Thrive Renewables has formed a joint venture (JV) with Better Society Capital in order to provide £40 million of investment to community energy projects.
The JV will see Thrive Renewables, a Bristol-based renewable energy investment firm, and social impact investor Better Society Capital support local communities to build their own clean energy infrastructure or secure stakes in larger renewable energy schemes in their region. The £40 million allocated will be supplied equally by the two companies, with Thrive providing its £20 million portion through its existing JV with Top Cashback Sustainability Ltd, Fair Play Clean Energy.
This venture, named Community Energy Catalyst, will make investments of between £500,000 and £30 million to individual projects of at least 1MW capacity. Eligible projects must use proven technologies such as onshore and offshore wind, solar PV and hydroelectric energy, and the funding will be targeted towards late-stage development projects that have already secured planning consent. According to Thrive, its investments aim to enable such projects to advance through the construction, commissioning and operation stages of development and ensure their investment supports schemes that align with local interests.
Matthew Clayton, managing director of Thrive Renewables, said: “The partnership addresses a critical gap in the UK’s renewable energy landscape, empowering local communities to take ownership of their energy future while delivering substantial economic and social outcomes. Community Energy Catalyst isn’t just about building renewable infrastructure — it’s about putting people at the heart of the clean energy transition.”
“Community energy is a really powerful way to speed up the transition to net zero and build resilience to climate change. This partnership will help communities take a meaningful stake in energy infrastructure, delivering assets and long–term revenues that can be used to address local priorities. We know the UK needs more community energy and we want this to work as a catalyst for growth,” added Joe Shamash, investment director at Better Society Capital.
Community energy in the UK
In December of last year, Thrive announced that it had acquired the development rights for the 57MW Whitlaw Brae onshore wind power plant in Scotland from community energy co-operative Ripple Energy. Thrive Renewables has stated that it plans to facilitate shared ownership at the site following the acquisition from Ripple, through Ripple’s co-operative system.
In 2022, Thrive invested £4 million in Ambition Community Energy (ACE) to fund the construction of England’s largest 100% community-owned onshore wind turbine in Bristol. The 4.2MW turbine has been operational since 2023, and also received early stage funding from the Urban Community Energy Fund, Bristol Community Energy Fund, Bristol and Bath Regional Capital and the West of England Combined Authority.
Our sister site Solar Power Portal spoke to Andy O’Brien, co-founder and development director of Bristol Energy Cooperative, to see what the rise of community energy means for Bristol and the UK as a whole – read more here.
