Thrive Renewables has secured £10 million in new financing from Triodos Bank UK to help expand its portfolio of clean energy projects across the UK.
The loan will support the construction of new onshore wind farms, solar developments, and community-owned renewable schemes, Thrive said.
The funding will also contribute to longer-term initiatives such as repowering existing assets to extend their operational life.
Matthew Clayton, CEO of Thrive Renewables, said: “Thrive exists to tackle the climate emergency, bringing together investors, developers, businesses and communities to fund, build and operate clean energy projects.
“With an exciting pipeline and projects progressing in construction, it’s great to be able to put this money to work straight away, helping accelerate the UK’s transition to a cleaner, fairer energy system.”
The loan from Triodos forms part of Thrive’s blended funding approach, which also includes equity raised from its 6,000 shareholders and other strategic partners.
The company is currently running a share offer via Triodos Bank’s crowdfunding platform to enable retail investors to support new clean energy projects. More than £1.8 million has been raised so far.
Norrie Cruickshank, senior relationship manager at Triodos Bank UK, said: “We really like what Thrive is doing. By allowing everyday investors to play a part in the systemic shift happening in the UK energy system they are engaging people in positive climate solutions. We hope that this new finance helps them to continue to grow and excel at what they do so well.”
Thrive has been active in the UK’s clean energy sector for more than 30 years and has already funded 45 wind, solar, hydro, storage, tidal and geothermal projects, including six that are community-owned.
Its investments include England’s largest community-owned onshore wind turbine and support for the United Downs Geothermal project in Cornwall.
Thrive said it welcomed the UK government’s ambition to double onshore wind, triple solar and quadruple offshore wind capacity by 2030 and has been actively involved in the finance working group for the government’s onshore wind taskforce.
Triodos Bank UK, which like Thrive is a certified B Corporation, specialises in finance for organisations with a social and environmental purpose and has three decades of experience in the renewables sector.