Coleshill-based solar panel company Eden Sustainable has taken a major step forward in its mission to foster a sustainable future, securing £75 million in funding from the Bristol-based energy firm Thrive Renewables.
Alliance Accelerates Solar PPA Initiatives
This collaboration aims to accelerate the rollout of private wire solar power purchase agreements (PPAs) for schools, businesses, and organizations nationwide, including in key Eden Sustainable locations like Exeter and London.
Managing Director Matthew Clayton believes such funding collaborations are essential for stimulating the industry and delivering the new renewable energy capacity required to achieve net zero.
“Funding like this, 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 goal of doubling its generation capacity within the next five years. Clayton emphasized that for a future clean energy system to be effective, various technologies must work in tandem. He highlighted private wire projects as a way to deploy more renewables, especially where grid access is constrained.
Scott Burrows, director and co-founder, recalled establishing Eden Sustainable with philanthropist and entrepreneur Steve Baker a decade ago. Their goal was to decarbonize building infrastructure by offering solutions that benefit both energy consumers and investors. Burrows expressed his excitement about advancing this work by collaborating with Thrive Renewables, a company that shares their values and vision.
Contributing to UK’s Net-Zero Goals
Together, Thrive and Eden will use their combined expertise and ambition to significantly accelerate the deployment of commercial and industrial solar projects, contributing to the UK’s net-zero goals. The partnership also marks a natural progression in Eden’s growth strategy, helping it transition into a niche independent power producer.
“Eden’s growth strategy is naturally evolving toward becoming a niche independent power producer, and this deal helps accelerate the deployment of commercial and industrial solar in support of the UK’s net zero commitments, thanks to the combined experience and ambition of both our companies,” Scott Burrows remarked.
Specializes in Commercial Solar PV Solutions
PKF Francis Clark served as the primary advisors to Eden Sustainable throughout the transaction. Their role included developing financial models, preparing an information memorandum for investors, negotiating offers, and guiding the process through to completion.
Richard Harris, corporate finance director at PKF Francis Clark, noted that while securing funding is difficult in the current market, Thrive Renewables was a partner willing to take a long-term view on the opportunity with Eden. He added that the ethical alignment between the two companies was a key factor in their decision to collaborate after a competitive market evaluation.
Eden Sustainable operates across the UK, with key locations in Exeter and London, specializing in commercial solar PV solutions. The company serves a range of sectors, including commercial, industrial, logistics, healthcare, and education.