Virgin Money has invested £14 million in Ripple Energy's innovative co-operative model for the development of an 18.8MW wind farm in Ayrshire, Scotland, aimed at providing low-cost green energy while promoting community ownership.

Target Information

Virgin Money has recently entered into an agreement to provide a financial package of £14 million to support Ripple Energy in developing an innovative 18.8MW wind farm located in Ayrshire, Scotland. This pioneering project will feature eight wind turbines at the Kirk Hill Wind Farm near Girvan, designed to generate enough electricity to power approximately 20,000 homes while significantly reducing carbon emissions by more than 31,760 tonnes annually once it becomes fully operational in the first quarter of 2024.

The wind farm adopts a distinctive co-operative model, whereby both individuals and small businesses can invest in the project. This allows them to co-own a share of the wind farm, thereby not only contributing to renewable energy production but also securing low-cost green electricity supplied to their homes through the national grid.

Industry Overview in Scotland

The renewable energy sector in Scotland has demonstrated remarkable growth, particularly in wind energy, which has become a cornerstone of the country's strategy for achieving carbon neutrality by 2045. With the landscape characterized by strong winds and a