Bristol firms switch on green power deal to boost city’s standing as renewable energy hub

August 8, 2018
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Bristol Energy has teamed up with city-based Thrive Renewables in deal to supply wind power to more than 550 homes over the next year.

Bristol Energy, owned by the city council, will buy the renewable electricity from Thrive’s Clayfords wind farm in Aberdeenshire, Scotland, pictured.

The single-turbine site will supply around 2.26GWh of clean energy to 564 homes over the course of the 12-month contract, which starts next month.

Thrive, formerly known as Triodos Renewables, owns the 0.8MW Clayfords as part of its nationwide renewable project portfolio of 21 sites, which last year delivered a reduction of 79,570 tonnes of greenhouse gas emissions.  

The project was built in 2015 and qualifies for the government’s renewable energy feed-in-tariff (FiT) subsidy. It was funded by Thrive with a crowdfunded bond issue in 2016.
The deal between Thrive and Bristol Energy follows a similar agreement for hydro-electricity signed last winter.

The businesses share a commitment to driving renewable energy growth and making green energy more accessible to all.

Thrive, previously part of Bristol-based ethical bank Triodos but now independent, offers opportunities for individuals, foundations and funds to invest in clean energy projects that deliver financial, environmental and social rewards. It has a community of 6,250 large and small investors.

Bristol Energy, which supplies more than 76,000 homes across the UK, is actively growing the amount of renewable energy in its portfolio.

Renewables accounted for 40% of its energy supply in 2017 – its first year in business. That has now increased to an estimated 60% for this year.

It has achieved this by working with renewable energy generators such as Thrive through power purchase agreements (PPAs).

All profits made by Bristol Energy, one of only two municipal energy supply companies in the country and the first in the South West, will be reinvested back into the city.

The firm also aims to prevent people overpaying for their gas and electricity and says it is currently saving its customers on average £170 a year on their bills.  

Thrive managing director Matthew Clayton, pictured, said: “Thrive exists to offer individuals a rewarding connection with sustainable energy, so having the opportunity to provide our renewable power to a company like Bristol Energy, with similar values to us is extremely rewarding. 

“Deals – such as this one – with independent renewable energy providers enable an increasing pool of people to benefit from affordable, green electricity in their homes.”

Bristol Energy origination manager Simon Proctor added: “Deals like this help us to offer even more green energy to our customers, at a competitive price – making renewable energy more accessible for everyone.

“Thrive is a well-established, trusted partner. The fact that they are local and funded by a community of investors – many of whom live in Bristol and South West – is another way that we can support out city and boost the circular economy.”

 

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