Virgin Money invests £14m into Ripple Energy's Kirk Hill wind farm

Virgin Money has invested £14 million ($18 million) into Ripple Energy's wind energy development, the 18.8MW wind farm in Ayrshire, Scotland.

The unique project is Ripple Energy's second and will be part-owned by both individuals and small businesses via a co-operative.

The Kirk Hill wind farm will be located near Kirkoswald in Ayrshire, Scotland. Planning permission was given in October 2020, with commissioning expected in the first quarter of 2024.

The wind farm will consist of eight turbines and will generate enough electricity to power approximately 20,000 homes and save over 31,760 tonnes of CO₂ emissions each year.

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Virgin Money’s investment aligns with this goal to at least halve carbon emissions across everything they finance by 2030. The £14 million financial package takes the bank’s total investment in energy and environment financing close to £250 million ($318 million), a step closer to the aim of growing energy and environment lending to £500 million ($636 million) by FY25.

Adam Heslop, Virgin Money’s senior director, Renewable Energy, commented in a statement: “It’s particularly pleasing to facilitate this project alongside Ripple Energy’s team who have an excellent track record of developing renewable energy projects successfully and effectively...There is also the bonus of involving individuals, businesses and local communities UK wide directly in the investment and the rewards of the project.”

Ripple Energy's novel business model allows both households and businesses to own their own share of a large-scale wind farm through a cooperative. Stakeholders, rather than receiving dividends on their investments, benefit from stable power at lower costs.

According to Ripple Energy, the new Ayrshire wind farm will be partly owned by more than 5,600 households both locally and throughout Great Britain, together with 19 SME businesses and commercial property investor and developer Bruntwood.

Ripple Founder & CEO Sarah Merrick said: “We are extremely pleased Virgin Money made a proactive approach to Ripple. Alongside our members, this support is helping to drive a momentous shift towards consumer ownership in the energy market.

"We want these pioneering projects to become a blueprint for consumer-owned wind farms and solar parks around the world.”