Thrive Renewables has closed its 2026 bond offer, having raised a total of USD 9.43 million, following an extension of the fundraise to institutional investors after the company reached its initial USD 6.74 million crowdfunding target in April.

The additional capital came from The Archbishops' Council Social Impact Investment Programme and Rathbones Ethical Bond Fund, bringing Thrive's cumulative fundraising to more than USD 9.43 million since the company's founding, the majority of which has been raised through crowdfunding.

Triodos Bank UK's corporate finance division acted as lead adviser and promoter for the bond offer, with the retail portion of the raise conducted through the Triodos Bank crowdfunding platform.

Two New Wind Farms at the Centre of Deployment Plans

The capital will be directed toward the development and construction of two new onshore wind farms, one in Scotland and one in Wales, as well as funding to support community groups in building and owning their own local renewable energy projects.

Construction is already underway at Whitelaw Brae wind farm in the Scottish Borders. The project features 14 turbines and a generating capacity of 57 megawatts, making it the largest project Thrive Renewables has undertaken to date.

Once operational, Whitelaw Brae is expected to generate up to 149,400 megawatt hours of clean electricity per year, an output the company says is equivalent to powering around 45,000 average UK homes. The project is also projected to deliver annual carbon dioxide emissions reductions of 65,000 tonnes.

The second project, Abergorki wind farm in the Rhondda Cynon Taf area of South Wales, is a three-turbine development expected to begin operating in 2028. Abergorki is anticipated to generate up to 40,000 megawatt hours of clean electricity per year, the equivalent of powering more than 12,400 average Welsh homes.

Community Energy Ambitions Backed by New Joint Venture

Beyond the two wind farms, a portion of the bond proceeds will go toward community-owned wind and solar projects. Thrive Renewables launched a joint venture called Community Energy Catalyst last year, which is intended to invest up to USD 53.89 million in new community energy projects. The company has also committed to offering community groups the opportunity to purchase a stake in any new projects it acquires.

Matthew Clayton, CEO of Thrive Renewables, said the company already has the projects in place it needs to meet its stated ambition of doubling its generation capacity by 2028.

"Having announced our ambition to double our generation capacity by 2028, we already have the projects we need to achieve this, with two large onshore wind farms currently in development as well as a pipeline of community energy projects via Community Energy Catalyst," Clayton said.

Institutional Investors Cite Track Record and Alignment With Responsible Investment Principles

Vanessa Morphet, Head of Social Impact Investment at the Church of England, said the investment aligned with the Church's commitments on environmental protection.

"For more than 30 years, Thrive Renewables has been an innovator in developing and operating clean energy projects across the UK, while creating opportunities for communities to participate in and benefit from the energy transition," Morphet said.

"We are delighted to support Thrive's ambition to double its clean energy generation capacity by 2028, advancing the Church's commitment to protecting our planet for future generations."

Bryn Jones, Fixed Income Fund Manager at Rathbones, pointed to the alignment between Thrive's activities and Rathbones' responsible investment principles.

Jones referenced both the company's community energy facilitation work and its involvement in what he described as the UK's first geothermal production plant as examples of the kind of activity that attracted Rathbones to the investment.

"Thrive Renewables' strong track record in delivering environmentally and socially impactful clean energy projects closely aligns with Rathbones' responsible investment principles, ensuring that the companies we invest in operate in the long-term interests of shareholders," Jones said.

Cumulative Fundraising Passes USD 94.31 Million, Milestone

The close of the 2026 bond offer means Thrive Renewables has now raised more than USD 94.31 in total since its establishment, with the company noting that the majority of that sum has come through crowdfunding.

The company traces its origins to a first wind farm project in the early 1990s and has described its model as one focused on bringing members of the public into ownership and participation in clean energy infrastructure.

The 2026 raise, which combined a retail crowdfunding component and an institutional tranche, represents the latest in a series of bond offers the company has used to finance project development and construction across the United Kingdom.

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