Bates Wells has advised on the £20m co-operative share offer to fund Ripple Energy’s third project. The transaction is likely to be the largest ever UK co-operative share offer achieved in a single raise and will enable construction of the c.40MW Derril Water solar park in Devon. When built, the solar park will have about 70,000 panels with the potential to power around 14,000 homes with the cheapest and greenest power.
This follows on from our work on Ripple’s first two share offers, which together raised £15m to fund the construction of two new wind farms in Wales and Scotland.
Owning shares in a Ripple project means a shareholder’s electricity supplier buys their share of the project’s generated electricity and supplies it to their home or premises via the grid at the wholesale price, rather than the market price.
Ripple is the first organisation to link ownership of a renewable energy asset to savings in the home. More information about the project can be found here.
Oliver Hunt, partner, advised Ripple Energy.