Ripple Energy
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Ripple Energy is a UK bases company within the renewable energy sector. It specialises in large-scale co-operative owned wind farms and solar parks for UK homes and businesses.[1]
The company was established in 2017[2] by CEO Sarah Merrick. Headquarters for the company are in London with an additional office located in Ayr, Scotland.
History
In summer 2020, Ripple Energy launched its first wind farm project "Graig Fatha", a single 2.5MW wind turbine.[3] The project is owned by 904 Ripple customers and is based in South Wales. In March 2022 the wind turbine began generating electricity and as of January 2023 has generated 3,803,454kWh of electricity.
In February 2022 Ripple's second wind farm, "Kirk Hill" was launched. It is based in South Ayr[4] and is made up of 82.35MW turbines. By early 2024 it will be generating electricity for 5602 customers and 18 businesses.
In April 2023 Ripple Energy launched their first solar park project "Derril Water". It is located in North West Devon, 1.2km south west of the village of Pyworthy[5]. The solar park will be made up for 70,000 panels.
Founding Directors
Sarah Merrick
Sarah Merrick is Founder and CEO of Ripple. Sarah has worked in the wind industry for 20 years. Her roles included Head of Public Affairs (UK and Ireland) at Vestas and vice-chair of RenewableUK, the UK's trade body for wind and marine energy.
Simon Peltenburg
Simon Peltenburg is Chief Operations Officer, Ripple Energy. Simon has over 20 years' experience in the renewable energy industry and has been directly involved in launching 11 onshore wind projects during his career. Prior to joining Ripple was Head of Scottish Projects for RES.
Will Dodd
Will Dodd is Chief Financial Officer, Ripple Energy. Will has over 20 years' experience in Finance and Risk. He is responsible for the Financial Operations for Ripple Energy and its renewable development projects.
Miklos Parrag
Miklos is Chief Technology Officer and heads up Ripple's technical development team. He has over three decades of experience in computer security, and leading tech teams for brands such as Blinkbox and Vision Direct.
Operations
Offering
With Ripple households and businesses can own part of a large-scale wind farm or solar park. Electricity generated from the shares are then supplied to homes and businesses in the form of a credit saving on energy bills each month.[6] This is done via the National Grid and facilitated by Ripple's utility partners. Ripple secures the development rights for new wind farms or solar parks once they have been consented. When a suitable project has been secured, due diligence is completed. Ripple publishes a 'share offer' document on behalf of the co-operative. Consumers can purchase shares in the co-operative that will own the wind farm or solar park. When all shares in the project have been sold the share offer is closed. Construction of the project then begins. Ripple manages the contractual interface with construction teams and manages the PPAs (power purchase agreements) with its utility partners.
When the project is operational and connected to the grid, customers' receive their share of the electricity as a saving on their energy bills in the form of credits. The credits are applied to customers' bills each month for the expected lifetime of their project.[7] Savings are determined by the higher wholesale cost of the electricity generated minus the low operating cost of the wind farm, multiplied by their share of the generation.[8]
The minimum purchase for a Ripple project is £25 and up to a maximum of a projected 120% of the customers yearly electricity.
The Co-operative
The Ripple co-operative is a community of thousands of members set up to allow customer to generate their own individual power. The co-operative has been approved by the FCA (Financial Conduct Authority), which has certified the co-operative rules. On an annual basis the co-operative for each project holds an AGM (annual general meeting) to approve accounts, elect their board of directors and make any other decisions that are required to run the co-operative.
The co-operative is a democratically owned and controlled entity, which can makes its own decisions. Ripple acts as a managing agent for the co-operative and looks after the build and maintenance of renewable energy project sites, and relationships with the suppliers.
Ripple co-operatives have their own community benefit fund which allocates money to the local good causes and initiatives.
Graig Fatha
In summer 2020 Ripple launched its first project, Graig Fatha Wind Farm. It consists of one 2.5MW turbine. In early 2018 it was consented by Rhondda Cynon Taff County Borough Councilis. It is located near Coedely in South Wales. It is owned by 907 members[9] and is supported by a £1.1 million grant from the Welsh Government. In October 2019, the Co-Pilot Wind Project Ltd co-operative society ('the co-op') for this project was formed.
In spring 2021 construction of the turbine began. In March 2022 the project began generating electricity. As of January 2023 the wind farm has saved its customers an average of £232.18, in addition to a total 806, 332kg of CO2.
Community Benefit Fund
The Welsh Government helped to initiate benefit fund for the Graig Fatha co-operative. The share of the wind farm owned by the Welsh Government, through their funding grant, has created credit that is being used to help alleviate fuel poverty in the region.[10]
As of January 2023 the fund has raised over £16,000 for families living in fuel poverty.
Kirk Hill
The Kirk Hill Wind Farm is Ripple's second large-scale co-operative owned wind farm project. It consists of 8 turbines. The wind farm is located near Kirkoswald in South Ayrshire. It is made up of 5603 individual members and 18 businesses. Commercial property firm Bruntwood is a co-investor. [11] The co-operative has provided £13.2 million towards the project with Bruntwood providing £9.7 million.
Planning permission for Kirk Hill was obtained by ESB (Electricity Supply Board) in October 2020, following consultation and assessment. Energisation for this project is expected to be early 2024. The wind farm will provide a community benefit fund with a projected value of £94,000 per year.
The Kirk Hill Wind Farm is predicted to save 12.8 million kgCO2 annually, once generating.
Utility Partners
In April 2020 Ripple announced Your Co-op Energy, powered by Octopus Energy, as the utility partner for their first project,[12] Graig Fatha.
As of October 2023 Ripple Energy is currently working with E. ON Next and So Energy[13] alongside Your Co-op Energy[14] for its next project.
Additionally Ripple works with Unify Energy as a supply partner for its business customers.
Ripple for Business
Ripple offers two ways for businesses to secure project ownership. Companies can own shares in a project themselves or use them as a workplace benefit for their employees.
Company Funding
Ripple is crowd funded, primarily through the Seedrs platform. Ripple also receives a management fee on each share purchase made by its customers.
References
- ↑ Nowshin, Sadia (June 23, 2023). "12 energy startups to watch, according to VCs".
{{cite web}}: CS1 maint: url-status (link) - ↑ "RIPPLE ENERGY LIMITED overview - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 2023-10-05.
- ↑ RHONDDA CYNON TAF COUNTY BOROUGH COUNCIL (2017-10-05). "REPORT OF: SERVICE DIRECTOR PLANNING" (PDF).
- ↑ "Scottish Government - DPEA - Case Details". www.dpea.scotland.gov.uk. Retrieved 2023-10-05.
- ↑ RES (2021-03-01). "Planning Statement Derril Water Solar Farm" (PDF).
- ↑ Ashkenaz, Antony (2023-01-25). "Briton slashed energy bills by £12,000 with the help of heat pumps". Express.co.uk. Retrieved 2023-10-05.
- ↑ Haynes, Tom (2022-12-09). "'I bought a wind turbine – now I pay £1.50 a month for energy'". The Telegraph. ISSN 0307-1235. Retrieved 2023-10-05.
- ↑ "Delivering a better energy retail market: a vision for the future and package of targeted reforms (HTML)". GOV.UK. Retrieved 2023-10-05.
- ↑ "Renewable energy: Customer-owned wind turbine to be built". BBC News. 2021-11-11. Retrieved 2023-05-25.
- ↑ "Welsh Government to set up publicly-owned renewable energy developer". www.businessgreen.com. 2022-10-26. Retrieved 2023-05-11.
- ↑ "Bruntwood Acquires Wind Farm Stake In Industry First". Bruntwood. Retrieved 2023-05-11.
- ↑ "Co-op Energy & Ripple partner for UK's first consumer owned wind farm | Your Co-op". www.midcounties.coop. Retrieved 2023-05-11.
- ↑ "So Energy's new partnership with Ripple". www.so.energy. 2022-02-21. Retrieved 2023-05-23.
- ↑ Topalov, Milan (2020-06-09). "Ripple Energy unveils 'UK's first' consumer-owned wind farm in Octopus partnership". Current News. Retrieved 2023-05-23.
External links
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