Virgin Money Funds Ripple Energy's 42-MW Derril Water Solar Project in Devon

Virgin Money, part of Richard Branson’s Virgin Group and a digital banking provider, has helped Ripple Energy, a clean energy ownership platform, secure funding for its 42-MW solar project in Devon, southwest England.

The two companies have secured a GBP 21.8-million (USD 28.4m/EUR 26.0m) finance facility to support the construction and operation of the Derril Water Solar Park, located near Torridge. This was confirmed through separate press statements.

Set to feature 68,000 solar panels, Derril Water Solar is expected to become operational by spring 2025, generating enough energy to power approximately 14,000 homes. The total cost for the acquisition and construction of the project is estimated at GBP 39.5 million.

The ownership of the site is distributed across nearly 10,000 individuals and households, alongside 34 small and medium-sized businesses, under Derril Water Solar Limited. Ripple Energy’s co-operative, which manages the project, has provided 56% of the required funding, while the remaining funds are secured through the finance facility provided by Virgin Money.

The portion of the project funded by the bank—without equity participation—will generate electricity sold through a contract for difference (CFD) starting in April 2026. After the finance facility is repaid, the revenues from this portion will contribute to additional returns for the co-operative’s members.

Derril Water Solar is the second partnership between Virgin Money and Ripple Energy. Previously, Virgin Money supported Ripple Energy in financing the construction of the 18.8-MW Kirk Hill wind farm near Girvan in Ayrshire, Scotland.