Thrive Renewables agrees £20M debt facility for Ethical Power

Ethical Power has secured a £20 million debt facility from Thrive Renewables to fund its equity commitments to projects and to support project development and construction of large-scale solar and battery projects. The loan has been agreed for a six-year term.

Thrive Renewables funds, owns and operates 24 sites, including onshore wind, solar, hydro, battery storage and the UK’s first deep geothermal production plant at United Downs in Cornwall.
Stephen Williams, chief financial officer, Ethical Power, 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,” said.

Matthew Clayton, managing director, Thrive Renewables, said: “At £20 million, 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.”

Through various partnerships, Ethical Power owns solar and battery energy storage projects at different stages of development and construction, including two extensive solar and battery projects. These projects would also be the largest that Thrive Renewables have supported to date. Ethical Power is the principal EPC contractor on these projects.