Virgin Money has completed a £14m deal to support Ripple Energy in the development of a 19MW wind farm in Ayrshire, Scotland.
The project will be part-owned by Virgin Money, Ripple Energy and small businesses via a co-operative.
The deal will facilitate the construction and operation of eight turbines at the Kirk Hill Wind Farm near Girvan.
The asset will be fully commissioned in the first quarter of 2024.
Virgin Money already supports renewable technologies across the UK, but the latest loan brings with it an extra sustainability dimension.
Ripple Energy has created a co-operative business model for renewable energy deployment that enables both households and businesses to own their own share of a large-scale wind farm through a co-operative, and have its low cost green energy supplied to homes and premises via the grid.
The new Ayrshire wind farm will be part owned by more than 5,600 households locally and throughout Great Britain, together with 19 SME businesses and commercial property investor and developer Bruntwood, after it purchased a 42.2% share in the asset.
Instead of receiving dividends as a return on their investment, these green stakeholders will benefit from stable power for a greener future.
The £14m financial package Virgin Money has agreed takes the bank’s total investment in energy and environment financing close to £250m.
Ripple Founder and chief executive Sarah Merrick (pictured) 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.
“We want to create a wave of green energy ownership that enables people to make a real climate impact, as well as stabilising their energy bills.”