Ripple Energy has filed a notice to appoint administrators, raising concerns for its 20,000 customers. The company, which allows customers to co-own wind and solar projects to lower energy costs, is working with Begbies Traynor on restructuring.
Founded in 2017 by CEO Sarah Merrick, Ripple Energy secured a £21.8 million loan from Virgin Money last year to develop the 42MW Derril Water Solar Park in Devon. The project also received £20 million from institutional investors and is scheduled to be operational by 2025.
Ripple’s financial difficulties highlight alternative energy firms’ challenges despite growing demand for renewable solutions. The UK government and industry stakeholders are monitoring the situation as concerns mount over the stability of small-scale renewable energy providers.
