Thrive Renewables has launched a new £5 million share offer on Triodos Bank’s crowdfunding platform, allowing people to invest in new clean energy projects.
In 2023, Thrive announced ambitious growth plans, with an aim to double the amount of capacity it funds by 2028. Two years later, it has made significant progress, securing new project development rights that will take its total capacity from 91.5 to 170.1MW by 2027.
In its headline annual results also announced today, Thrive reported a revenue of £26 million and operating profit of £11.3 million. In 2024, it also invested £20.6 million back into new clean energy projects.
Thrive works with investors, developers, businesses and communities to fund, build and operate clean energy projects. In its 30-year history, the organisation has raised over £63 million from crowdfunding and funded 44 wind, solar, hydro, storage, tidal and geothermal projects, including six that are community-owned.
Two significant developments in the way it raises and deploys capital are a co-investment partnership with TopCashback Sustainability, which will enable Thrive to deploy an additional £40 million of capital by match funding what it invests. The company has also recently announced a new match funding partnership with leading social impact investor, Better Society Capital, bringing together £40 million for community-owned wind and solar projects across the UK. Fair Play Clean Energy, Thrive’s joint venture with TopCashback Sustainability, will provide £20 million of the investment, with Better Society Capital providing matched funding.
Notable projects include England’s largest, onshore wind turbine which is 100% community-owned, and the United Downs project in Cornwall, which will soon generate the UK’s first geothermal electricity. Most recently, the company has acquired the development rights for two new onshore wind farms in the UK, totalling over 69MW, and has solar and community-owned projects in the pipeline.
With the Government setting out plans to double onshore wind, triple solar and quadruple offshore wind by 2030, Thrive Renewable’s growth plans come at a key time for the wider sector.
Thrive Renewables has worked with Triodos Bank on all of its share offers and now has over 6,000 shareholders. The bank has also provided debt finance for a number of the company’s renewable energy projects.
Whitni Thomas, head of corporate finance at Triodos Bank UK, added, “The UK electricity market has transformed in the last 20 years and 2024 was a record year for renewables. Thrive allows everyday investors to play a part in that systemic shift and deliver positive climate solutions.”
The minimum investment in the crowdfunding offer is £247 (100 shares) and shares can be held in a self-invested personal pension (SIPP). The company is targeting 5-8% return per year through a combination of dividends and increasing share value and Thrive shares can qualify for inheritance tax relief. This should be seen as a long-term investment. As with all investments, returns are not guaranteed, and investors may not get back all, or any, of their original investment.
Thrive’s Directors have recommended a dividend for 2024 of 12 pence per share be approved by shareholders at its AGM in June 2025. Investors should note that past performance is no indication of future likely performance.
