The Thrive Renewables fund has raised £7.7 million in four weeks to build two new onshore windfarms in Scotland with a combined capacity of 11MW. Once built, these will be able to generate enough electricity for more than 8,500 homes.
In addition, Bristol-based Thrive has a pipeline of 20MW of new wind projects and 15MW of solar PV which will include both community ground mounted and commercial roof sites.
More than a third of Thrive’s existing portfolio is in Scotland, including a major contribution to the construction of a three turbine, 7MW wind farm near Kirkcaldy and a 50% a share in a three turbine, 6MW wind farm development in West Lothian.
More recently Thrive’s ‘Buchan Bond , secured against two wind farms developed and built by Thrive in Strichen was the company’s fastest selling bond ever and the second fastest bond offer to reach target on the positive investment savings platform Ethex.
Just seven per cent of Thrive investors are domiciled in Scotland.
The bond, issued by Thrive Renewables plc on an unsecured basis, will pay 5% gross interest per year with capital repaid in March 2024. Payment of interest and repayment of capital is not guaranteed and is dependent on the continued successful operation of the Thrive business model.