The time is now for onshore renewable energy according to renewable energy investment company, Thrive Renewables. Its 2018 Annual Report reveals a record turnover of £17 million, up 7% year on year, with a profitability of £5.37 million .The company’s portfolio generated 211,000 MWh of electricity.
Thrive’s continued growth comes at a time when the cost of renewable energy is not only falling but beating some traditional form of electricity generation. The International Renewable Energy Agency (IRENA) states that the cost of solar and wind electricity fell at 73% and 23% respectively from 2010-2017. The Committee on Climate Change also predicted that new wind and solar projects would be 25% cheaper than gas by the 2020s.
“Onshore wind, solar and hydro are fast becoming some of the cheapest sources of electricity for the UK,”says Thrive’s managing director Matthew Clayton, “The business case for building new fossil fuelled power stations isn’t there; even nuclear plant developers are reversing out of their plans, despite being offered enticing long term fixed power prices.
“The time is now for onshore clean energy. We’ve been at the forefront of innovative renewable energy business models for 25 years and our expertise is now focused on making subsidy-free a reality.”
The company sold two onshore windfarms totalling 13MW in January and now has an additional £11m to invest in new renewable energy projects. Thrive’s 2018 Annual Report details steps made by the company to encourage the adoption of heat and energy storage by investing £350,000 in Rendesco, a ground source heat developer, as well as launching an energy storage joint venturewith Aura Power.
Looking forward, Thrive plans to respond to the subsidy-free market context in two ways:
- Maximising its existing portfolio: Thrive is committed to generating as much renewable electricity as possible. It will do this by preparing for repowering, delivering project life extension, accessing improved power prices, keeping a sharp focus on the operational performance of its assets and lowering the cost of debt.
- Investing in new renewable capacity: Thrive is firmly committed to demonstrating that renewable electricity generation is viable without government support. It will do this by delivering new private wire generation and storage projects, diversifying into additional renewable energy and heat generation and through its award-winning Community Funding Bridge.