JP Jenkins Ltd: Thrive Renewables Plc 2023 Annual Results for the period ended 31 December 2023

JP Jenkins Ltd
Thrive Renewables Plc 2023 Annual Results for the period ended 31 December 2023

29-May-2024 / 14:30 GMT/BST
The issuer is solely responsible for the content of this announcement.

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29th May 2024

JPJ: THRV

ISIN: GB00BYS30W00

Thrive Renewables Plc

2023 Annual Results for the period ended 31 December 2023

Strong financial results from clean energy portfolio

Renewable energy investment company, Thrive Renewables plc, is pleased to share its Annual Results for the period ended 31 December 2023.

Financial highlights:

• Operating profit increased by 103% to £13.6 million (£6.7 million in 2022).
• Turnover increased by 66% to £29 million (£17.5 million in 2022).
• £12.3 million in cash allocated to develop new clean energy projects.
• £5.1 million raised via crowdfunding.
• Recommended final dividend of 12p per share for 2023, for approval at AGM in June and to be paid in July 2024*.
• Company proposes to buy back 95,650 shares in line with its published buy-back policy, subject to shareholder approval at AGM.

Operational highlights:

• Thrive Renewables' portfolio of clean energy projects generated 136,316 MWh of renewable electricity in 2023, enough to power over 42,000 average UK homes and delivering emissions reductions equivalent to 58,620 tCO2e.
• In its largest single investment to date, the company committed £20 million to developer, Ethical Power, to help fund its share of a pipeline of solar and battery storage projects over the next three to five years, with 178MW currently in development.
• Having provided the first commercial funding for the project in 2020, Thrive made a further £3 million investment in 2023 to co-fund the construction of the UK's first deep geothermal power plant at United Downs in Cornwall, which has now commenced.
• Thrive committed £4 million to fund the construction of a 2.5MW turbine in Kilbirnie, Scotland - owned by local community group, ATTIX CIC.
• In Bristol, 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 20MW project, which became operational in December 2023.
• The commissioning of England's largest onshore wind turbine was also completed in April 2023, following a £4 million loan from Thrive to support Bristol community group, 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 an excellent year, in which we've continued to deliver strong environmental, social and financial performance. We allocated £12.3 million to new wind, solar, storage and geothermal energy projects over the course of 2023, with 25MW brought into operation and 41.5MW in development or construction.

"As we enter our 30th year of operation, we have pledged to double the amount of new generation we invest in over the next five years. This starts with funding and we were pleased to raise £5.1 million via crowdfunding in 2023. We have also committed a further £11 million of cash generated from operations to fund our strong pipeline of projects for 2024 and beyond. As the need for a cleaner energy system only intensifies, we believe that - together - we can build the projects the UK needs to power our daily lives more cheaply and sustainably."

Thrive Renewables 2023 Annual Report can be accessed here.

* Please remember that past performance cannot be relied on as a guide to future returns.

-ENDS-

About Thrive Renewables Plc

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

The company's operational portfolio currently consists of 24 projects, plus further renewable energy and storage projects in development. With assets under management of £129 million in 2023, its portfolio generated over 136,000 MWh of clean electricity in 2023, delivering emissions reductions equivalent to 58,620 tCO2e.

Vision: We believe in the power of together. A world where everyone can be part of the clean energy generation.

Mission: Putting money to work building new sustainable energy projects and empowering people to take action to address the climate emergency.

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The issuer is solely responsible for the content of this announcement.

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1913809 29-May-2024