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Thrive Renewables (Buchan) Ltd

Who benefits

Thrive Renewables’ mission is to power the transition to a sustainable energy future by helping people meaningfully connect with clean energy projects. A core value is to invest in projects that create real rewards – financial, environmental and social.

Energy generation

Thrive Renewables (Buchan) Ltd owns and operates two onshore wind farms in Aberdeenshire, known as Auchtygills and Clayfords, both of which are single turbine windfarms with a combined capacity of 1.6 MW. They began operating in 2015 and are in 2016 they generated 4,427,593 kWh of electricity – enough to power over 1,000 homes.1 and save nearly 2,000 tonnes of CO2e. This impact and the associated revenues are core to the Thrive business model.

The operation and maintenance of the windfarms is carried out by Enercon – Thrive Renewables (Buchan) Ltd have a 15 year contact with Enercon for this service. GreenPower provide on-going asset management services which involves managing the Enercon contract. The windfarms are currently performing in line with expectations.

The Community

Thrive Renewables (Buchan) Ltd has comitted to contribute an annual sum of £1,350 under the terms of their planning consent as a community benefit payment to the local council from the profits generated by the projects. This payment is to be used by the council to carry out sustainability, energy efficiency and environmental improvements to existing housing stock in the area and to contribute to educational and art projects in the area through a local college.

In addition to this, Thrive Renewables (Buchans) Ltd were were delighted to deliver a bespoke and interactive science show into the local Strichen School for pupils to learn more about wind farms and renewable energy which received positive feedback from staff and students.

The Thrive Renewables group also continued to run a voluntary community benefit programme which invites representatives of community buildings close to their projects (including Auchtygills and Clayfords) to apply for grants of up to £4,000 to make sustainable improvements to spaces relied on by local organisations. The buildings provide important social spaces for groups including vulnerable sectors of society – these grants make the spaces more comfortable, affordable and sustainable for long term benefit.

Further Developments

The funds raised through the 2016 Bond Issue were used to repay most of the intercompany loan outstanding to Thrive Renewables plc, who currently has a number of projects it is looking to acquire and construct.

Investment in the Thrive Renewables (Buchan) bond allowed repayment of an intercompany loan to Thrive Renewables plc. The additional funds have already enabled the group to invest in more renewable energy projects and add even more new renewable-powered generating capacity to the UK’s energy mix.

Thrive has established a 50:50 joint venture with an experienced Scottish developer called GreenPower (International) Limited. In July 2016 the company jointly acquired Green Breeze Energy Limited, a company with rights to construct Drumduff wind farm. This three-turbine project is located on an old, disused open cast coal mine tothe north of Blackridge in West Lothian. Construction took place over the spring of 2017 and became operational in July 2017. The project is forecast to generate enough renewable electricity to meet the annual demand of 5,590 UK homes.

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