Ethical Power has successfully secured a new £20m debt facility from Thrive Renewables to fund its equity commitments to projects and to support project development and construction of large-scale solar and BESS projects.
The loan has been agreed for a 6-year term.
Stephen Williams, chief financial officer at Ethical Power, said: “This agreement represents the beginning of a new relationship between Thrive Renewables and Ethical Power.
“It is a substantial level of support and we’re very excited about the opportunities this opens for us.
“This commitment demonstrates Thrive’s confidence in our strategy and abilities and provides a platform for future cooperation.”
Bristol-based Thrive Renewables has been operating in the UK renewable energy space for close to 30 years and currently funds, owns and operates 24 sites, including onshore wind, solar, hydro, battery storage and the UK’s first deep geothermal production plant at United Downs in Cornwall.
With over 6,000 shareholders, the company’s mission is to connect more people to clean energy across the UK.
One of the ways it does this is by plugging funding gaps and establishing collaborative partnerships with leading industry players and developers.
Matthew Clayton, managing director at Thrive Renewables said: “In the midst of the ongoing energy and climate crises, this partnership with Ethical Power will allow the company to build vital new renewable and storage capacity that will accelerate the UK’s transition to net zero.
“At £20m, this is our largest single investment to date – and over the next three to five years will see us more than double our portfolio of clean energy projects that we have funded and/or built.
“We are committed to making a positive environmental and social impact and will continue investing in projects that we believe will deliver significant carbon emissions reductions, contribute to the UK’s decarbonisation targets, and ultimately help create a cleaner, more sustainable world for future generations.
“Through collaborations like this we are able to contribute at a larger scale, complementing our own developments and operations.”