Ethical Power has obtained a new £20 million debt facility from Thrive Renewables. This funding will be utilized to fulfill its equity obligations for projects and bolster the development and construction of extensive solar and BESS projects.
The loan is structured for a duration of six years.
Chief financial officer at Ethical Power, Stephen Williams, said “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.”
“This commitment demonstrates Thrive’s confidence in our strategy and abilities and provides a platform for future cooperation.”
Thrive Renewables, headquartered in Bristol, has been actively involved in the UK’s renewable energy sector for nearly three decades. Presently, the company finances, possesses, and manages 24 facilities encompassing onshore wind, solar, hydro, battery storage, and the UK’s inaugural deep geothermal production plant located at United Downs in Cornwall.
With a shareholder base exceeding 6,000 individuals, the company is committed to expanding access to clean energy throughout the UK. One of its strategies to achieve this goal is by filling financial gaps and forming collaborative alliances with prominent industry entities and developers.
Managing director at Thrive Renewables, Matthew Clayton, said “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 £20m, 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.”
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