Ripple Energy has opened membership for what it claims will be the “world’s largest” consumer-owned windfarm.
The Kirk Hill wind farm in Ayrshire in Scotland will be comprised eight turbines with a combined capacity of 18.8MW.
Consumers are now able to buy shares in the project from as little £25. Once it is up and running, they will be entitled to receive the power generated from their stake via partnered suppliers, with savings being applied to their electricity bill that reflect that the difference between market prices and the wind farm’s “low and stable” operating costs.
Ripple Energy said around £1,700 will purchase a large enough slice of the wind farm to power a typical UK home. The company estimated the typical savings from this size stake at £3,120 over the 25-year lifespan of the wind farm and said 4,600 people have already reserved shares.
Shares are capped at a level that is equivalent to 120% of owners’ consumption.
Sarah Merrick, chief executive of Ripple Energy, said: “Owning part of a wind farm is the easiest way to protect yourself from future energy price spikes. Wind delivers clean, stable priced power for the long term. We want as many people as possible to benefit, whilst also reducing their carbon footprint.
“The current energy price crisis is hurting households across the country. With Ripple, people take control of their energy costs, creating a greener future at the same time.”
Kirk Hill is Ripple Energy’s second project after the Graig Fatha wind farm at Coedely in South Wales, consisting of a single 2.5MW turbine.
Construction on Graig Fatha began in December and it is due to be energised in March. The company said the current high energy prices mean its more than 900 owners are expected to save an average of £275 on their electricity bills over the first year of operation.
Lizzie Hieron, chief operating officer for utilities at supply partner Coop Energy said: “We were delighted to be the energy partner for Ripple’s first wind farm, Graig Fatha and we are just as keen to be involved in the second one.
“At Co-op Energy we fully support the growth of renewable energy across the UK and strongly believe in making ownership and investment accessible for everyone. Sarah and the team have a unique and compelling proposition that we believe is perfect for our members, helping to reduce their energy costs and live low carbon lifestyles.”
Ripple Energy is also planning to add So Energy and Unify Energy as retail partners over the coming months.
So Energy co-founder Simon Oscroft said: “This fantastic partnership with Ripple will give customers not only the opportunity to have a secure supply of 100% green electricity from this specific wind farm directly to their home, but also to literally part own the wind farm itself, saving them money and carbon.”