£80m joint venture will help Bristol energy company fund new renewable energy
Bristol-based energy investor Thrive has entered into a joint venture with TopCashback Sustainability Ltd to unlock up to £80 million in collaborative capital to be deployed over four years in new renewable energy projects.
The joint venture will enable it to build new wind, solar and other renewable assets and support its ambitious growth plans to double our generation capacity over the next five years.
The partnership will also allow TopCashback Sustainability to continue building its impact investment portfolio. This includes the likes of Highlands Rewilding – a project aimed at re-wilding and re-peopling the Scottish Highlands by increasing biodiversity, green jobs and more – and funds deposited with Tribe Impact Capital, a wealth manager which helps TopCashback make impact investments.
Matthew Clayton, Managing Director at Thrive Renewables said: "“With the government announcing its ambitions to double onshore wind, triple solar and quadruple offshore wind by 2030, we’re delighted to add TopCashback Sustainability to our growing list of joint venture partners.
“Thrive specialises in providing collaborative capital and we believe that, by working together, we can have a much greater impact – building new clean energy projects that deliver tangible benefits for communities across the UK. We’re facing an urgent climate emergency and need to see rapid progress if we’re to meet our net zero targets. Building on its history of impact investing, working with TopCashback Sustainability means we can increase the number of projects we fund, ultimately helping to accelerate our transition to a cleaner, fairer energy system.”
Oliver Ragg, CEO and co-founder, TopCashback, added: "“We are delighted to be embarking on this long-term journey with Thrive and look forward to seeing what incredible work can be achieved over many years."
Top Cashback was founded in 2005. Earlier this year the company was named Cashback Site of the Year at the 2024 Moneyfacts Consumer Awards in the UK for the eighth time. It now has a growing global presence including in Australia, Sweden, Italy and Germany. It has more than 15 million members globally.
Since 1994, Thrive has worked with investors, developers, businesses and communities to fund, build and operate clean energy projects.
