Investigations into global solar and battery supply chains continue to be a priority for Thrive Renewables, the clean energy company announced in its H1 financial results.
The renewable energy company is aiming to ensure that its supply chains continue to function in an ethical manner, a topic that has been covered on our sister site PV Tech.
To achieve this, Thrive stated in its results that it is: “Continuing to engage with suppliers to further investigate how and where they source the modules used within each panel. These investigations then inform investment and purchasing decisions, based on the information available when the decision is made.”
For H1 2023, Thrive saw half-year operating profits stand at £5.9 million on a turnover of £12.3 million. This is a year-on-year increase on its H1 2022 results, which saw an operating profit of £3.4 million on a turnover of £8.4 million.
Thrive said that the financial results improved mainly because of higher electricity prices.
Alongside solar, the firm has been investing heavily into its battery energy storage portfolio. One aspect highlighted in its latest results is confirmation that it has become the “first” commercial battery owner in the UK to offer a local community group an opportunity for shared ownership of a standalone battery storage project.
This was via a partnership with Bristol Energy Cooperative (BEC) and offered the local energy co-operative an investment of up to 20% in its 20MW/30MWh Feeder Road battery energy storage project.
It is also worth noting that Thrive Renewables made its biggest single investment to date in H1 2023, which saw the firm provide a £20 million loan to Ethical Power to help fund 192MW of new solar PV and battery storage projects across the UK.
This includes two 25MW battery storage sites and four solar projects, totalling 142MW.
“With many people still feeling the consequences of the ongoing energy and cost of living crises, we are continuing to take action – funding and building new projects that protect the planet at the same time as helping to lower bills for households across the UK,” said Matthew Clayton, managing director of Thrive Renewables.
“We believe that people should be at the heart of the energy transition and the completion of England’s largest onshore wind turbine, that is a 100% community owned, is testament to the power we can have when we come together.
“Following our single biggest investment to date in Ethical Power, we have a diverse pipeline of projects to be moving forwards with and are excited to offer more people the opportunity to help tackle the climate emergency through a new share offer in the coming months.”