Virgin Money has completed a £14m funding package to support Ripple Energy in the development of a new 18.8MW wind farm in Ayrshire, that will be part-owned by both individuals 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, which should be capable of generating enough electricity to power approximately 20,000 homes and save over 31,760 tonnes of CO2 emissions each year, when fully commissioned in the first quarter of 2024.
In line with Virgin Money’s goal to at least halve carbon emissions across everything it finances by 2030, this is another major step towards achieving 10% of the business loan book being comprised of 'sustainability changemakers' by 2027.
