TLT has advised Thrive Renewables PLC on its investment in United Downs Geothermal Limited (‘UDGL’) in connection with the construction and development of the UK’s first ever commercial-scale geothermal power generation project.

Thrive Renewables is a renewable energy investment company, working to reduce carbon emissions and tackle the climate emergency by connecting people with clean energy projects. Since 1994, the company has built or funded 32 renewable energy projects including hydro, wind, solar PV, battery storage and renewable heat.

The United Downs Deep Geothermal Power project is the first commercial geothermal power project in the UK, located near Redruth, Cornwall. The plant includes a 5,275m production well (the deepest well ever drilled on shore in the UK) and a 2,393m injection well. A binary power turbine will convert steam into electricity for the national grid, when the plant is commissioned. United Downs geothermal will generate clean electricity 24 hours a day, enabling it to provide up to 2MWe of baseload electricity to the grid, which is enough energy to power approximately 6,000 homes, as well as renewable heat. 

Thrive is investing in UDGL together with Geothermal Engineering Limited (the incumbent developer) and Kerogen Capital, a private equity fund manager specialising in international energy projects. The project has also received funding from the European Regional Development Fund and Cornwall County Council.

TLT’s corporate and banking teams advised Thrive on its investment. The deal was led by legal director Andrew Clare, overseen by partner Kay Hobbs, with support from trainee Ellie-Nicole Davis. Banking senior associate Oliver Coad advised in connection with debt aspects of the deal, and Charlotte Mapston, commercial senior associate, assisted by Harriet Parfitt. 

Andrew Clare, legal director at TLT, said:It has been a pleasure working once again with Thrive regarding their investment in this project. Being a UK first, the project threw up some challenging issues and allowed us to showcase our cross-service and cross-sector expertise. It’s always gratifying to help Thrive close their projects, knowing that what they are doing makes a positive difference to the improvement and sustainability of our natural environment.”

Monika Paplaczyk, Investment Director at Thrive, said:TLT provided specialist support on this pioneering project, supporting us in our mission to power the UK’s clean energy transition, and we look forward to working with the team again.”

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Date published

22 March 2023


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