Eden Sustainable, a Coleshill-based solar panel company, has advanced its mission of fostering a sustainable future by securing £75 million in funding from Thrive Renewables, a Bristol-based energy firm.
Alliance Accelerates Solar PPA Initiatives
The collaboration aims to expedite the implementation of private wire solar power purchase agreement (PPA) initiatives for schools, businesses, and organizations nationwide, including in Exeter and London, where Eden Sustainable operates. Through this alliance, private wire solar power purchase agreement (PPA) projects for UK businesses, organizations, and schools will be implemented more quickly.
Matthew Clayton, the managing director, expressed his belief that funding collaborations such as this have the potential to stimulate the industry, expediting the deployment of crucial new renewable energy capacity to meet the requirements for achieving net zero.
“Funding such as this one, in our opinion, has the potential to stimulate the industry and speed up the delivery of additional renewable energy generation at the rate and scale required to achieve net zero,” Matthew noted. “Thrive Renewables is enthusiastic about partnering with Eden Sustainable, a company that shares similar principles and values, to support
Aligns With Thrive’s Objectives
This collaboration also aligns with Thrive's ambitious growth objectives, aiming to double its generation capacity within the next five years. Clayton emphasized the importance of various technologies working in tandem for the future clean energy system, highlighting private wire projects as facilitators for deploying more renewables, especially during times when grid access is constrained.
Scott Burrows, director and co-founder, highlighted the founding vision of Eden Sustainable, which he established with philanthropist and entrepreneur Steve Baker a decade ago. Their goal was to decarbonize building infrastructure by offering solutions beneficial to both energy consumers and investors. Burrows expressed immense excitement about enhancing this endeavour by collaborating with Thrive Renewables, a company that shares their values and vision.
Contributing to UK's Net-Zero Goals
Together, Thrive and Eden aim to significantly expand their impact by leveraging their combined expertise and ambition to accelerate the deployment of commercial and industrial solar projects, thus contributing to the UK's net zero goals. Additionally, the partnership has facilitated Eden's transition into a niche independent power producer, marking a natural progression in the company's growth strategy.
“Eden's growth strategy is naturally evolving into a niche independent power producer, but the deal has also helped accelerate the deployment of commercial and industrial solar in support of the UK's net zero commitments thanks to Thrive and Eden's combined experience and ambition,” Scott Burrows remarked.
Specializes in Commercial Solar PV Solutions
According to the company’s report, PKF Francis Clark played a pivotal role as primary advisors to Eden Sustainable throughout the transaction process, which involved tasks such as developing financial models, creating an information memorandum for potential investors, negotiating offers, and overseeing the process until its completion.
Richard Harris, corporate finance director at PKF Francis Clark, emphasized the difficulty of securing funding under current market conditions but highlighted Thrive Renewables as a partner willing to take a long-term perspective and recognize the potential of the opportunity with Eden. He also noted the ethical alignment between Thrive and Eden as a significant factor in their decision to collaborate following a competitive market evaluation.
Eden Sustainable, operating across the UK with a notable presence in Exeter and London, specializes in commercial solar PV solutions, serving various sectors including commercial, industrial, logistics, healthcare, and education.
production.