Renewables investment firm Thrive Renewables has stepped in to bridge a £1.7 million funding gap that would have otherwise prevented a community-led solar investment from closing.

A community group led by Mongoose Energy had intended to acquire a 3.1MWp solar farm in Sheriffhales, Shropshire, but was facing the prospect of falling short in their investment raising to the tune of £1.7 million.

But Thrive Renewables stepped in to provide a £1.7 million mezzanine loan that will allow the group to complete the investment.

Mark Kenber, managing director at Mongoose Energy, said: “We empower community members to have a direct stake in a local project and the chance to access healthy financial returns, whilst helping to reduce greenhouse gas emissions and dependence on fossil fuels. 

“Thrive stepped in at short notice to meet the funding gap – in the near future we will be raising a share issue on behalf of the local community and are thrilled to put renewable energy back in the hands of local ownership.”

Meanwhile Thrive’s Matthew Clayton said the project was “ideal” for the company to invest in.

“This is a further example of how Thrive contributes to the democratisation of ownership of the UK’s energy future,” he added.