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Be part of the clean energy movement

We will be providing the business with a loan of up to £20 million, with the first stage of funding being used for four solar PV projects in England and Scotland (128MW in total), with one currently in construction.
Through various partnerships, Ethical Power owns solar and battery energy storage projects at different stages of development and construction, including two large solar and BESS projects. The company is the principal engineering, procurement and construction (EPC) contractor on these projects, which enables optimal design, streamlined delivery and the most effective use of the resources from development to operation.

Ethical Power got in touch with us as it was looking for additional capital to fund its share of a healthy pipeline of large-scale ground mount solar and battery storage sites, totalling 178MW.

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Ethical Power project

We’re providing the business with a loan of up to £20 million to help fund its share of a pipeline of large scale solar and storage projects.

 Funding Ethical Power’s solar pipeline

Ethical Power case study

Delivering on our mission – putting money to work building new clean energy projects and empowering people to take action to address the climate emergency – means that our positive contribution to avoiding UK carbon emissions far outweighs our own carbon footprint. However it is important to report on and reduce carbon emissions that are made in construction and operations.  
<a href="https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2026/09/Thrive-Climate-Report-2025-FINAL.pdf" target="_blank" rel="noopener">Thrive’s latest climate report</a> shows another year of good progress on our path to reaching net zero emissions by 2030. Let’s dive into some of the highlights…

Emission reductions are the emissions ‘avoided’ from the operation of our portfolio of clean energy projects (also referred to as scope 4). 2022 and 2024 were both very successful years for project construction and in both years our reported emissions include the construction footprint of three new projects. 
We are pleased to have achieved full scope 3 reporting for a fourth year, with the carbon intensity of our day-to-day services decreasing by around 14% when comparing 2025 to the base year 2022. This is encouraging to see and is supported by the decarbonisation stories we have heard through our supplier engagement – see below.

Our annual contractor engagement continues to encourage positive discussions on how to reduce emissions in our industry. In 2025, one asset manager cut travel emissions 66% by adopting EVs for 81% of their travel to Thrive’s sites, compared with 100% diesel fleet in 2024. Whilst requiring further planning to journeys to ensure the charges are kept in range, they managed to implement a significant step in the decarbonisation journey.

Case study: electric vehicle use by contractors 

It is also positive to see that the emissions intensity of the electricity imported to BESS (Battery Energy Storage System) projects has dropped by 38% from 2022 to 2025, putting us on track for this target area. 
Trains continue to comprise the majority of our business miles travelled in 2025, with the carbon intensity of our average business mile now 40% lower than when we first started reporting on this in 2019.  
Although not directly relevant to Thrive’s own reported emissions, we encourage our employees to reduce their own personal greenhouse gas footprints as well. For example, Thrive offers the ‘Sustainable Travel Leave’ benefit which rewards staff with paid journey days when opting for slower, greener options for their holiday travel. 
We are also currently looking to implement low carbon materials, such as using green steel, on new projects in our pipeline.

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We’re committed to reaching net zero by the end of the decade – here’s a look at the progress we’ve made over the last year.

Another step closer to net zero - highlights from our latest climate report

1. ‘Net zero is killing the economy’
Reform UK has suggested that, if elected, it will scrap net zero and cut all renewable subsidies, claiming in an interview with Bloomberg in May that it is killing the UK economy. This is one of the easiest myths to debunk with <a href="https://www.carbonbrief.org/factcheck-reform-uks-45-false-or-misleading-claims-about-climate-and-energy" target="_blank" rel="noopener">analysis from Carbon Brief</a> showing that, while the UK has reduced its emissions by 54% on 1990 levels, the economy has doubled in size over the same period.
A separate <a href="https://www.cbi.org.uk/articles/net-gains-the-uks-net-zero-economy-in-2025/" target="_blank" rel="noopener">2026 report by the Confederation for British Industry</a> concluded that the net zero economy generated £105 billion in gross value added in 2025, supporting 1.1 million jobs across the country, with considerably higher wages than the UK average. And what would be the cost if we were to roll back on our net zero commitments? The <a href="https://neweconomics.org/2025/05/the-cost-of-reform-uks-anti-environmental-policies" target="_blank" rel="noopener">New Economics Foundation (NEF)</a> warns that anti-renewable policies could wipe £92 billion from GDP and destroy over 60,000 wind and solar jobs.
2. ‘Greater use of gas will save you money’
Bills have risen because our electricity system still relies heavily on gas – and it’s this that sets the price the majority of the time. In fact, according to the <a href="https://ukerc.ac.uk/" target="_blank" rel="noopener">UK Energy Research Centre</a>, high gas prices have caused <a href="https://www.carbonbrief.org/expensive-gas-still-biggest-driver-of-high-uk-electricity-bills-says-ukerc/" target="_blank" rel="noopener">two-thirds</a> of the rise in electricity bills in recent years.
There’s clear evidence to show that systems that have a higher share of renewable energy tend to experience lower wholesale power prices, for example in countries like Spain. The good news is, despite claims to the contrary, we’re starting to see this at home too. In fact, <a href="https://www.carbonbrief.org/analysis-wind-and-solar-have-saved-uk-from-gas-imports-worth-1-7bn-since-iran-war-began" target="_blank" rel="noopener">wind and solar have saved the UK from gas imports worth £1.7 bn in the first few months of the year</a> and while gas set the price of UK electricity around 90% of the time in the early 2020s, it’s only <a href="https://www.gov.uk/government/news/decisive-action-to-break-influence-of-gas-on-electricity-prices" target="_blank" rel="noopener">around 60% today</a>. In May, it was announced that the Government would be looking at ways to break the link between gas and wholesale electricity prices, which we have long called for. So far, it has increased the “electricity generator levy”, a windfall tax on older renewable energy and nuclear plants, using part of the revenue to limit energy bills. It’s also proposing that older renewable projects could sign fixed-price contracts, which it says will “help protect families and businesses from higher bills when gas prices spike”. We broadly welcome this move, subject to further details in the Energy Independence Bill when it is published.
It’s been suggested that the solution to expensive imported gas is to instead construct new gas power plants here in the UK. As well as setting us back on climate targets, the truth is, given the relatively small volumes remaining in the North Sea (enough to meet just 3% of total demand <a href="https://www.theguardian.com/environment/2026/apr/04/new-north-sea-drilling-jackdaw-rosebank-uk-gas-imports" target="_blank" rel="noopener">according to data</a>), the UK will remain reliant on foreign imports – meaning prices will continue to be set globally and are subject to geopolitical volatility. The long-term goal should be accelerating the transition to a clean energy system, where cheaper sources like wind and solar would then set the prices.
3. ‘Nuclear generation will ramp up significantly’ 
Various political parties are championing a substantial increase in nuclear but fail to acknowledge how material the time or costs associated with this technology are. We only need to look at projects like Hinkley Point C to recognise the <a href="https://www.theguardian.com/uk-news/2026/feb/20/hinkley-point-c-delayed-to-2030-as-costs-climb-to-35bn" target="_blank" rel="noopener">significant challenges</a> of delivering projects of this scale. Hinkley is now expected to start generating by 2030, five years later than its original target, and despite an original budget planned at £18 billion, current cost estimates put it at £35 billion. While the Onward report hints that tripling nuclear power capacity could be possible by 2050, RenewableUK suggests its financial modelling reflects an investment shortfall of between £16–20 billion.
While some claim nuclear brings reliability, technologies like solar and wind are cheap to build and can be generating power in as little as a year. Coupled with sufficient energy storage and more dynamic demand as part of a diverse system, renewables can deliver a continuous supply and offer a faster (and significantly cheaper) journey to net zero.
In the face of misinformation, we must ask ourselves who loses out when it comes to slowing down on climate and net zero. Whether its dealing with the consequences of extreme weather events like this summer’s heatwaves, or the reality of rising energy bills, it’s ordinary people that will bear the brunt We need to factor in the vast cost of inaction and be realistic that the status quo is not an option.  Every day we delay increases the cost of both adaptation and mitigation. It’s our job to keep challenging false narratives, while remaining focused on what matters – reducing our reliance on dirty fossil fuels and accelerating the transition to cleaner, cheaper energy.

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Watt Media Ltd 203

We give our thoughts on some of the current claims and why focusing on clean, homegrown renewables is the only long-term answer to energy security and price stability.

Don’t believe the hype – how to debunk the recent misinformation around renewables

Progress with new projects 
In the first half of the year, United Downs geothermal power plant – which Thrive is invested in &#8211; delivered the UK’s first ever geothermal electricity. Meanwhile, construction of our biggest project yet – a 57MW onshore wind farm in Scotland – is nearly complete. The project, which is due to start generating later this year, will power the equivalent of around 45,000 average UK homes a year. We can’t wait to see the blades start spinning soon!
<img loading="lazy" decoding="async" class="wp-image-10267 size-medium" src="/wp-content/uploads/2026/09/Watt-Media-Ltd-211-300x200.jpg" alt="Three people stand in hi-vis jackets looking at construction site at Whitelaw Brae in Scotland." width="300" height="200" srcset="https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2026/09/Watt-Media-Ltd-211-300x200.jpg 300w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2026/09/Watt-Media-Ltd-211-1024x681.jpg 1024w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2026/09/Watt-Media-Ltd-211-768x511.jpg 768w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2026/09/Watt-Media-Ltd-211-1536x1022.jpg 1536w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2026/09/Watt-Media-Ltd-211-2048x1363.jpg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" />
Development of our 12.6MW wind farm in South Wales is also progressing well, with construction expected to commence next year. Elsewhere, in Orkney, new milestones have been reached in our plans to repower Burgar Hill. A planning application has been submitted to replace five existing turbines with newer, larger and more productive models and we have acquired two of the existing turbines from the previous owner, RWE.
Enhancing nature
As well as generating clean electricity, it’s important that our renewable energy projects are having a positive impact on nature. Dunmow solar farm in Essex, which we co-own alongside TopCashback Group Ltd, has become one of the first sites in the UK to become Wild Power certified. A bit like a fair-trade stamp for your coffee, Wild Power certification is a biodiversity stamp for solar farms, recognising our commitment to conserving and enhancing nature on site. Since acquiring the 10MW solar farm in 2025, we’ve introduced a range of biodiversity measures to ensure the project provides a haven for local wildlife to thrive as well as generating clean electricity.

In May our operations team spent a productive couple of days on site at Dunmow preparing soil berms (raised areas of soil) for the creation of a new wildflower-rich grassland habitat that will benefit a range of wildlife – from birds and butterflies to badgers and hares.
<img loading="lazy" decoding="async" class="alignnone size-full wp-image-10269" src="/wp-content/uploads/2026/09/Untitled-design-2026-09-16T093302.168.png" alt="" width="2048" height="1536" srcset="https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2026/09/Untitled-design-2026-09-16T093302.168.png 2048w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2026/09/Untitled-design-2026-09-16T093302.168-300x225.png 300w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2026/09/Untitled-design-2026-09-16T093302.168-1024x768.png 1024w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2026/09/Untitled-design-2026-09-16T093302.168-768x576.png 768w, https://cms-admin.thriverenewables.co.uk/wp-content/uploads/2026/09/Untitled-design-2026-09-16T093302.168-1536x1152.png 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" />
Collaborative funding
All capital from the Fair Play Clean Energy partnership with TopCashback Group Ltd has either been deployed or is ready to be invested, funding 79.6MW of new renewable capacity. Meanwhile, the first project to be funded by Community Energy Catalyst, our £40 million joint venture with social impact investor, Better Society Capital, is now operational. The Attix CIC community turbine in Kilbirnie will help bring vital funds back into the local community.
Thrive has also secured new project finance, injecting a total £64 million to fund our growing portfolio. This includes debt funding from Investment Manager Triple Point to support the construction of Whitelaw Brae, and a £4.1 million loan from Triodos Bank UK for Dunmow solar farm, helping refinance shareholder capital already invested in the project and enabling it to be redeployed into future renewable energy developments.
£5 million was invested by individuals in our 2026 bond offer, plus a further £2 million from institutional and high net worth impact investors to fund new clean energy projects. In total, we’ve now raised over £70 million for new renewable energy projects, the majority via crowdfunding.
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[1 ]Refers to Thrive’s impact portfolio – total electricity generation of the portfolio adjusted for Thrive’s proportion of ownership, plus the projects Thrive is funding.
[2] Calculated using the most recent statistics from the Department for Energy Security and Net Zero (DESNZ) showing that UK average domestic household consumption is 3,323kWh per annum (1,662kWh for a half year).
[3] Average residents per household 2.36 (<a href="https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/families/bulletins/familiesandhouseholds/2025/">https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/families/bulletins/familiesandhouseholds/2025/</a> ) Population of Barnsley is 98,924 (<a href="https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/datasets/understandingtownsinenglandandwalespopulationanddemography/">https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/datasets/understandingtownsinenglandandwalespopulationanddemography/</a>)
[4] Carbon reduction is calculated by multiplying the total amount of renewable electricity generated by Thrive’s impact portfolio in the first half of 2026 by the number of tonnes of carbon which fossil fuels would have produced to generate the same amount of electricity. We have used DESNZ’s “all non-renewable fuels” emissions statistic of 422 tonnes of carbon dioxide per GWh of electricity supplied from the Digest of UK Energy Statistics (July 2026) Table 5.14 (“Estimated carbon dioxide emissions from electricity supplied”). Additionally, we include a conservative estimate of the carbon saved through operating our BESS projects.

Funding Ethical Power’s solar pipeline

We’re providing the business with a loan of up to £20 million to help fund its share of a pipeline of large scale solar and storage projects.

Get in touch with a member of our investment team

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