Full-service digital bank Virgin Money, part of business magnate Richard Branson’s Virgin Group, has provided GBP 14 million (USD 17.7m/EUR 16.2m) in financing to the developer of an eight-turbine wind project in Ayrshire, Scotland.
Clean energy ownership platform Ripple Energy will use the financial package to build the 18.8-MW Kirk Hill wind park near Girvan.
The facility will be partially owned by more than 5,600 households and 19 small businesses, as well as commercial property investor Bruntwood, via a cooperative. Bruntwood, in particular, has bought a 42.2% share in the asset. According to the announcement, the shareholders will receive a stable electricity supply instead of dividends in return for their investment.
Virgin Money said that this latest funding takes its total investment in energy and environment financing near GBP 250 million. Its goal is to double that sum by fiscal 2025.
(GBP 1.0 = USD 1.264/EUR 1.156)
