HY Results

Thrive Renewables Plc

Half Year Results

For the period ended 30 June 2023

Renewable energy investment company, Thrive Renewables plc, is pleased to share its Half Year results for the period ended 30 June 2023.

Financial highlights:

• Operating profit increased by 74% to £5.9 million (£3.4 million in HY 2022)
• Turnover increased by 47% to £12.3 million (£8.4 million in HY 2022)
• Shareholders paid a final dividend of 12p per share for 2022, paid in July 2023
• Company bought back 12,400 shares at £2.115 in line with its published buy-back policy

Operational highlights:

Thrive Renewables’ portfolio of clean energy projects generated 63,635 MWh of renewable electricity in the first half of the year, enough to power over 36,000 average UK homes and delivering emissions reductions equivalent to 27,967 tCO2e.

The company invested £20 million in developer, Ethical Power, to help fund its share of a pipeline of projects over the next three to five years, including an initial 50 MW of battery storage and 142 MW of solar PV.

Further to this, Thrive became the first commercial battery owner in the UK to offer a local community group shared ownership of a standalone battery asset. Bristol Energy Cooperative will be able to make a co-investment of up to 20% in the 20 MW project, which is currently in the latter stages of commissioning in Bristol.

The construction of England’s largest onshore wind turbine was completed in April 2023. This follows a £4 million loan from Thrive to support Ambition Community Energy in getting the project built after years of planning issues.

Matthew Clayton, Managing Director of Thrive Renewables, said:

“Thrive Renewables has had a successful first half of the year, continuing to deliver strong environmental, social and financial performance. We have made good progress with our diversification strategy, which includes a new deal with Ethical Power that will support the construction of a number of large scale solar and battery storage projects across the UK. With a strong pipeline in place, we will continue investing in new clean energy projects which help to decarbonise the UK’s electricity system so that people can benefit from cheaper, cleaner power in future.” 

-ENDS-

ABOUT THRIVE RENEWABLES PLC   

Thrive Renewables is a renewable energy investment company that has been building and operating renewable energy projects in the UK for close to 30 years. 

The company’s portfolio currently comprises 24 operational renewable projects, plus further renewable energy and storage projects in development. With assets under management of £110 million, its portfolio generated over 133,000 MWh of electricity in 2022, delivering emissions reductions equivalent to 58,314 tCO2e. 

Mission: To power the transition to a sustainable energy future by helping people meaningfully connect with clean energy projects. https://www.thriverenewables.co.uk/