Renewable energy cooperative Ripple Energy has filed notice to appoint administrators and alerted customers that it will cease to trade.
In an email shared to LinkedIn, customers were 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.
Ripple Energy facilitated a form of community-owned energy whereby, through its platform, British consumers could buy shares in renewable energy generation projects. The project’s first site – a single wind turbine in Graig Fatha, South Wales – went live in March 2022 and is owned by 905 people.
According to the email, “it is important to remember that the wind farms and solar parks are owned by the respective cooperatives, not Ripple”.
Because Ripple only manages the cooperatives, agreeing deals with utilities like British Gas to reduce customer bills in accordance with their share in the generation plants, operations at the Graig Fatha and Kirk Hill wind power plants will not be affected.
Operations and maintenance are managed by third parties, under contract to the wind sites.
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.
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.
The company gained significant attention during the energy crisis in 2022, which Ripple founder and CEO Sarah Merrick attributed to people seeing the economic benefits of renewable energy.
Usually, appointment of administrators comes ten days before a firm goes under or is bought by a rescue buyer. Due to the community ownership model, it is unclear what business assets a buyer would take on if it stepped in.
Energy supply to Ripple’s near 20,000 customers will not be affected.
Current± has reached out to Ripple for comment.
