Virgin Money, part of Richard Branson's Virgin Group, has facilitated the financing of Ripple Energy's 42-MW solar project in Devon County, southwest England. The two companies have secured a GBP 21.8 million (USD 28.4 million/EUR 26 million) finance facility to support the construction and operation of the Derril Water Solar Park, located near Torridge.
Derril Water Solar is set to feature 68,000 solar panels and is expected to generate sufficient electricity to power around 14,000 homes once operational in the spring of 2025. The total estimated cost of acquiring and building the solar park is GBP 39.5 million.
Ownership of the project will be shared among nearly 10,000 individuals and households, as well as 34 small and medium-sized businesses through Derril Water Solar Limited. The co-operative, managed by Ripple, is providing 56% of the necessary funding, with the remainder sourced through Virgin Money's bank finance facility.
Electricity generated from the portion financed by Virgin Money will be sold via a contract for difference (CFD) starting April 2026. After the finance facility is repaid, proceeds from this sales portion will provide additional returns to the co-operative.
This marks the second partnership between Virgin Money and Ripple Energy, following last year's support for the 18.8-MW Kirk Hill wind park in Ayrshire, Scotland.
