisingWales-9.pdf" target="_blank" rel="noopener">here</a>.

The ‘Re-energising Wales’ project’s first report entitled ‘Funding renewable energy projects in Wales’, highlights opportunities that could lead to the development of more investment in renewable energy projects in Wales.

Re-energising Wales 'Funding renewable energy projects in Wales' report

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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