Bristol-based company launches £5m crowdfunder for renewable projects

The sustainable investment company, Thrive Renewables, has launched a new round of crowdfunding to help expand its investments for a cleaner energy system.

The campaign aims to raise at least £5m for the company in its first step of an ambitious growth plan to double in size within five years.

The announcement comes at a critical time for UK energy policy, with renewables a key sector for growth in response to the gas price crisis.

The new finance will be used to fund projects such as the UK’s first commercial deep geothermal electricity generation plant in Cornwall.

Thrive Renewables, which has been funding clean energy projects since 1994, hopes the crowdfunding campaign will enable increased support for onshore wind, commercial solar rooftops and battery storage portfolios, as well as collaborative funding for community energy groups to build their own renewable energy projects.

Thrive has funded a number of Bristol-based projects already, such as a four-turbine wind farm at Avonmouth and a 20MW battery storage site currently in development at Feeder Road.

The company also recently provided £4m in funding to Ambition Community Energy (ACE), to get England’s tallest onshore wind turbine into construction in Lawrence Weston.

Mark Pepper, ACE project development manager, David Tudgey, Kye Dudd, Dr Charles Gamble, Roger Sabido) – photo: Thrives Renewables/ Ambition Lawrence Weston

Once built, the turbine will be capable of generating enough power for close to 3,000 homes – the equivalent to Lawrence Weston’s domestic use – and will save almost 120,000 tonnes of carbon emissions over its lifetime.

All profits from electricity sales will be reinvested back into the local area, says Thrive Renewables.

Speaking about the project, David Tudgey, project development manager at Ambition Community Energy CIC said: “After years of austerity, community services in Lawrence Weston have been reduced and more of our residents are suffering in poverty.

“Compounding this further, there are homes in Lawrence Weston which suffer from poor insulation and low-energy efficiency and, with energy costs continuing to soar, this means even more of our residents will be unable to keep themselves warm.”

Managing director of Thrive Renewables, Matthew Clayton, said: “Climate change is one of the greatest challenges we currently face, with the consequences already being seen on  a global scale.

“To reduce carbon emissions in line with net zero, we need to rapidly accelerate our transition to a cleaner, fairer energy system.

“Today, over a third of UK electricity is generated by renewables but this still needs to increase substantially. Our growth and diversification plan will allow us to not only to increase our income and social and environmental impact, but also become an even more resilient business.”

The share offer will be promoted by Triodos Bank, through its crowdfunding platform. Minimum investment in the crowdfunding offer is £94 (40 shares) and shares can be held in a self-invested personal pension (SIPP).

Main photo: Thrive Renewables

Read more: Triodos bank set target to reach net-zero by 2035

Listen to the latest Bristol24/7 Behind the Headlines podcast: