VIRGIN Money has announced the completion of a £21.8-million deal to support Ripple Energy in the development of a new 42 mega watt (MW) solar energy generation facility near Pyworthy.

Virgin Money’s funding will support the construction and operation of Derril Water Solar Park, the first solar park in the UK where members share the power it produces, as well as the ownership. Approximately 68,000 solar panels will generate enough electricity to power 14,000 homes and save 20,000 tonnes of CO₂ emissions each year when the solar park near Torridge becomes operational in 2025.

However, the plans have been criticised by residents, who say it will cause harm to the area. It had met opposition from the Campaign to Protect Rural England and the Pyworthy Solar Protest group.

Established in 2017, Ripple Energy have pioneered an innovative co-operative business model for the development of new renewable energy resources. Virgin Money has helped fund one of two wind farms Ripple have developed with this successful model, and the new Derril Water Solar Park will be the first solar park in the UK to be part-owned by nearly 10,000 individuals or households, plus 34 SME (small and medium enterprise) businesses, who will benefit through reduced energy bills rather than receiving dividends as a return on their investment.

Adam Heslop, Virgin Money’s senior director, Renewable Energy, says the Derril Water Solar Park development deal is built on the bank’s trust in Ripple Energy’s highly successful partnership model.

“A funding deal of this size inevitably involves a very detailed process of assessment, but Ripple had already raised equity from investors of over £20-million, 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 per cent reduction of carbon emissions across our financing activities by 2030, and we are delighted to help fund these projects in partnership with Ripple.”

Ripple founder and 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."