Thrive Renewables has entered into a joint venture with TopCashback to help fund the next phase of the UK’s net zero transition.
The partnership with the cashback website’s impact investing wing, TopCashback Sustainability, will unlock up to £80m additional capital to be deployed over four years, directly funding new wind, solar and other renewable assets.
Thrive recently announced ambitious growth plans, with aims to double its generation capacity over the next five years.
The deal is the latest joint venture for Thrive, which has a history of taking a collaborative approach to funding, with existing partnerships including European investment funds, renewable energy developers and other investment companies.
The partnership will allow TopCashback Sustainability to continue building its impact investment portfolio.
Matthew Clayton, Managing Director of Thrive Renewables, said: “With the Government announcing its ambitions to double onshore wind, triple solar and quadruple offshore wind by 2030, we’re delighted to add TopCashback Sustainability to our growing list of joint venture partners.
“Thrive specialises in providing collaborative capital and we believe that, by working together, we can have a much greater impact – building new clean energy projects that deliver tangible benefits for communities across the UK.
“We’re facing an urgent climate emergency and need to see rapid progress if we’re to meet our net zero targets.
“Building on its history of impact investing, working with TopCashback Sustainability means we can increase the number of projects we fund, ultimately helping to accelerate our transition to a cleaner, fairer energy system.”
Oliver Ragg, CEO and co-founder of TopCashback, said: “We are delighted to be embarking on this long-term journey with Thrive, and look forward to seeing what incredible work can be achieved over many years.
“As a company, as well as our mission to ‘Save our Members the Most Money’, we strive to have a positive impact on the wider world.
“Thinking ahead for our members’ futures means environmental initiatives are more crucial than ever.”