The park, which will feature 68,000 solar panels, is expected to generate enough electricity to power 14,000 homes and save 20,000 tonnes of CO₂ emissions annually when it becomes operational in 2025.
A pioneering ownership model
Derril Water Solar Park will be the first solar park in the UK to adopt Ripple Energy’s co-operative business model, allowing nearly 10,000 individuals, households, and 34 SME businesses to part-own the project.
Members will benefit from reduced energy bills rather than receiving dividends, sharing both the power generated and ownership of the site.
Virgin Money’s funding builds on their previous partnership with Ripple Energy, which saw the successful delivery of the 18.8MW Kirk Hill Wind Farm in Ayrshire. This aligns with the bank’s ESG goals to grow their energy and environment lending to £500m by 2025 and halve carbon emissions across financing activities by 2030.
Sustainable futures
Adam Heslop, senior director of renewable energy at Virgin Money, said: “A funding deal of this size inevitably involves a very detailed process of assessment, but Ripple had already raised equity from investors of over £20m, and our experience with funding their 18.8MW Kirk Hill Wind Farm in Ayrshire significantly cut the time required to initiate this new project.
“Kirk Hill came on stream in June this year, and we have the greatest confidence that Ripple will bring Derril Water Solar Park online as planned in the spring of 2025.
“We are highly committed to the development of green energy and a 50% reduction of carbon emissions across our financing activities by 2030, and we are delighted to help fund these projects in partnership with Ripple, and with the individuals and companies who are also investing in a more environmentally and financially sustainable future.”
Sarah Merrick, Ripple Energy founder and CEO, added: “A clean energy revolution is underway in Britain, and it’s our mission to make sure real people are at the heart of it.
“Derril Water Solar Park is an incredible example of how we accelerate the transition in a way that members of the public directly benefit. With Virgin Money’s support, we’re set to energise the site in spring, delivering cleaner and more affordable energy to the thousands of owners.”
Building a sustainable future
Derril Water Solar Park is part of Ripple Energy’s broader mission to empower communities and businesses with direct access to renewable energy.
Virgin Money’s commitment to sustainability, combined with Ripple’s innovative model, ensures the project will help advance the UK’s net-zero ambitions while offering tangible benefits to its members.
Image: Virgin Money