Green energy firm Ripple Energy which provided renewable power to over 20,000 customers in the UK has filed notice to appoint administrators.
Ripple allowed customers to co-own a wind farm or solar park with “thousands of other budding climate heroes” by purchasing shares. In return, they receive discounted energy from major suppliers like British Gas.
The company’s business model aims to reduce energy bills and carbon footprints for its customers.
Its projects included the Whitelaw Brae Wind Farm in the Scottish Borders and a single wind turbine in Graig Fatha, South Wales which went live in March 2022 and is owned by 905 people.
As recently as October 2024, the energy coop secured a £21.8 million loan package from Virgin Money in order to fund the construction and operation of the 42MW Derril Water Solar Park, to be located near Torridge, Devon. Virgin Money also financed the 18.8MW Kirk Hill Wind Farm in Ayrshire, Scotland.
It has however, reportedly, filed a notice of intention to appoint an administrator. The move comes as the company faces financial difficulties and is on the verge of going bust.
In an email shared to LinkedIn, customers were reportedly informed that insolvency practitioners from Begbies Traynor have been appointed as administrators. They are in discussion with the boards of the cooperatives and hoping to secure a smooth transition to other parties to manage the projects on the coops’ behalf.
According to the email, “it is important to remember that the wind farms and solar parks are owned by the respective cooperatives, not Ripple”.
Derril Water solar park is still under construction, led and managed by a third party contractor that will continue to manage the project’s build on behalf of the cooperative and its members.
According to its most recent financial results for the year ended March 21, 2024 Ripple Energy had net assets of around £54,000. That was down from around £702,000 the previous year.
