Thrive Renewables Plc 2024 Half Year Results for the period ended 30 June 2024

2nd October 2024

THRV:JPJ

ISIN: GB00BYS30W00

Thrive Renewables Plc

2024 Half Year Results for the period ended 30 June 2024

New funding secured and good progress on wind, solar and hydro assets

Renewable energy investment company, Thrive Renewables plc, is pleased to share its Half Year Results for the period ended 30 June 2024.

Financial highlights:

• Operating profit increased by 24% to £7.4 million (£5.9 million at HY 2023).
• Turnover increased by 18% to £14.6 million (£12.3 million at HY 2023).
• Company has entered into a joint venture with TopCashback Sustainability Limited which could unlock up to £80 million in collaborative capital for new clean energy projects.
• Thrive is also finalising debt arrangements which will inject a further £17 million of funding into the business and plans to raise further capital in early 2025 to fund a growing pipeline.
• Final dividend of 12p per share for 2023 approved at AGM and paid in July 2024*.
• Company bought back 95,650 shares in line with its published buy-back policy.

Operational highlights:

• Thrive Renewables’ portfolio of clean energy projects generated 69,698 MWh of clean electricity in the first half of 2024, a 10% increase on H1 2023 and the equivalent of powering 43,037 average UK homes. Across its 24 operational projects, the company’s portfolio also delivered emission reductions equivalent to 31,335 tCO2e.
• The company is providing experienced solar developer and construction company, Eden Sustainable, with up to £75 million in funding to accelerate the roll out of private wire solar PPA projects for schools, businesses, and other organisations across the UK. It has also invested £1 million into two community owned wind turbines in Gloucestershire.
• Thrive has also made significant progress in its life extension work, including a 25-year life extension of its Beochlich hydro project in Scotland and planning permission granted for a three-turbine extension to its Drumduff wind farm (co-owned with GreenPower), potentially tripling the combined onsite generation capacity.

Matthew Clayton, Managing Director of Thrive Renewables, said:

“After 30 years of operation, we remain steadfast in our commitment to deliver positive change for people and planet. We’re focused on moving forward with our ambitious growth strategy, with aims to double our generation capacity in the next five years. We’ve made good progress in the first half of 2024, investing in a number of new projects, while also progressing with our life extension work. We’ve also entered into an exciting partnership with Top Cashback Sustainability which will unlock up to £80 million in joint capital, which will help us build and fund more clean energy projects that contribute to the country’s net zero goals.”

Thrive Renewables Half Year 2024 report can be accessed here and 2023 Annual Report here.