2017 has been an exciting period for Thrive.
Thrive Renewables Plc Bond – another great success
The Thrive Renewables plc Bond offer successfully closed in March 2017 having raised £9.96 million. Over 900 individuals invested in the Bond in addition to impact investment institutions and foundations. A total of 669 new individuals joined Thrive’s community of investors via the Bond. The issuance of the Bond at 5% lowers Thrive’s cost of capital, providing the opportunity to increase returns to shareholders and making Thrive's cost of capital more competitive in the market for the purchase of new projects.
Financial Leadership Winner
Thrive has won the Finacial Leadership Award from the RenewableEnergy Association for its inclusive business model, its flexible investment approach, and for being the first renewables bond offer which could be included in an Innovative Finance ISA. Thrive welcomed a further 656 investors to the Thrive Renewables Group, growing their community to 6,247 individuals. As planned, the majority of the £10m raised via the bond has already been employed or allocated to new projects in 2017.
Investing in new projects
Whilst growth in Thrive’s owned portfolio was modest, the Company invested into four new projects in 2017. The renewable electricity generation capacity into which Thrive has invested increased by 28% from 81.8 MW in 2016 to 104.9 MW in 2017. The four investments made in 2017 all took the form of subordinated debt, plugging funding gaps and offering the team’s experience to complement the projects.
In January 2017, the Company invested £1.48m as a mezzanine loan to Renewable Energy Ventures (Brotherton) Limited to complete the funding requirement for the construction of a two turbine, 4.6MW wind farm located in Aberdeenshire. The project commenced generation in June 2017.
In addition, Thrive Renewables has developed a Community Energy Funding Bridge which has been provided to three projects in 2017. The first, in February 2017, a £1.7m loan to a Community Interest Company that owns the Sheriffhales 3.174MWp solar PV farm in Shropshire. The second, in July 2017, a £7.4m loan to Mean Moor Community Wind Farm Limited which owns a 6.9MW wind farm in Cumbria. The third Community Energy Funding Bridge of £2.3m was completed in October 2017 for the purchase of the 2.4MW Brockholes wind farm located in Scottish Borders.