by Staff Writers
Bristol UK (SPX) Jun 22, 2017
With over 20 years in sustainable investment, Thrive Renewables, (previously Triodos Renewables) has provided mezzanine loans for two wind farms in Scotland that will have a combined total capacity of 11.5MW which will generate and deliver clean, smart energy to the UK grid. Once built, these projects will be able to generate enough green electricity for 7,760 homes.
In partnership with developers, Renewable Energy Ventures (REV), this type of funding marks an additional way for Thrive Renewables to contribute to the growth of renewable generation in the UK.
Managing Director Matthew Clayton comments: "With changes in legislation we see a growing number of projects seeking a trusted financial partner who can help them realise their project with the income from Renewable Obligation Certificates (ROCs). We are delighted to have been able to support and help finance these wind farm projects and work alongside REV and Santander UK plc on this transaction."
With over 6,300 investors in Thrive, the company funds sustainable projects all over the UK to create genuine, long-term, positive impact - financially, environmentally and socially.
Thrive has worked with REV to support the timely procurement and construction of the Gevens project with three turbines in Kirkcaldy, Fife all being delivered by boat. It is now focusing on delivering Brotherton, a two-turbine project near Johnshaven, Aberdeenshire and on schedule to start generating green electricity to the grid in summer 2017.
"We appreciate the knowledge, expertise, speed and certainty that Thrive Renewables has brought to these projects. They were able to act quickly and put an innovative loan in place which has allowed us to retain 100% ownership and helped us to realise the project in time to benefit from the ROCs available at this time," says Nicol Stephen, Director, REV.
Banks typically lend 75%-80% of project capital costs with developers still needing to find the remaining 20%-25%. Thrive Renewables provided a mezzanine loan to compliment the senior loan provided by Santander on both the projects.
"Banks are increasingly looking for experienced partners to find innovative ways to structure finance for community or local renewables projects. The finance package for Gevens and Brotherton has been complemented by Thrive Renewables investment, and we see other opportunities to work together to support the growth of the smart energy system in the UK," said Howard Whitehead, Head of Renewables, Santander UK plc.
The Gevens project is located 5km from Kirkcaldy close to the open water of Loch Camilla and Loch Gelly. The three 2.3MW Enercon E82 turbines are just under 100 metres tall.
The Brotherton project is located within the Brotherton Estate near Johnshaven in Scotland. The two 2.3MW Enercon E82 turbines are just under 100 metres tall.
For the Gevens site, the civil engineering works were delivered by contractor RJ McLeod; and on the Brotherton site by AE Yates. The construction process has been managed by firms Green Cat Renewables and Greenbank Accountants.
Thrive Renewables is looking to find and support other projects including community projects in a similar situation in the UK and this model could also be applied to other types of renewable technologies.
Beijing, China (SPX) Jun 12, 2017
There might be a better way to use wind power, according to a recent paper in IEEE/CAA Journal of Automatica Sinica (JAS), a joint publication of the Institute of Electrical and Electronic Engineers (IEEE) and the Chinese Association of Automation. Scientists from the University of Rhode Island, Florida Atlantic University, USA, and Wuhan University, China, teamed up to find a way to optim ... read more
Wind Energy News at Wind Daily
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