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Thrive Renewables plc (formerly Triodos Renewables plc)

Ordinary Shares

SECONDARY MARKET

Open share offers are subject to changes and updates as the project progresses.

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Latest update: 22/09/2020

Update 22/09/2020

STRONG PERFORMANCE AND CONTINUED GROWTH FOR THE FIRST HALF OF 2020

Company reports operating profit of £3.3 million, with 37,906 tCO2e of emission reductions

Thrive's portfolio of 14 wind and hydro projects generated 84,236MWh of renewable electricity in the first half of 2020, enough to power all the homes in a city the size of Worcester. This clean electricity delivered 37,906 tCO2e of emission reductions. Thanks to strong wind resources, generation so far this year has been 26% higher than the same period in 2019 on a like for like basis, taking into account the sale of two wind farms in February 2019.

The full press release is available to read on the company website.

The company's half-year report is available to download below.

Update 21/04/2020

Directors' Valuation reduced by 2% in repsonse to Covid-19 pandemic

In light of the Covid-19 pandemic and the resulting impact on the global energy markets, we have reviewed the Director’s Valuation.

The price we sell electricity at is a key factor in the valuation, along with levels of generation and operational costs. Our projects benefit from a range of power sales contracts which include price floors, fixed pricing and inflation linked elements, as well as government backed renewable electricity support mechanisms. To estimate the long-term dividend flow from our projects, we combine the prices we have agreed in power sales contracts, wholesale electricity market prices in the immediate and medium term and longer-term projections which are provided by market leading experts.

Whilst the DV reflects the long-term value of Thrive shares, events in the short term have an impact. The company continues to generate and sell renewable electricity and has a strong pipeline of new projects - you can find out more about our business response to Covid-19 here. However, the pandemic is having a significant impact on prices on the UK’s wholesale electricity market.

Since the beginning of 2020, there has been a reduction of more than 15% in wholesale power prices. Whilst Thrive has mitigated exposure to these price movements in the near term, over the next 24 months we are now projecting lower electricity prices than previously. This has resulted in a 5p per share decrease in the Directors’ Valuation, reducing it by 2% from £2.28 to £2.23 per share.

The pricing of the UKs wholesale electricity market is complex. There are a number of key price drivers which are having a negative impact on electricity prices currently:

  • Global Oil prices have fallen by over 70% since January 2020 (1) This has principally been driven by slowing global growth, the reduction in global oil demand as much of the world is in lock down, exacerbated by the oil supply dispute between Russia and Saudi Arabia.
  • Natural Gas prices have fallen by over 20% this year (2). They are linked to oil prices and currently have a direct impact on the cost of electricity in the UK.
  • A reduction in demand for electricity in the UK since the lock down was implemented in response to the Covid pandemic. Demand has fallen by between 10% and 20% as both industrial and commercial consumption has dropped. This reduction means that more of the lower cost generators (such as renewables) are satisfying demand and driving down wholesale electricity prices.

The combination of locking in future prices and the c.50% of revenues from government backed renewable electricity support mechanisms is limiting Thrive’s exposure to the material changes in the wholesale electricity markets which have been caused largely by the Covid pandemic. The Directors will continue to monitor the factors driving the valuation and communicate any material changes.

1 - https://www.bbc.co.uk/news/topics/cmjpj223708t/oil

2 - https://www.bbc.co.uk/news/topics/cxwdwz5d8gxt/natural-gas

 

Update 12/03/2019

Director's Valuation Per Share

The directors of Thrive Renewables are proud of its diverse shareholder community, which reflects its mission to provide people with a rewarding connection to renewable energy. This gives Thrive a particular responsibility to provide all its shareholders with an indication of the value of the company – the Directors’ Valuation Per Share (DVPS). The DVPS represents today’s value of projected future dividends from Thrive's portfolio of operational assets and investments.

The directors evaluate the DVPS when material events occur. On 15 February 2019, two wind farms were sold, providing evidence of an increase in the value of our operational assets, leading to an increase in the DVPS to £2.65 per share. An interim dividend of 40p per share, representing 15% of the share price, was proposed, subject to approval by shareholders. An additional £11 million realised by the sale will be retained by the company to invest in more sustainable energy capacity for the UK.

Following a unanimous decision by shareholders at the General Meeting on 12 March 2019 to approve the payment of a 40p per share interim dividend, the revised DVPS will be £2.28. This takes account of the interim dividend payment, but also reflects positive developments including securing improved electricity prices at a number of renewable energy sites and the company’s performance in 2018.

The interim dividend payments will be made to shareholders in two equal instalments of 20p on 3 and 17 April 2019. The Thrive Renewables Annual General Meeting (AGM) will be held as usual in June 2019. Invitations and information on proposed annual dividends will be sent to shareholders in May 2019.

 

Update: 24/01/2018

Thrive Renewables Plc Share Buy-Back Policy

As part of the Directors ongoing commitment to providing share trading liquidity, Thrive have re-introduced a share Buy-Back Policy. Shareholders are eligible to benefit from the Buy-Back policy if they have been listed to sell their shares on the Matched Bargain Service for 12 months or more and have held their shares for more than 24 months. Under the Buy-Back policy, the Company undertakes to purchase shares from eligible shareholders at a 10% discount to the Director’s Valuation Per Share, subject to a number of conditions. The conditions include, shareholder approval at the AGM and the Company having adequate financial resources to fund the share Buy-Back. It is the Directors intention that the Buy-Back Policy will increase the liquidity of the secondary shares market and enable sellers to achieve a fair price for their shares. The Directors reserve the right to cease offering the Buy-Back at any time.

The full buy pack policy can be viewed here

 

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