Girvan will soon see the operation of eight new turbines at Kirl Hill Wind Farm after the completion of an eight-figure deal.

Virgin Money finalised the £14m arrangement to support energy firm Ripple Energy in the development of a pioneering 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 which will 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.

Ripple enables both households and businesses to own their own share of a large-scale wind farm through a co-operative, and have its low cost green energy supplied to their homes via the grid.

The new Ayrshire wind farm will be part owned by more than 5,600 households both locally and throughout Great Britain, together with 19 SME businesses and commercial property investor and developer Bruntwood.

Adam Heslop, Virgin Money’s senior director of renewable energy, said: “We are accelerating our drive to fast-track more renewable projects to contribute to the carbon reduction journey as quickly as possible.

“It’s particularly pleasing to facilitate this project alongside Ripple Energy’s team who have an excellent track record of developing renewable energy projects successfully and effectively.

Read More: Ayr Ice Rink to close amid rising costs due to energy crisis

"The strength and experience of our Renewables Team helped us understand their unique business model and see its potential for growth.

"There is also the bonus of involving individuals, businesses and local communities UK wide directly in the investment and the rewards of the project.”

Ripple Founder and CEO Sarah Merrick said: “We are extremely pleased Virgin Money made a proactive approach to Ripple. 

"Alongside our members, this support is helping to drive a momentous shift towards consumer ownership in the energy market.

"We want these pioneering projects to become a blueprint for consumer-owned wind farms and solar parks around the world.

"We want to create a wave of green energy ownership that enables people to make a real climate impact, as well as stabilising their energy bills.”

Chris Oglesby, CEO of Bruntwood, said: “We’re committed to a sustainable and fair future, and we were proud to be the very first commercial property business in the UK to invest in a co-operative owned Wind Farm.

"It’s fantastic to see Virgin Money back the development at Kirk Hill wind farm, which is a landmark project for green energy in the UK.”