Bristol-based Thrive Renewables has hit its target of raising £7.7m through a bond offer in just four weeks – some two months quicker than it expected.
As reported by Bristol Business News in November, the firm behind the four-turbine wind farm in Avonmouth, wants to invest in more sustainable energy projects around the country.
It was already one of the UK’s most widely owned renewable energy companies, with a 5,700-strong community of shareholders and bond holders built up over the past 20 years. 
The new funding came from 938 investors, a third of them existing share or bond holders. As a result, Thrive has grown its investor community by around 600 people.
The new money will be used to build more renewable energy projects, including two onshore wind farms in Scotland with a combined capacity of 11MW. Once built, these will be able to generate enough electricity for 8,720 homes.
This was the first unlisted bond to be eligible to be held in the new third ISA: the Innovative Finance ISA (IFISA). More than half the investors in the Thrive bond chose to hold their bonds in an IFISA and will receive their interest tax free.
The speed of the raise shows the significant demand for commercially viable and sustainable investments. Investors could invest online for a minimum of just £5 making this widely accessible to everyday investors.
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.
Thrive Renewables managing director Matthew Clayton, pictured, said: “This bond exceeded expectations. We had set a target of £7.5m by the final close date of February 27, so to have raised over this amount in four weeks confirms that there is a significant appetite for investing in and supporting clean energy for future generations.
“Thrive exists to connect individuals with sustainable energy, allowing our investors to contribute directly to change. We are delighted to welcome another 600 new investors to the Thrive community and for the continued vote of confidence from our existing investors. The money raised through the bond will allow us to continue to grow our portfolio of renewable projects to delivering positive financial, environmental and social returns.”
Thrive already generates enough clean electricity to meet the needs of over 40,000 homes; additional projects coming online as a result of this bond will boost that to a further 8,270 homes.
Bristol-based ethical bank Triodos is acting as adviser to Thrive Renewables and promoter of the offer.
Its corporate finance team head Dan Hird said: “This is the fastest capital raise we have ever done. I think it captured people’s interest because of the strong brand and good track record of Thrive as a company, the impact it has as an organisation and the financial return – coupled with the ability to receive the interest tax free through the ISA.
Abundance Investment, the regulated peer to peer investment platform, is acting as registrar and facilitator for the bonds and is the IFISA manager.
Thrive was originally part of Triodos. It changed its name from Triodos Renewables to Thrive Renewables in March as part of a transition which made the company fully independent of Triodos, although the bank retains a major shareholding. It is based at Triodos’ Bristol city centre HQ.
Thrive Renewables targeted £7.5m for this raise but will issue up to £10m of bonds through this offer. The bond second offer is still open with a minimum subscription amount of £90,000 and a final closing date of February 27. For more information, contact Triodos Bank on investments@triodos.co.uk or 0117 980 9593
