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Thrive Renewables has revealed record profits as costs of solar and wind fall, with greater investments on the cards.

Announced in Thrive’s 2018 Annual Report, the company reported a record turnover of £17 million, up 7% year on year. Having secured a profit of £5.37 million, the renewables investor cited the falling cost of solar and wind as a contributing factor.

In 2018 Thrive also sold two onshore windfarms totalling 13MW to Equitix, which will allow Thrive to invest £11 million in new small to medium commercial scale solar, wind, hydro and other clean energy projects.

Matthew Clayton, managing director at Thrive Renewables, said that “the time is now” for onshore clean energy.

“Onshore wind, solar and hydro are fast becoming some of the cheapest sources of electricity for the UK.

“The business case for building new fossil fuelled power stations isn’t there; even nuclear plant developers are reversing out of their plans, despite being offered enticing long term fixed power prices.”

The report also highlighted Thrive’s recent expansion into other renewable technologies, having launched a joint energy storage venture with Aura Power and invested in ground source heat developer Rendesco.