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Thrive Renewables supports Ethical Power with £20 million loan facility to further advance growth.

Ethical Power has successfully secured a new £20 million 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.

“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,” says Stephen Williams, CFO at Ethical Power. “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, Thrive Renewables adds: “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 £20 million, 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.”

Through various partnerships, Ethical Power owns solar and battery energy storage projects at different stages of development and construction, including two extensive solar and BESS projects. These projects would also be the largest that Thrive Renewables have supported to date. Ethical Power is the principal EPC contractor on these projects, which enables streamlined delivery and the most effective use of the resources from development to operation.

About Ethical Power.

Ethical Power is a vertically integrated sustainable infrastructure company specialising in utility-scale solar and battery storage. With competency across the entire project lifecycle, from design through construction and grid connections to asset management, Ethical Power can optimise operations along the value chain and has a proven track record of delivering best-quality and highest-performing renewable energy assets in the UK. Ethical Power is quickly expanding to international markets with a growing pipeline of projects across Spain, Italy, Poland and New Zealand.

For more information visit www.ethical-power.com

About Thrive Renewables.

Thrive Renewables is a renewable energy investment company. Thanks to its community of over 7,000 investors – large and small – Thrive 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.

Vision: We believe in a clean, smart energy system powered by the investment of many.

Mission: To power the transition to a sustainable energy future by helping people meaningfully connect with clean energy projects.