Thrive Renewables launches share offer

Written by Lori Campbell on 27th Oct 2023

Thrive Renewables has launched a new share offer as part of its five-year plan to double its renewable energy generation capacity.

Equity raised through the crowdfunding offer with Triodos Crowdfunding will be used to build new onshore wind, solar, geothermal and battery storage projects.

Matthew Clayton, managing director of Thrive Renewables, said: “Getting to Net Zero is a huge economic and social opportunity for the UK to create a cleaner, fairer, more resilient energy system, but we have to take urgent action now.

“In the context of climate emergency and the planet heating at an alarming rate, many people will find the current uncertainty and prevarication in the UK immensely frustrating. With the support of over 7,000 investors, we fund and build new wind, solar, geothermal and storage projects to help reduce carbon emissions and benefit local people.

“We’re building on a track record of almost 30 years with ambitious plans to double our generation capacity over the next five years.”

Thrive’s growing energy pipeline

Thrive Renewables’ pipeline includes several large-scale solar PV and battery storage projects through its £20 million investment in infrastructure company Ethical Power.

Thrive – a Good With Money ‘Good Egg’ company – has also recently invested £4 million in community energy group, Attix CIC, to build Scotland’s first subsidy-free, 100 per cent community-owned onshore wind turbine just outside Kilbirnie in North Ayrshire.

These new deals will complement an existing portfolio of 22 operational projects which generated £5.9 million of operating profits and delivered the equivalent of 28,000 tonnes of carbon dioxide emissions reductions in the first half of 2023.

Other recent development projects include providing £4 million in funding to build England’s largest onshore wind turbine, which is wholly community-owned, and a 20MW battery in its home city of Bristol, plus a total of £6m investment in United Downs – the UK’s first deep geothermal electricity generation plant in Cornwall, which also has the potential for the extraction of lithium for battery manufacture.

How to invest

The minimum investment in the crowdfunding offer is £243 (100 shares) and shares can be held in a self-invested personal pension (SIPP). The company is targeting five to eight per cent return per year through a combination of dividends and increasing share value. As with all investments, returns are not guaranteed, and investors may not get back all, or any, of their original investment.

Whitni Thomas, head of corporate finance at Triodos Bank UK, said: “With COP28 approaching many of us are looking for ways to take action. Personal investment choices are a powerful opportunity to use our money as a vote for change. Thrive Renewables provides shareholders with a really clear investment proposition, enabling them to have a direct impact on the UK’s energy transition. They have been a pioneer in renewable energy in the UK and continue to push the sector forwards backing a wide range of technologies.”

A certified B Corporation, Thrive aims to power the transition to a sustainable energy future by helping people connect with clean energy projects.

Over the last 29 years, it has raised £58 million from its community of over 6,000 shareholders and 1,000 bondholders, using the money to develop or fund a renewable energy portfolio of 34 sites in total.

Risk warning: As with all investments, returns are not guaranteed, and investors may not get back all, or any, of their original investment. Investments are not covered by the Financial Services Compensation Scheme (FSCS).

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