The development of a new consumer-owned wind farm secured a £14 million investment.

This follows a deal between Virgin Money and Ripple Energy – the funding will be used to support the development of a wind farm project in Ayrshire, Scotland.

The initiative aims to enable individuals and small businesses to co-own and benefit from renewable energy generation.

The wind farm, situated at Kirk Hill near Girvan, will consist of eight turbines with a capacity of 18.8MW.

It is projected to be fully operational in early 2024, generating sufficient electricity to power approximately 20,000 homes.

The project is predicted to result in a yearly reduction of over 31,760 tonnes of carbon dioxide emissions.

The Ayrshire wind farm will be collectively owned by over 5,600 households, 19 SME businesses, and property investor Bruntwood, representing more than 42% of the project.

Ripple Founder and Chief Executive Officer Sarah Merrick said: “We want these pioneering projects to become a blueprint for consumer-owned wind farms and solar parks around the world.”