A search for interested buyers of Ripple Energy is underway after the UK-based renewables developer entered administration.
Insolvency specialist Begbies Traynor has been appointed to oversee the potential sale after Ripple filed to initiate the process last week .
The financial advisor said it is in “advanced discussions with a number of interested parties”.
“Ripple Energy will continue to trade while the joint administrators seek a suitable buyer of the business, and it is anticipated that there will be no disruption to the service during the sale process,” it added.
Ripple was set up in 2017 using a business model that invited members of the public to invest in shares of a co-operative that would develop renewable energy assets in return for discounts on their energy bills.
It commissioned the 18.8MW Kirk Hill wind farm (pictured) in Ayrshire, Scotland last year under this model and was due to complete the 42MW Derril Water solar farm in Devon, England later this year.
