Virgin Money funds major North Devon solar park

Virgin Money has finalised a £21.8 million deal to help Ripple Energy develop a new 42 megawatt solar energy facility in North Devon.

The Derril Water Solar Park, near Torridge, will feature around 68,000 solar panels and is set to power 14,000 homes when it becomes operational in 2025. 

The project will also prevent 20,000 tonnes of CO₂ emissions annually.

This solar park will be the first in the UK where members share both ownership and the power it generates. 

Nearly 10,000 individuals and 34 small businesses will have a stake in the park, benefiting from reduced energy bills instead of dividends.

Ripple Energy, founded in 2017, has pioneered a co-operative model for renewable energy projects. 

This partnership with Virgin Money is their second major deal, following a successful collaboration on the Kirk Hill Wind Farm in Ayrshire, which began generating power in June this year. 

The bank has said the funding for the solar park marks a significant step towards the their own environmental goals, including a target to grow its energy and environmental lending to £500m by 2025 and to cut carbon emissions across its financing activities by 50 per cent by 2030.

Adam Heslop, Senior Director of Renewable Energy at Virgin Money, emphasised the bank's confidence in Ripple’s model, highlighting the success of the wind farm project in reducing the time required for the Devon deal. 

He 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.”

Ripple Founder & CEO Sarah Merrick, said: “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.”