Wollens are delighted to be working with Eden Sustainable who have announced a £75m Solar Facility with Thrive Renewables.
Eden are thrilled to share a significant step forward in their vision of empowering a more sustainable future. They are proud to announce a landmark partnership with renewable energy investment company Thrive Renewables, accelerating widespread adoption of clean energy solutions across the UK.
Unlocking £75 Million in Funding for Solar PPA Project
The joint venture is a strategic partnership with up to £75 million in funding to accelerate the rollout of private wire solar Power Purchase Agreement (PPA) projects for schools, businesses, and organisations nationwide. The investment will fuel the development, construction, and operation of solar assets, providing businesses with access to affordable, renewable energy solutions and supporting their transition to a more sustainable future.
Emma Reed, Partner at Wollens said ;
“It was a privilege to advise Eden on the set up of this joint venture. Alongside a due diligence exercise, an SPA, SHA, Management Services Agreement and ancillary documents were negotiated. The SPA was to transfer into that JV 2 subsidiaries of Eden Sustainable Ltd which held the seed projects for the funding consisting of 15 school rooftop solar assets.
Emma Reed, added ;
“We facilitated the redemption and release of existing finance over those assets to Close Leasing Limited. We also advised and negotiated all of the corporate finance documents which included a complex (though concise and innovative) Facilities Agreement, and other security agreements.”
It was the most collaborative deal I have worked on, with both parties values aligned and everyone involved working hard, investing all the hours to achieve the goal. The exciting bit is yet to come as the projects flow into the JV and it feels great to be a small part of that huge clean energy impact for our country”.
Emma Reed – Partner at Wollens
Matthew Clayton, Managing Director of Thrive Renewables, said:
“We believe that funding partnerships like this can help catalyse the industry, accelerating the delivery of vital new renewable energy capacity at the pace and scale needed for net zero. We’re excited to be partnering with Eden Sustainable, a business that closely aligns with our ethos and values, helping fund its expansion plans that could see up to 75MW of new rooftop solar installed by the end of 2030.
“This also supports our own ambitious growth goals, with the aim to double Thrive’s generation capacity within the next five years. The clean energy system of the future will need to rely on a number of technologies working together, with private wire projects enabling more renewables to be deployed at a time when access to the grid is at a real bottleneck.”
Scott Burrows, Director and Co-Founder of Eden Sustainable, comments:
“Steve Baker and I founded Eden 10 years ago to decarbonise our building stock by providing solutions which worked for both power users and investors. It is fantastically exciting to supercharge this provision by working with Thrive, a brilliant and aligned company, to create real scale, and real impact. Thrive and Eden’s combined experience and ambition will help accelerate the deployment of commercial and industrial solar in support of the UK’s net zero commitments, while the deal has also helped turn us into a niche independent power producer, which is a natural evolution of Eden’s growth strategy.”
For businesses and organisations looking to reduce their carbon footprint, lower and future proof energy costs, and enhance their sustainability initiatives, with no upfront cost, this partnership opens up a world of possibilities.
