Thrive Renewables plc bond reaches target of £7.5 million in a month
12-12-2016 | The corporate finance team at Triodos Bank has helped Thrive Renewables plc (Thrive), a UK renewable energy company, raise £7.5 million through a bond offer in just one month.
This was the first unlisted bond to be eligible to be held in the new third ISA: the Innovative Finance ISA (IFISA). Over 50% of the investors in the Thrive bond chose to hold their bonds in an IFISA and will receive interest tax free.
The speed of the raise shows the significant demand for commercially viable and environmentally sustainable investments. Investors could invest online for a minimum of just £5 making this investment widely accessible to everyday investors.
The bond issued by Thrive Renewables plc on an unsecured basis will pay 5% gross interest per year with capital repaid on 31 March 2024. Payment of interest and repayment of capital is not guaranteed and is dependent on the continued successful operation of the Thrive business model.
The corporate finance team at Triodos Bank specialises in raising capital for charities, social enterprises and environmental organisations. Since 2011, the team has raised over £85m – half of which has been raised directly from individual investors.
Dan Hird, Head of Corporate Finance, said:
"This is the fastest capital raise we have ever successfully completed. I think it has captured public interest because of the strong brand, good track record of Thrive as a company, the impact it has as an organisation and the financial return – coupled with the ability to receive the interest tax free through the ISA.
We were among the first to offer an investment opportunity eligible for social investment tax relief when that was introduced in 2015 and we structured this capital raise to be the first eligible bond which is held in the Innovative Finance ISA. We work with our clients to help them raise capital by offering interesting, exciting, ethical and commercially viable investment opportunities."
Matthew Clayton, Managing Director of Thrive Renewables, said:
"Thrive exists to connect individuals with sustainable energy, allowing our investors to contribute directly to change. We are delighted to welcome over 600 new investors to the Thrive community and for the continued vote of confidence from our existing investors. The money raised through the bond will allow us to continue to grow our portfolio of renewable projects to delivering positive financial, environmental and social returns."
The corporate finance team of Triodos Bank is acting as adviser to Thrive Renewables and promoter of the offer.
Abundance Investment, the regulated peer to peer investment platform, is acting as registrar and facilitator for the bonds and is the IFISA manager.
Thrive Renewables targeted £7.5m for this raise but will issue up to £10m of bonds through this offer. There is a second bond offer, which is still open with a minimum subscription amount of £90,000 and a final closing date of 27 February 2017. For more information please contact Triodos Bank on
email@example.com or 0117 980 9593.
An investment in Thrive Renewables plc bonds is not covered by the Financial Services Compensation Scheme. Thrive Renewables plc’s ability to pay the interest and repay the bonds is not guaranteed and is dependent on the continued success of its business model. Thrive Renewables plc bonds are unquoted securities with a fixed repayment date and although the bonds are transferable, investors should be aware that they may not be able to access their capital during the life of the bond.
Media enquiries and interview requests to:
Ryan Munn, Triodos Bank
0117 311 0291
07766 005 352
NOTES TO EDITOR
About Thrive Renewables
Now independent, Thrive Renewables was established over 20 years ago by leading ethical bank Triodos Bank, and has more than 5,700 shareholders and bondholders and more than 80MW of assets under management. In 2015 Thrive Renewables delivered enough clean energy to meet the energy demand of 41,187 UK homes’ equivalent and saved 72,876 tCO2 e emissions.
Thrive Renewables provides an opportunity to invest directly in a portfolio of renewable energy projects, delivering financial returns and contributing to tangible greenhouse gas emission reductions. Thrive Renewables also works with developers and innovators to develop and build new sources of renewable energy to create a smart energy system fit for the future.
About Triodos Bank
Triodos Bank is one of the world's leading sustainable banks. Its advisory arm, Triodos Corporate Finance, works exclusively with sustainable businesses and has a long track record of advising businesses on raising capital through private placements and retail offers.
Since 2011, Triodos Corporate Finance has raised over £85 million for businesses within the sustainability sector with investments from institutions, charitable foundations, high net worth individuals and retail investors.
About the Innovative Finance ISA
The IFISA was introduced on 6 April 2016 and from 1 November 2016 crowdfunded debt securities, such as the Thrive Bond, were eligible for inclusion.
For the tax year 2016/17 investors can subscribe up to £15,240 in an ISA. Contributions to an IFISA count towards the overall ISA contribution limit.
Thrive Renewables plc published an offer document dated November 2016. Applications can only be made on the basis of, and subject to, the terms and conditions of the information contained in the offer document and accompanying application pack. Thrive Renewables plc is a company registered in England (02978651). Registered address: Deanery Road, Bristol, BS1 5AS.
This financial promotion has been issued and approved by Triodos Bank NV, incorporated under the laws of the Netherlands with limited liability, registered in England and Wales with branch number BR3012, authorised by the Dutch Central Bank (DNB) and regulated in the UK by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Details about the extent of our regulation by the FCA and PRA are available from us on request. Registered office: Triodos Bank, Deanery Road, Bristol BS1 5AS.