UK-based Ripple Energy has entered administration, having appointed Begbies Traynor for the process
The move follows financial difficulties the company has been facing, according to local media reports
It will impact around 20,000 customers of Ripple who co-own wind and solar farms
Ripple Energy, a UK-based renewable energy cooperative, has entered administration. The company has reportedly informed its customers that it will cease to trade.
Under its business model, Ripple enables its customers to co-own wind farms or solar parks, which are owned by cooperatives. They save on their electricity bills since their electricity supply from local energy suppliers is discounted, while contributing to the environment. Ripple works with suppliers like British Gas, Octopus Energy, E.on Next, and Good Energy.
Ripple was established in 2017 and rose to prominence during the 2022 energy crisis when people were looking for ways to lower their electricity bills. According to local media reports, its decision to appoint an administrator stems from the financial difficulties the company has been facing.
The management has now reportedly informed its around 20,000-strong customer base that it has appointed insolvency specialist Begbies Traynor as the administrator. The latter is in talks with interested parties for the sale of the business.
Octopus Energy Founder Greg Jackson referred to the development when he wrote on his X account, “It's sad to see the situation there. A lot of customers have been in contact with us and as ever we'd love to be helpful if possible and viable. But I can't say much more than that at present. It really is (rightly) all down to the administrators and co-ops at this stage.”