Thrive Renewables plc has secured £10 million of new lending from Triodos Bank UK to enable the renewable energy investment company to further its mission building new UK-based wind farms, plus solar and community-owned projects.
The finance will also support longer-term initiatives, such as repowering existing assets to extend their operational life.
The loan arrangement with Triodos is just one example of Thrive’s blended funding approach, focused on getting new renewable capacity built quickly and in a way that puts people and planet at the heart. This includes equity from its 6000 shareholders as well as other strategic partners. The company is currently running a share offer, via Triodos Bank’s crowdfunding platform, to enable individual retail investors to take a stake in new clean energy projects. Over £1.8 million has been raised so far.
Matthew Clayton, CEO of Thrive Renewables, commented: “Thrive exists to tackle the climate emergency, bringing together investors, developers, businesses and communities to fund, build, and operate clean energy projects. With an exciting pipeline and projects progressing in construction, it’s great to be able to put this money to work straight away, helping accelerate the UK’s transition to a cleaner, fairer energy system.”
Norrie Cruickshank, Senior Relationship Manager at Triodos Bank UK, added: “We really like what Thrive is doing. By allowing everyday investors to play a part in the systemic shift happening in the UK energy system they are engaging people in positive climate solutions. We hope that this new finance helps them to continue to grow and excel at what they do so well.”
Thrive is a pioneer of over 30 years in the UK’s clean energy sector, working with investors, developers, businesses, and communities to fund, build, and operate projects. The organisation has already funded 45 wind, solar, hydro, storage, tidal, and geothermal projects, including six that are community-owned.
Other notable projects include England’s largest onshore wind turbine, which is 100% community-owned, and the United Downs Geothermal project in Cornwall.
The UK Government has plans to reform the energy system, with an ambition to double onshore wind, triple solar, and quadruple offshore wind by 2030. The renewed focus on onshore wind is welcome and Thrive have been actively involved in the finance working group for the Government’s onshore wind taskforce.
Triodos Bank UK, which along with Thrive Renewables is an accredited B Corp., specialises in finance for organisations with a clear social and environmental purpose, and has three decades of experience in the renewable energy sector.
Thrive Renewables were advised by TLT LLP, while Triodos Bank UK received legal counsel from Michelmores.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
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